What if there's a way for you to see fewer patients, make more money, and have more command over your time and energy? In this podcast, you'll learn 3 proven ways that you can use to increase your practice profits today.
This is a very practical podcast episode for you.
How can you increase practice profits without seeing more patients? Dr. TJ Ahn shares 3 proven ways to increase profits without seeing more patients.
These are definitely not conventional ways that you have seen
This episode will open your eyes to find new ways to increase your profits starting today!!
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Download FREE PDF Guide, "3 Ways To Increase Your Practice Profits Without Seeing More Patient"
https://drtjahn.com/3ways-profits
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Do you want to build your dream private practice without the hassles of insurance networks? Then schedule a FREE 45-min Strategy Session with me? We will dive to look at your current practice and I will provide you a crystal game plan for you:
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hello everybody this is dr TJ Ahn welcome to this episode three ways to increase your practice profits without seeing more patients so you have to understand to increase practice profits you know conventional thinking is that you need to increase revenue and decrease expenses profit equals revenue minus expenses so either you have to increase revenue by adding more patients or decrease operating expenses tax payer will rent you know unnecessary expenses in your marketing etc to decrease and reduce your expenses hence your profit margin is higher however obviously i didn't make i'm not making this episode right now to give you those conventional ideas i want to give you three special ways to increase your practice profits without this is the key without seeing more patients ready for this number one probably you already know what i'm preaching right i've been preaching opting out of bad insurance plans that's number one i even wrote a book as you know a book is called opt out it's amazon's category bestseller opt out so if you are interested if you haven't read that book obviously i'm going through promotion right now you can order your copy for free you just covered the shipping is www dot opt out book calm okay so if you haven't read it obviously it's the book is all about blueprint of hybrid considered system so anyways let's talk about opt out of bed insurance plans our favorite subject how much do you get paid for a bunny and procedure medicare pays you $500.90 day grace period you cannot be anything and you're taking all this legal responsibility $500 for bone surgery i mean gotta be joking right so i refuse i refuse to accept that rate however can you mess with the government i don't want to mess with the government right so you have to either follow the rules and regulation of government insurance plan or even private insurance plans some add now or you know humana and all others some hmo plans i mean ridiculously low reimbursement by the way i'm not pointing out one insurance plan but pretty much every insurance plans really for themselves really right are they ever taken care of doctors if they have they're not going to reimburse like that 500 $600 in 90 days grace period and expect us to pay rent payroll all the other operating expenses with responsibility of 90 days grace period or the infamous inflation rate is going up and expect us to receive lower and lower reimbursement rate so you need to opt out that's really the only way i don't see any alternative the only alternative is you just have to rely on heavy volume based practice you just have to see more patients but physically as a human being can you handle those 4050 patients a day and expect us to provide the quality care no way so another way yeah you can hire associates you can partner with someone else and you know split them up but then what does it incur it incurs operating expense more payroll more headache
more chance of breaking up partnership hiring and firing you know associate what i'm teaching is to you just set up your own rules you control your shape of the road those bad plans and then studying all your own offering niche And then provide the marketing and service and, you know, you you just basically build your own dream practice efficiently running practice in order for you to do the unit of doubt. But I understand so you need a systemic approach top down, you cannot do that overnight. Please doctors, if you're thinking about opting out, you cannot opt out of all those insurance plans in one night. And I understand you might be scared about losing patient volume because I hear that a lot from my you know, clients, my I mean, prospect doctors, okay, once they join my program, either through me first or the profit or Kimmy or Midas, marketing or podiatry, podiatry profits, you know, mastermind, I mean, doctors definitely convert, I help them convert, but before they join, oh, Dr. TJ Ahn, I'm scared, what if I opt out and then suddenly, I have no patients coming in? Well, that's the whole point, you want to decrease the volume, you want to decrease the heavy workload for you. However, with now, without no not being in network position, you can create your usual and customary pricing table and service table. So you basically can charge more then being an insurance company, now, ethical, ethically charge more, so you can make some money, you can make some profit. So you can serve food, freedom, financial stability to your family or yourself. So, okay, you know, let's say, you opt out on one insurance plan and you lose 90%. Okay, so instead of getting however, though, instead of getting $500, let's say you get $5,000.10 times more, but you lose 90% patients, I'm just telling you, you know, arbitrary number. So you may $5,000 from one patient. But in other the other way, you have to see 10 patients, but I don't know if you if you're going to get to do all 10 Bunyan's either. But let's say if you do all 10 Bunion patients in insurance company, you have to do 10 surgeries to make $5,000 Does that make sense? Some kind of, you know, summarizing it in in the giving you like kind of, you know, wake, like simple example. But essence of it is true. You know, I transfer my practice, transformed my practice from volume based insurance based model to patient direct pay model, right. So that's what I see. I see eight to 10 patients a day. You know, the other day I had a private cadaver lab last weekend. And now you know, a few doctors because I'm limiting to numbers, who can join to my private cadaver lab to learn MRIs. It was Saturday, Saturday morning, I see patients I usually see eight to 10. But for some reason that day, I saw like 1314 patients. And I didn't realize until the other doctor kind of pointed out that because I was complaining of seeing too many patients. I'm not joking, you know, I'm like, oh man, I'm tired. I'm seeing too many patients. They're like, laughing me, TJ Ahn are you complaining of seeing 1314 patients? You know, so creating hybrid concierge practice. It gives you more time for each patient.
So you can really communicate with your patients. You know, take good care of each patient without being stressed out without feeling rushed to see on other patients on other patient room after room. You're jumping all over. And then hectic with the heck you know, hectic move and then after you finish all that you have to do EHR, all that stuff disappears because you're not relying on volume. The whole thing happens with optic neuropathy insurance plans, you will be able to increase practice profits without seeing more patients. Make sense? Number two, we activate the existing Patients you should never forget that you have existing patients. Okay. And you have a name, phone number, email address, and address and you have good data, enough data of existing patients, and some people may have maybe due for next follow up visit and been forgotten. Once you have an EHR system, I mean, you can always, you know, categorize and segmented out and see, there, hundreds of patients probably needed to see you that you forgot. That make sense. So you need to reactivate those existing patients, have your staff send demo message, SMS text message, email, and give them a phone call. However, important point here is that SMS and email, SMS meaning text messages is very effective. Let's say email open rate is only 10%. SMS text messages have higher than 80% open rate. Most important thing to remember here is that that communication channel has to be HIPAA compliant. Otherwise, you're risking big fine and huge issues if you're not following up with a HIPAA compliant system. Okay, but you can pick up a lot of patients existing patients that you know, you forgot, I'm letting you know, I'm letting you know, I am designing a new program right now. It's going to blow you away. Practice profits marketing system, that's the project name, practice profits marketing system. So that that special program will will cover all about organic marketing system, meaning you're not required to pay a dime to social media advertising, things that can be done, free, but powerful enough to bring highly qualified patients. So I'm going to cover in detail actually help you with with strong implementation plan, not just theories, not just strategies, as you know, I'm all about action taking old ideation It doesn't mean anything unless you actually execute them. So it will come with the implementation plan, actual execution plan and accountability component to it. So I can help you with organic marketing, to bring a correct way, the proper way to bring high quality patients and this will cover the reactivation system as well. Sounds good. And number last way is communicate with ethical persuasion, communicate with ethical persuasion, is basically you influence your patients decision making process, you help them enroll, help them bridge the gap, to accept your treatment solutions. We're talking especially out of pocket, cash pay non covered services. Why is that? Many non I mean, many great services or treatment plans are not covered by insurance. So rather than complaining about it, you might tweak your mindset and it actually gives you the golden opportunity where everybody else is not encouraged enough to to recommend and advise the better solutions.
You'll be the one who's going to be doing that one or very few in your town. in your city. You provide very unique niche treatment solutions. Usually not covered by insurance, right. But I'm actually seeing that as an opportunity. However, if you don't know how to communicate with persuasion, that ethical persuasion in the background, if you haven't been trained, it will you will have a hard time I know you'll feel uncomfortable. I know you're already feeling uncomfortable. I have met very few doctors who says oh, I have no problem selling cash pay. Even someone told me I have no clue. problem, you know, asking for money for us. Okay, so have you tried sell your Bunion surgery package at $6,000? They're like no, no, really, are you crazy? You know, I'm talking about like office dispensing products and you know orthotics, you know, etc. I'm not talking about that doctors. I'm talking about serious treatment solution package, like onion hammertoe linear fat pet graft, injectables, amniotic fluid injectables, along with the surgery. Providing beautiful, consider each package at 6000 7000 $8,000 package, patients will go through great experience great results, very unique niche, patients will be happy that type of treatment solutions. You need to you need to get trained. Okay. And even that in you know, in reality, I have a proven mentorship program called the profit alchemy. And in the program, the profit Academy, I teach you how to how to, you know, do proper presentation of your treatment solutions to your patients. And how to even handle objections, if patients a common objections like I need to talk to my spouse, let me think about it, I don't have money, do you have a proof? How many have you done is a guarantee, you know, all these common objections, and you need to learn how to handle those properly. So you will be able to, you know, enroll your patients into your treatment package, out of pocket, patients will happily pay, they will self close on themselves. That is a beautiful skill set. Again, ethical persuasion, the ethical part is very important. That's why before I work with any doctors, doctors go, you know, fill out the application. And then we go through, like 45 minute strategy session. And then not only doctors qualify me as their mentor or coach, I also qualify them if they're a great person, we're a great fit to work together. Because for me, that's very important value ethical, if doctors are committed if doctors have loyalty, like family oriented, you know, very strong professionalism. I mean, those are important, qualifying factors for me, you know, so as much as you choose to work with me, I have right to choose to work with whomever, from whom whomever I believe, that I want to work with. Hopefully this makes sense, right? But anyway, my point here is that even if I give you these three ways to increase your practice profits without seeing more patients, number one opt out of bad insurance plan number two reactivate existing patients. Number three communicate with ethical persuasions. After listening to this episode, if you don't take any action, obviously, that's just another great idea that you never executed, never implemented. Those it makes sense, because I want you to think about this point. On this, you execute on this show me the action. It's just a theory is just the idea. I am a practitioner. I preach what I preach, practice, right. I'm an action taker. So all of my mentorship program, mastermind group, my private client, they all know that I'm an action taker.
So again, I believe in that quote, don't tell me or show me Show me the action. So each category you need to take action in order for you to increase your practice profits. Now, if you want to look at this three ways, in summary, actually, I have a gift for you. So I have created a free resource. Okay, his title is exactly same as this podcast episode. So you will see the link below this podcast episode notes. Make sure click the link and download the free guide and review those three points. The most importantly, how can you even Implement each category. Okay, so if you happen to implement it, please post it in my Facebook page or if you're already in my facebook group or podiatry profits, be clear, you know your wins and give me some like comments. Hey, TJ, I implemented this and this is what I got. And again, if you like this episode, please don't forget to subscribe to my podcast, YouTube channel, my Facebook page facebook group, you have many ways to connect with me. I'm also being active now in Instagram. So my Instagram handle is Dr. TJ Ahn HN. Dr. TJ Ahn pretty much everything's Dr. TJ h n, my LinkedIn, my facebook group, Facebook business page, my email my website, Dr. TJ h n. Okay. So, again, if you want to really transform your practice to the next level you need to implement. I am not ashamed to say it over and over again, like a broken record 100 times if I have to say it, I'm going to repeat my attempt is to ingrain the proven model into your brain so that you can actually you can actually increase profits. Okay, now if you want me to help you, you can click another button down there to schedule a call with me. I offer 45 minute strategy session. Do not wait more you wait, it will be soon. End of 2021 some doctors lost a lot of revenue and profits in 2020. But I know the COVID proof model. I know the recession proof model that is hybrid considered model. It stood strong in 2020. You know, in our mastermind group, doctors are declaring their winds almost every day. And one doctor said last month was her best month, not just 2020 or 2021. Ever since she opened our practice one month Does it ring your bell? I'm providing the proven model. And through the podcast through my youtube channel through my Instagram account. I'm trying to send the message. So you get you get my message. Something may be one way or the other. I'm sending you to a different channel that you will finally understand and digest my message. enough that you will take action. That's why I'm doing it. And all these success stories that I brought. That keeps me going. All right. So if you love this episode, please don't forget to give me five star reviews. And you know, I'm excited that great times ahead of us. I know some people say storm is here and I believe it. But there is always golden opportunity during the crisis. So don't forget, stay safe and healthy. And I'll see you in the next episode.