Tag Archives: Medical Practice Management

Flushing money down toilet

Stop Flushing YOUR Money Down the Toilet-How to Obtain Quality New Patients in Any Economy

Stop flushing money down the toilet. Stop trying to use get rich quick schemes. They will never work for the long haul. Marketing is about strategy not tactics. Marketing is about consistency not just throwing stuff up against the wall. Lastly marketing is about follow-up. Here is a list of things that you can do generate a consistent flow of quality new patients.

1. Master the principles of the Buying Funnel. 33% of all people that enter your buying funnel will buy from you, just not today. The buying funnel has been around since the late 1800’s. Those practices that I coach that use the buying funnel principles receive a far greater share of QUALITY new patients than those that don’t use it. To learn more about the Buying Funnel, click here to download and watch a free webinar.

2. Successful marketing will require the investment of time and or dollars. The more money you have the less time you will need and vice versa. Personally, I like to do a combination of both. Create a budget. A marketing budget as a rule of thumb should be 10% of last year’s collections. Please note that is a rule of thumb. Use it as a target and get as close to the number as you can.

3. Determine your ideal patient. An ideal patient is the demographic that you prefer to work with. It can be males, females, children, low back patients, diabetics etc. It is very important to know specifically who you want to attract.

4. Take an accounting of the tactics that you have used in the past and determine the ROI (return on investment) that you received. Add up each patient that you got from the tactic and multiply by your case average. Then compare to the total cost to determine the ROI. If you do not have that data, please accept it as the red flag that it is. If you are going to market successfully and run a successful business then you must be able to accurately track your results.

5. Look to deploy a minimum of 5 separate strategic-based marketing campaigns. Try not to do “one hit wonders”. Every tactic that you deploy, should have a minimum of 6 strategic usages. For example, I do not want to spend a $1000.00 on a newspaper ad that runs one time and it is finished. I would prefer to run a $1000.00 ad that can be used in a multitude of ways (Face book, Blog, Handout, Newspaper, Website etc.) so I get a bigger bang for my buck. Make sure when you work with your marketing person that they help you strategically set up your campaigns.

6. Create consistent follow up campaigns that will create TOMA (top of mind awareness). Follow-up is where you will get the majority of your new patients in a poor economy.

7. Track all of your marketing efforts to determine what is and what is not working. Use Tracking phone numbers, and Google Analytics so you can see how your buyers move through your buying funnel.

8. Remember that health care is a personality-driven business. patients buy you. It is imperative to make sure that your flavor and your personality comes through in all of your marketing efforts.

9. Be willing to invest time and money into your campaigns. If you are unable to market successfully then hire experts to help you.

10. Have fun. You must have fun in your practice or that will impede your results. Learn the fundamentals of wealth accumulation. Learn how the rich think about money. Click here to download a free webinar called How to Achieve Financial Security.

In ten years, I haven’t seen one practice that stopped doing the steps above and that utilized our procedures that failed to grow their practice. Why am I so confident (100% certainty) that these tips will create better growth and a more successful and fun practice? Two reasons: (1) I coach practitioners just like you everyday and have seen excellent, duplicatable results and (2) Every single day I get a call, email or text from an existing client telling me that since they implemented these procedures and suggestions, they have more money than they ever had before; they love their staff; they are having more fun in practice; or they had a record day in office visits. Or, they had a record week in collections. Or, they had a record month across the board! Please don’t take my word for it. Click here to set up a complimentary, no-obligation 1 on 1 Practice and Business Analysis and Strategy Session. Learn why our clients grew their income on average 44% last year and their personal net worth 5-60%. You can have it all when you know how to achieve what you want. Let’s explore the possibilities together.

Five Easy to Implement Steps to a Great Life and Practice

Why does it have to be so hard to earn a living, I love what I do? I hear that question a lot these days. Here is the great news, it doesn’t have to be hard at all. What if I told you that building a practice that is ethical, legal, integrity-based and fun is easy to do? You wouldn’t believe me because it has been soooo hard to this point, correct?

Stop spinning your wheels and begin acting like Dorothy from the Wizard of Oz. Click your heels three times and repeat there is no place like home. You will find just like Dorothy you were home and had the power to do everything you ever wanted all the time. The POWER IS WITHIN YOU, NOT IN THE NEXT NEW PATIENT GIMMICK!

Read on and follow the action steps below. Do each step for 30 days and see what happens…There is no place like home!

1. Get spiritual. You don’t have to get religious but get spiritual. Spirituality calms the mind, elicits faith, and gives you clarity of purpose. When you do everything to evolve your highest purpose, your highest self you will find your entire world changes for the better. I used to think this esoteric thinking was crap. Let me tell you from one who has been on both sides of the fence…”it ain’t crap”.

2. Determine your purpose, vision, and mission statements. These will be your guiding light. When you act in accordance to your highest purpose nothing can go wrong. Most doctors have a tough time here. Let me assure you, your purpose is not to earn a bazillion dollars. However, when you work for your purpose it’s amazing how a bazillion dollars becomes the by-product.

3. Do things from a position of love not fear. Fear will eat you alive and kill you. Fear will destroy your hopes and dreams. faith is the opposite of fear. You need to develop that un-shakeable faith. Read books, engage with a mentor, but learn how to turn that fear around. It can be done! I can assure you with 100% certainty when faith replaces fear your whole world (business, money, relationships, health, happiness, and spirituality) will all run with effortless ease.

4. Have gratitude. When you are grateful and act from a position of gratitude it is amazing how “lucky” you become. When your “competitor” down the street has 100’s of cars in her parking lot are you really happy for her or are you jealous? Be truthful. If you are jealous, why not be happy for her because she is helping sick and suffering people? Don’t worry there are plenty of sick and suffering people to go around. Have gratitude and watch yourself gain altitude!
5. Decide right now that you are tired of not having or achieving what you want. Then either create the steps to get what you want. If you don’t know what to do get some self-help books or Click here to get a free no-obligation coaching session and see what professional business coaching can do for you and your practice. When you decide that you are ready to change, it is amazing how things line up in your favor.

Stop procrastinating and making excuses. Aren’t you tired of the same struggles? Learn how to effectively end them for good. I don’t have a 100% money back guarantee policy for nothing. My methods work and they work well. Learn how I can help you.

I wish that everyone who is reading this blog understands that you have the power to create anything in your life that you want. once you understand that basic premise and act accordingly you won’t be able to contain the successful growth of your practice and life.

In eleven years, I haven’t seen one practice that did the steps above and that utilized our procedures that failed to grow their practice. Why am I so confident (100% certainty) that these tips will create better growth and a more successful and fun practice? Two reasons: (1) I coach practitioners just like you everyday and have seen excellent, duplicatable results and (2) Every single day I get a call, email or text from an existing client telling me that since they implemented these procedures and suggestions, they have more money than they ever had before; they love their staff; they are having more fun in practice; or they had a record day in office visits. Or, they had a record week in collections. Or, they had a record month across the board! Please don’t take my word for it. Click here and find out for yourself how I can help you grow your practice ethically, legally and with integrity; get more free time and have fun again. The coaching session is free and without obligation. We have payment plans that will allow virtually EVERYBODY AND ANYBODY the ability to afford my services. Get to the next level and beyond. Stop wishing, praying and hoping and take the meaningful step that will get you to where you want to be.

40 Things You Absolutely Do Not Want to be Doing to your Practice-Don’t Do These!

With continued decreases in insurance reimbursements, and more slated to come for next year, more practitioners are feeling stressed.

Here is the great news. Those practitioners who understand how capitalize on the shift from low deductible and low co-pays to a high deductible, high co-pay model are going to Thrive! This new shift in responsibility will be the best thing to hit health care once you learn how to play the new game.

Our client’s have been taught this new game and as a result their income has grown on average 165% since 2008.

Our clients choose to use our services because we generate fantastic results, have no long-term contracts, offer a 100% money back guarantee and bring new strategies to the table in marketing, patient communication, and the business of running a practice.

The article below will outline 40 proven practice killers. Take an inventory of the list and cease any of the actions on that list. Next you must create a plan that will give you consistent growth by helping you to attract the best buyers in your market. This must be coupled with procedures that include education of your patient so they understand and want to incorporate the “big picture of health”. Lastly your plan must include business skills that will lessen your debt and start you saving for retirement.

The time is now to make the changes. You deserve to stop living in fear and doubt. 99% of my clients probably started just like you. Hating the idea of being coached; hating the idea of spending money; and hating the idea of doing things differently. I also understand because I was once in your shoes too! You may click here to hear their specific and amazing stories. 

The following list will outline guaranteed practice killers. If you are inadvertently doing or not doing any of these, you may want to make the correction immediately.

1. You have no specific marketing plan

2. You are not spending present time consciousness with your patients (PTC)

3. You are visualizing what you don’t want instead of what you do want

4. You have a poverty consciousness

5. You don’t read enough

6. You are in a constant state of fear

7. You do not train your staff

8. You do not have written goals

9. You are still using procedures that are old and have not been modified to reflect the present economy

10. You do not have a team of trusted advisers

11. You do not run or know how to read financial statements

12. You do not know how to create a budget

13. You do not understand business principles

14. You are not organized

15. Your consultation and report of findings is too long

16. You do not understand how to strategically market

17. Nobody is holding you accountable

18. Your own health habits are questionable

19. You are not innovative

20. You do not have PVA skills and procedures in place

21. You fail to get out of your office to meet new people

22. You do not teach your patients in a systematic way about the “big picture of health”

23. You are not using modern technology

24. You are frustrated

25. You are burnt out

26. You are apathetic

27. You don’t donate time and or money

28. Your associate is not a profit center

29. Your staff is not a profit center

30. You do not know how to control expenses

31. You have credit card debt

32. You are unprepared to pay your taxes

33. You live paycheck to paycheck

34. You wish you never became a Health Care Provider

35. You do not have written goals

36. You do not look at your written goals daily

37. You waste time and procrastinate

38. You are not happy

39. You don’t get adjusted

40. You do not wake up happy

In all the years that I have been coaching practitioners just like you, I haven’t seen one practice that stopped doing the steps above and that utilized our procedures that failed to grow their practice. Why am I so confident (100% certainty) that these tips will create better growth and a more successful and fun practice? Two reasons: (1) I coach practitioners just like you everyday and have seen excellent, duplicatable results and (2) Every single day I get a call, email or text from an existing client telling me that since they implemented these procedures and suggestions, they have more money than they ever had before; they love their staff; they are having more fun in practice; or they had a record day in office visits. Or, they had a record week in collections. Or, they had a record month across the board! Please don’t take my word for it. Click here and find out for yourself by receiving a free and without obligation 1 on 1 practice analysis and business strategy session. Learn where the weaker areas are in your practice and get a plan that you can implement immediately. Get more free time and have fun again. The strategy session is free. We have payment plans that will allow virtually EVERYBODY AND ANYBODY the ability to afford my services. Get to the next level and beyond. Stop wishing, praying and hoping and take the meaningful step that will get you to where you want to be.

Debt the Killer of Dreams

It does not matter if you are a new practitioner just starting your career, or if you are a veteran practitioner in practice for thirty years. If you rack up debt without a clear repayment plan you are asking for financial disaster.

This article will teach you what you need to know about debt, how to use it wisely and how to avoid its alluring pitfalls.  Debt, according to Webster’s Dictionary is an amount of money that you owe to a person, bank, company, etc.

If you can live by the rule never borrow money you will certainly be well on your way to achieving financial freedom. However it is to be noted that if you want to get a Chiropractic education, purchase or open a practice, or, buy a home the likelihood of avoiding debt altogether is probably impossible; unless you have an uncle named Donald Trump.

There are two kinds of debt. Good debt and bad debt. Good debt by definitiont is an investment that will grow in value or generate long-term income. Taking out a loan to pay for a college education is the perfect example of good debt. Taking a mortgage that will buy a rental property that will give a positive cash flow is another example of good debt. Let’s make it even easier, good debt is borrowing money which will enable you to earn more money.

Bad debt by definition is debt incurred to purchase things that quickly lose their value and do not generate long-term income. Bad debt is also debt that carries a high interest rate, like credit card debt. The general rule to avoid bad debt is: If you can’t afford it and you don’t need it, don’t buy it. Examples of bad debt would be taking out a loan to buy a fancy car when a lower end model will get you from point A to point B just as well. Another example would be using student loan money to take a vacation or to buy fancy clothes. Let’s make the definition of bad debt easier; bad debt is borrowing money that will allow you to purchase goods or services that will not earn you more money but will lose their value. A car will depreciate and be worth less; a vacation while nice, will become a memory but the payments could live on for many years afterward.

Now that you understand the definitions of debt, let’s take a look at some strategic approaches of managing debt.

  • Please be advised that student loans are one of the riskiest types of debt that you can incur. Why? Student loans cannot be discharged in a bankruptcy. Student loan debt can and will follow you all the days of your life to the tune that they can garnish your social security check if they need to for repayment. Knowing that student loan debt comes with some serious risks means that you must use this type of debt VERY WISELY. Talk to a financial planner, accountants and others in the know for advice. This article is not intended to give you financial advice but rather give you information to take back to your financial advisers to see if they make sense for you. Please do not utilize any advice before you have your financial advisers evaluate it.
  • Understand that when you get out of school you can incur anywhere from $200,000 and up in debt. That number scares me too, however with proper planning it is not insurmountable.  Some ideas to discuss with your financial advisers would be:
  • Having a family member or friend fund your education
  • Using home equity lines of credit in place of student loans
  • Taking the minimum amount of student loans
  • Do not defer payment of your student loans any later than you absolutely need to. Remember that your loans are accruing interest. You want to pay them down as quickly as possible.
  1. Be willing to live very small when you first graduate. Eat at home instead of going to restaurants. Drive an inexpensive car or take public transportation whenever possible. The little things do add up. Get a notebook and write down where every nickel is spent. You will be surprised how much waste is in your daily routine. Then create a budget and STICK TO IT. Determine what income you will have against your expenses. Any overage should go into a special fund that is segregated from your checking account. It is called your emergency or cash on hand fund. This fund should be built up over time to equal at least one year’s living expenses.
  2. AVOID CREDIT CARD DEBT AT ALL COSTS. Paying interest charges of 19-25% is a sure way of creating financial ruin. I am serious when I say ride a bicycle or walk if you do not have gas money. Eat at a friend’s house or go to a shelter if you don’t have money for food. In no way should you deficit spend (spending money that you expect to earn or get in the future) on a credit card. The rule that I live by and that I have taught my family and clients is this: Unless you have the money in your checking account and plan on paying your credit card purchase in full at the end of the month do not use your card.
  3. Live below your means. Chiropractors have the ability to earn massive amounts of money. It is very easy to carve out a rich lifestyle of fancy cars, houses, etc. I am very much in favor of living an awesome lifestyle provided that you are not deficit spending. Deficit spending is using credit to obtain good and services with the intention that the money will be collected in the near future. This one fatal tactic has caused many once successful chiropractors to go bankrupt. The problem is if the money does not get collected you have got a BIG problem. If you learn nothing from this article learn DO NOT DEFICIT SPEND!
  4. Get professional help. Hire an accountant, attorney, coach, insurance agent and compliance company. Every professional listed has a unique and needed function. Do not forego obtaining help in any of those categories. Choose the right professionals by asking others who are successful for recommendations. Then make sure that you do a proper due-diligence and conduct a proper interview. If you do not resonate with the professional MOVE ON. The same goes if you feel pressured or if you feel that the professional does not have the proper plan for you, MOVE ON and keep searching for the right team.
  1. Establish Retirement Funds. The sure way to beat debt is to accumulate wealth. The sure way to wealth accumulation is establishing a retirement account and funding it to the max every year. Speak to your advisers about what the best type of account for you would be.

Your financial future is in your hands. The government will not be there to take care of you in retirement. If this article scares you, then I hope it scares you straight; straight into the land of knowledge. If you follow these tenets you will have a long profitable career; use debt wisely, live below your means, establish retirement accounts and fund them to the max, and obtain professional guidance.

Dr. Paul S. Inselman is President of Inselmancoaching and an expert at teaching chiropractors how to build honest, ethical, integrity-based practices based on sound business principles. From 2008-2016, his clients’ practices grew an average of 150% while the general profession was down 28%. His 31 years of clinical experience coupled with 10 years of professional coaching has allowed him to help hundreds of chiropractors just like you. He can be reached at 1-888-201-0567. To schedule a free no obligation consultation, click here.  His email address is inselmancoaching@gmail.com.

Effective Report of Findings Steps to Elicit a Commitment From the Patient

How much time do you like to spend at a doctor or dentist’s office? How about the Department of Motor Vehicles? How long do you think your patients want to spend in your office?

Trust me when I tell you they don’t want to be in your office any longer than is absolutely necessary. The consultation and ROF in my opinion are the two most important procedures when starting with a new patient. It is where good or poor habits are begun, as well as it is where a foundation of trust or mis-trust is established.

Throughout the years there have been many methods of ROF that have been advocated and taught. There are video programs, scripted programs etc. In this economy it is vital that your ROF have the following steps. Today, people are working 3 and 4 jobs. Yes 3 and 4 jobs just to make ends meet. This means the luxury days of having “time” to do a 45 minute ROF are yesterdays procedures that will not work as well in this economy.

Your ROF should do the following:

1. Answer the question what is wrong with the patient?
2. Answer the question can you help the patient?
3. Answer the question how long will it take?
4. Answer the question how much will it cost?

There are many styles of presentation. It is your choice how in depth you want to go over the exam findings. One thing for sure is you must learn to re-frame your patients away from pain and symptoms;  or,  when the pain goes away so will they.

It is vital that you ask for and receive a commitment from your patient that they will follow-thru with their treatment plan.

Click here to schedule a free consultation to learn about our very effective and affordable custom coaching programs without contracts.

How to Keep Key Practice Statistics

Looking at your speedometer gives you information. Information is power and when it is used correctly, it can make or save you lots of money.
The same can be said of your practice. What gets measured will be looked at more closely which will enable you to make instantaneous corrections.
Remember, monthly stats as well as year to date (YTD) stats should be kept. Here is a list of the basic stats that you should be keeping:
1. Number of days worked in a month – You can’t compare a month that has 16 practice days vs. a month that has 21 practice days. By knowing this stat, it will enable you to compare apples to apples.
2. New patients
3. Services rendered
4. Income (collections)
5. PVA (Patient Visit Average) – Office visits/new patients (the longer the history of this stat the better)
6. OVA (Office Visit Average) – Services/office visits
7. Accounts Receivable
8. Patient cancellations/reschedule – Tells you how well or how poorly your procedures are working
9. Patient Attrition – Lets you troubleshoot where the problem is (consultation, ROF, re-exam, etc.)
There are some more items that can be included. These are the bare bones minimums that all practices should keep.
I know that there are many practitioners that don’t keep stats. I find those that don’t keep them, don’t know how to use them. It’s like any other tool in our tool box. Know how and when to use it and it will serve.

Click here to schedule a free consultation to learn about our very affordable custom coaching programs without contracts.

How to Make Your Practice Stand Out

The “wow factor” has always been an important component in personality driven businesses like health care. Some people have natural abilities to “wow”, others need to learn those very necessary skill-sets.

It does not matter if you are a medical doctor, dentist, chiropractor, physical therapist, enzyme therapist, or any other health care provider, the following tips will help you develop the “wow factor”.

  1. Use the Local Press-contact reporters of local newspapers, monthly magazines and television stations and offer newsworthy information in your area of expertise. For example an enzyme therapist might direct reporters to recent evidence that a new type of protease can help digest gliadin, the protein responsible for gluten intolerance.
  2. Write a Book-America is in love with authors. 90% of talk show guests are there to promote their new book or movie. Today anyone can publish a book with self publishing services for as little as $1000.00. Being a published author, gives you credibility in your patient’s/client’s eye. For example a physical therapist can write a book How Posture Affects Your Health. Give personalized autographed copies to your patients. Sell others on your website. Books become great marketing pieces while establishing a huge “wow factor”.
  3. Always give more service than patients pay for– Anthony Robbins tells the story, “There was a bean counter that people would come to from far and wide because he always gave a scoop and a little more.” I am not advocating giving away free service nor extra time. What I am advocating is giving service that will wow your patients. For example, I always give my patients my personal cell number and instruct them to use it if they need me for any clinical reason. I ask them to be respectful of the number and not to use it to change an appointment etc. This sets a nice boundary and they really appreciate the “wow” service.
  4. Be Charitable-I am not saying to be a charity, but please be charitable, there is a big difference. Being a charity is treating people for free. Being charitable is always looking for ways to help another person. For example help people with their problems. I once had a patient who was having difficulty paying her rent. I offered her advice how to approach her landlord. She was happy, her landlord was happy and it gave me a “wow factor” in both their minds.

You will find that by creating a “wow factor” experience in everything that you do will come back to reward you and your practice over and over again.

Click here to schedule a free consultation to learn about our very affordable custom coaching programs without contracts.