Are You Struggling To Grow Your Clinic? Focus On These 3 Things
After starting multiple businesses and consulting on many more, I’ve discovered there are only 3 real ways to grow a business.
In fact, one of the highest-paid marketing consultants on the planet confirmed this for me, Jay Abraham, also know as the $21.7 billion dollar man.
Jay says these are the only 3 business activities you must focus on to truly create the income you want for yourself.
If you’re not getting the traction you want, if you’re not getting the number of new patients you want, and if you’re not creating the income you want…
Then stop everything you’re doing and focus on these instead:
#1 - You must increase the number of NEW patients you get.
This is the lifeblood of ANY practice or business no matter what industry you’re in… especially if you’re a dentist. Without a steady flow of new patients, you’ll struggle to build a successful practice.
This is also where most get stuck and eventually fail. They never “crack the code” or create a sytem that generates new patients predictably.
If you want to solve this problem in your own practice, you just need to focus on these three things:
- One single person with a burning problem, get clear on the “who”.
- One single offer that solves that problem, what is it they want?
- A strong message that attracts that person.
(If you want help figuring these out for yourself, I’ll tell you how to do that in just a moment.)
#2 - You must increase the SIZE of every patient transaction
The easiest way to achieve this is to you raise your price.
In a perfect world, if we double your price we double your business right? Well we don’t live in a perfect world unfortunately. There’s a lot of advice online right now blindly telling you to “raise your price!”… but if you don’t do it correctly, then it will hurt you more than it will help you.
You must do this strategically.
Two of the best ways to accomplish this are
- Increase your total perceived value (I have multiple chapters on this in my book 5 Figure Patients.
- Through a well-crafted and well-positioned high-ticket offer. We’ve seen clients double and triple their income by simply crafting the RIGHT premium offer to their market.
and lastly…
#3 - You must increase the FREQUENCY at which a patient pays you.
- This is what we call “patient lifetime value” or “patient retention”, and after you discover how to get new high paying patients, the next best thing to focus on is how to KEEP those clients and get them paying you money over and over.
Focusing on retention and repeat business is profitable, enjoyable, and it reduced the stress of constantly “hunting” for new patients.
Now let’s look at how these three strategies work together to create exponential and geometric growth in your practice.
First, how do we calculate what a patient is actually worth to you? Plug the numbers into this formula:
- Average value of the case transaction.
- Average number of visits per annum.
- Average number of referrals generated by the patient.
- Average number of years you retain patients for.
Multiply these metrics to get your answer. Let’s do an example, a new patient comes in for a set of Invisalign.
- Avergae value of the case transaction = $5,000
- Average transactions per annum = 1 (worst case they don’t return)
We already know they’re gonna spend this much money over a period of 12 months and considering that the dentist will do an amazing job they more than likely will stick around for a few more years, right?
How many times is that patient gonna refer someone to you, let’s say worst case scenario you get one referral off the back of this.
- Average number of referrals generated = 1
Now one patient has brought you a total of $10,000.
- What would happen if we increased the case transaction value by 10% from $5,000 to $5,500?
- What would happen if we doubled the increased the number of visits per annum?
- What would happen if increased the referral rate by 1 more patient?
- What would happen if the average retention rate increased?
When you optimise just one of the variable, growth will be linear. But when you optimise 2 or 3 of the variables at the same time, your growth will be exponential because you’re creating leverage.
This is where a breakthrough happens and is completely possible to engineer for yourself if you focus on the right business-building tasks.
Remember, this is the FIRST and one of the most important ways to grow your practice. If you don’t have a system in place to get new patients in at will, then you’ll constantly struggle to create the income that you want.
So if you’re running a practice right now and you’re struggling to get off the insurance treadmill, we can help you drive more high paying cash patients.
We’ll help you discover your perfect positioning, create the right offer, and possibly double your monthly profits in 42 days or less. You’ll finally get a higher calibre of patient without chasing them or burning yourself out in the process. This is for the practice owner who wants to generate enough income to serve and impact at a higher level.
To learn exactly how just click here!