4 Ways to Maximize Revenue in Your Practice - Part 2Jan 02, 2023
A common desire for most practitioners is to have more patients and more revenue – sounds great! And perhaps familiar? However, before your eyes and efforts are focused on these goals and before I share 4 reliable (and possibly surprising) ways to maximize revenue in your practice, I recommend you pause to look at your current overall revenue versus your actual profit. Keeping your focus on this distinction will make the difference between a thriving practice and one that is ‘getting by’.
All too often, practices strive to do everything they can to create higher revenues. This may include fancy marketing campaigns, splashy ads, more team members, a new EMR, coding course, a bigger office, or other similar strategies. Yet, at the end of the day, profit is lacking. If this has happened to you, you are not alone. In fact, this was made painstakingly clear for many practices throughout the current pandemic resulting in additional stress and negative outcomes.
In your power, right now, is the ability to not only add revenue, but practice profits…on demand. You can do this despite the pandemic or other circumstances if you offer services and products your ideal patients want and need; and you sincerely help them attain the outcome they desire.
Here I share the next two of the four reliable ways for you to maximize revenue in your practice. These are not gimmicks and they have been shown to work consistently in practices despite external situations outside your control. (If you missed the first two, you'll find them here).
Third, create ‘future’ revenue.
Your future is being created today. Your current decisions and actions will dictate your future revenue and profitability.
Two of your best future revenue sources (there are many more) are your existing patients and the patients you have in your ‘pipeline’. These people are somewhere between an initial call/text/e-mail, completing a consultation and becoming a paying patient. Both need to hear from you regularly, so you are always top of mind.
For your current patients, focus on their lifetime value. Continue to nurture them and make sure they are aware of new products or services you have that may help them attain their desired outcome.
For prospective patients, stay top of mind with social media content that answers their most asked questions, addresses their top health frustrations, and demonstrate your knowledge/authority regarding how to attain their desired outcome. Be yourself…show up in organic searches by optimizing your content/assets. Write that book you have been thinking about and use that as your new business card (it’s never been easier to do this – reach out if you need help).
Fourth, never underestimate the value of patient testimonials, friends & family.
Your patients are one of your greatest assets. When you help them attain a goal they have struggled with (for many most of their life), they are forever grateful. This is your greatest compliment and the reason most of us do what we do each and every day.
It is a good thing to help them share their story through testimonials and reviews. However, it usually requires an ‘ask’ from you or your team which initially can be uncomfortable. Think of it as a sincere compliment. This wonderful relationship with your patients generates additional patients – those friends and family they refer – along with potential patients they influence through their testimonial (that need what it is you have to offer). If you don’t have one already, I encourage you to create a referral program and don’t be afraid to ask for testimonials and referrals.
Bottom line, profit over revenue, simplicity over complexity, authenticity over flashy marketing campaigns. Build your authority, focus on your ‘one thing’, add other complementary revenue streams and never underestimate the value of patient testimonials and referrals to create a strong future for you and your practice.
If you have any questions or desire a complimentary opportunity audit to review where you are now, where you want to go and strategize some immediate actions to take, reach out to me – [email protected] If you desire other free resources, you can find them at www.WeightLossPracticeBuilder.com/free or subscribe to my podcast or YouTube channel.
Cheers to much continued success for your patients and your practice!
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