Premise 1 - A Practice is a Business

Premise 1 - A Medical Practice is a Practice with additional constraints.

Standard Practice Development concepts apply with a lot of ?Thou Shalt Nots? imposed by government and outside authority.

Standard Practice Concepts:

3 Types of Numbers you look at in a Practice

• What did you do before?            
• These are Accounting or Hindsight numbers that just tell you where you have been
• What are you doing now?  
• These are the Today?s Sales which will keep your doors open next month
• What are you doing today the will reap big benefits in the future?   

It is the Future efforts that will bring in exponential returns

 

Five Major Factors to Grow Your Practice

There are 5 major factors, which used together, can really help to grow your Practice and increase profitability. These factors multiply, so even small improvements will demonstrate larger gains.

 

1.      Increasing the Number of Inquiries (Leads)                                       Times

2.      Improving Conversion Rate  = equals                                                More Customers

3.      Increasing Customer Frequency (the number of transactions)           Times

4.      Increasing the Average Purchase per Sale  = equals                        Increased Revenue

5.      Improving Margin  =  equals                                                              Increased Profit

Your Goal is to get to the point where you have an Unlimited Marketing Budget

This is when you know that the dollar you spend today on marketing will return multiple dollars in revenue annually for duration of Patient retention  

 

Concepts for Practice Development

• Technology is not a solution! If it doesn?t work without technology - It probably will not work with technology.
• ROI ? Return on Investment ? When will it pay for itself (multiply times a factor, say x 2, then make a decision.)
• The simplest answer that solves all of the criteria is usually a good choice to try.
• Start Simple and then build. You don?t need to do everything at once. Prioritize, implement, test, analyze and take your next step.
• Work in a Circular Pattern - If you are re-designing from an existing structure, Plan and then make small logical changes. If possible, make the easiest changes first and see the results and edit your plan. Then move the next area and make changes there.
• The 80 / 20 Rule ? 20% of your efforts are responsible for 80% of your results, focus on the 20%.
• Everything is constantly changing?to be effective you need to constantly adapt
• Take ideas from everywhere?twist them, turn them, use them and make them work for you.

Premises 2 - Your Existing Patients are your most Cherished Asset

 

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