Do you think you need a huge practice to grow to seven-figures, or that you've got to be a big player to earn a big profit?
You may think you need three doctors working for you and 10 to 15 employees to run your practice in order to reach a huge revenue goal.
You may think you need to have 3 to 4,000 square feet of space to have so many patients with expensive equipment to build a profitable practice.
Well, none of those could be further from the truth nor are they necessary.
Huge practice means huge costs, not anymore.
Associates, employees, space, equipment, none of them is important to build a successful practice. In fact, it would be harder for you to build a dream practice that way. Here is why. Those are the overheads. Those are your fixed costs to run your practice every single day, every single month and every year. Those are the expenses you cannot avoid. It doesn't matter if your revenue is two million a year because your overhead is 70 to 80%. Your take home after expenses and tax is about 300K. Is it really worth running that kind of practice with blown up overhead?
We're talking simple business math looking at the numbers. It's all a numbers game when it comes to running a business. You’ve got to start treating your practice as a business. You are healing patients and fixing patients' problems for the better. Of course, that's given. But are you also trying to build a profitable podiatry practice so you can continue to provide the best care for your patients in optimal status?
A few coaching clients of mine have a large scale practice. When I interviewed them to assess their situations, they're running everywhere like doomsday is coming onto them. So many broken holes to cover, chasing 10 rabbits at the same time, chaotic, hectic, constant anxieties!
Let's think about your status as a person mentally and physically. The simpler your practice model is, the more stable your mind, body, and spirit. As a matter of fact, in which model are you going to be tested? A huge practice with gigantic overheads or an efficient practice where you can focus on patients' real problems? You can absolutely run a very efficient, yet profitable practice and still build a high six-figure or even seven-figure practice.
How can you achieve a profitable practice?
Consider these three key steps:
Create your own niche within your specialty. Be the best in your field of expertise. Continue to learn, practice and get better in your chosen niche, so when it comes to your specialized skill set, you become the authority. You are the go-to doctor.
Do not reinvent the wheel. Get some help from someone who has done it. Why? You don't have time for this. How long will you sustain your practice like you're running right now? Invest in yourself. Learn the foundation and techniques and tactics from someone who has actually done it and is ready to coach you with a proven system.
Do not waste another dollar in marketing and advertising agencies blindly. All those generic contents they're blasting for you, they're frankly fading away. You don't need to waste your money blindly in advertising and marketing. You don't even know what to advertise for, what your potential patients are looking for, yet how do you expect to bring high-quality leads?
Those are three key things you need to work on, not dream about those fancy 3,000 square feet blown up practices. Now, you may be wondering, “Dr. TJ, that's great. But how do I do that step by step?” If you seriously consider building this type of lean, efficient, successful practice, don't do this alone. You need to invest in coaching and mentoring.
If you are committed, coachable and resourceful and if you're ready to take some massive action in the shortest possible time with accountability, consider it done. How? Register and watch my webinar. Connect with me. I'll sit down with you on the phone just you and me, analyze together if you are a good fit for this. I included my calendar booking link below as well. Remember, you don't need to spend huge overhead expenses to build a successful practice. In this era, you need to think differently and evolve to a new breed of modern podiatry practice: Lean, profitable, yet patient-focused practice, and not those outdated ways of thinking around the insurance-focused practice.
Let's do this together. A 45-minute strategy session may be the best 45 minutes you will spend on your practice.