In this episode, Dr. TJ Ahn explores how to create a lean and mean private practice.
You have a private practice already or planning on creating one?
Do you love your practice? You can't wait till tomorrow morning so you can go to your practice and serve patients?
Or... you wish you can run away from the current private practice as far as possible?
If you want to create a lean and mean private practice that generates profits without working harder, listen in what Dr. TJ Ahn has to say in this episode.
You will discover:
How to create a lean and mean private practice
He will dive in deeper on each of these 5 categories in this episode.
You may find this episode very intriguing if you are currently burnt out or struggling in your practice.
Oh, please don't forget to give thumbs up and subscribe to get updates to the future episodes!!
More resources?
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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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Get Your Free Copy of my book, "OPT-OUT" to grow your podiatry practice. You just cover the shipping:
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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:
https://solution.drtjahn.com/tpa-schedule32154725
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Hello everyone, this is Dr. TJ Ahn. Welcome to today's episode podiatry profits, season one, Episode 31. In this episode, I'm going to talk about how to create a lean and mean private practice you will love.
Okay, let's dive right in. So to create a lean and mean private practice, what do I mean? Does it have to be profitable? Right? You cannot exchange your expertise for little money. Let's be honest, let's be transparent here. I'm talking about private practice profits. If you do not generate profits, you might as well not do it. Are you? Are you with me? I mean, if you're not gonna make a high profit on your work, you know why you even do that? Right? helping patients and impact more people's on patients lives? Yes. But I don't want you to sacrifice, your monetary value, your financial wealth, your financial stability, ability to support your family and yourself. I don't want you to sacrifice. So in order to develop a profitable practice, you need to create your practice. Make it lean and mean, right? How to do that is title number one. First, I want you to figure out who you are. We cannot change who we are. Of course, we cannot change who they are. It's very difficult to change ourselves. How can you change someone else? Anyway, that's a little bit off the topic, but you got to know yourself. If you haven't done so I suggest you go to the website and google it disc personality test di SC disc personality test, it will let you determine your type and personality profile quickly online. And you can find out how that disc factors which are dominant dominance, influence steadiness, and compliance. And that explains your behavior towards others and also the everyday things you do. Again, dominance, influence, steadiness, compliance, and based on that quick test, it'll take few minutes. But it's amazing that how our resembling how close and how detail that it'll figure out your typical personality, it'll, it'll go down to 15 different profiles. So, if you do, send me a direct message, or leave me a comment on my social media, pretty much everything is drtjahn, my Instagram handle. drtjahn. So if you haven't done so, please follow my Instagram and send me a DM saying "Hey, TJ, I just took the disc personality test and this is me". Okay. I'm curious, what other doctors and colleagues have their personalities is mine is called the results-oriented. There is no surprise for me because I am super results-oriented, outcome-oriented, high value in the "action taking" and "show u", type of thing. And I work fast, very efficiently. You know, I'd like to lead a team, group, you know, that's my personality. And the funny thing is when I look at my results, it's crazy that dominance is just over the top and the influence is way high up there. And steadiness is a summary low side and compliance is the low side. But, you know, once you and they send you the detailed report what those means and stuff like that. Why do I say this because if you know your personality, and you know you will kind of learn how to How to control yourself based on your personality and cope with others and how you can handle your staffing. You know, because you're an entrepreneur and you, you need to lead the team, you know, either small or big team, you need to be a leader. And knowing yourself, it helps trust me and also your staff, you know, I highly advise your office manager, your associate doctors, your Ma, you know, front staff,
you pay for them, it's like $7 or so. And then just have them take the test make it mandatory. And, you know, that's what we did, and you find out who they are, and you'll develop much better communication skills with your own staff. Okay, so that's number one. Number two know your lifestyle you want? What kind of lifestyle Do you want to have currently, or in the near future? or five years down the road? 10 years down the road? So first, your personality, but then second, what kind of lifestyle Do you want to create? Do you like to go travel? Do you like to spend more time with your family? Do you like to go a minimum of four times a week, go to yoga? Do you like to go one to two hours hiking two times a week, you know, so you can develop your practice around your preferred lifestyle. I don't want you to create your practice first. And then trying to hustle to make your life's desirable lifestyle. Work with your current practice? Does it make sense? Because I want you to know, we live once and I want you to have I want you to create the lifestyle you want to live. And I don't want our practice to be on its way. Does that make sense guys? So if you're not happy, how your practice is running currently, how your work style work hours workdays, your practice model, if it is not coping with the lifestyle that you desire, you need to change, transform that mentor, Coach consulting program, do whatever it takes to transform your practice to in such a way so you can have your lifestyle you want. It's not worth holding on to that practice model that doesn't work for your lifestyle and hates it every day is gonna be bad for your emotional health, mental health, physical health, and also your family. If you have a family and kids, children, you know I did the other day, put a post in my podiatry profits free Facebook group. I said Who else here has kids and running private practice question mark. And a lot of doctors jumped in or some doctors have three or four children and trying to hustle again that kind of drove me to create this episode. Again, it's not worth sacrificing your life to private practice. Because that's just the way your practice is currently changing it. You can transform no problem I've helped many doctors transform. So that's number two. Number three, do you want to develop you have to make a decision Do you want to develop a volume-based or quality-based practice model? So volume-based model you may have imagined already. It is usually an insurance-based model. You need to see 30 to 40 patients a day. But you know reimbursement is low. So many rules and regulations. So to make it worthwhile. It's very difficult to develop a seven-figure. Private Practice if you're practicing so low based on volume. It just numbers don't work because we only have so many hours a day. Do you agree with me? Let's say you work eight hours a day work four or five days a week. 3040 patients a day. So for days, like 180 to 200 patients a week. That's 800 patients a month. But each patient, LTV or you know, the value per customer or value per patient is not that high like maybe top 100 few $100, I'm just in average that I have worked with. So in order for that model to work, it's difficult to become financially stable and profitable. If you practice solo,
you may have to develop more locations, hire more doctors, associate doctors and hire more staff. So you need to kind of build like mega style practice. And you know, you might have to go into more Managing Director side to oversee things. And so it has its pros and cons. To me, it's more cons that's my personal preference. But I've had great several successful podiatry practice owners who have multiple practices multiple doctors and run very successfully so don't get me wrong, I mean, it's doable. So that's one-way number two way is that quality based which I personally prefer because remember my personality and my the lifestyle I want. So quality-based model fits my lifestyle that I want to have. It is most likely a hybrid concierge model meaning the balance between a good insurance plan and a cash pay model. So in order for you to have successful quality-based hybrid conservative style practice, you need to develop a niche, you need to develop high tech and marketing. And you need to focus on developing and implementing persuasion influencing and super clean clear communication skills not just to you and the patients but your staff, you need to train your staff in that side. So they will be able to provide high-quality VIP-style concierge-style service to your patients. Pros you don't need to see many patients a day I do see 210 patients a day work two and a half days a week generating very profitable practice. You know, that means again super high return investment in patient lifetime value. It's extremely high, but their satisfaction level their VIP experience again, it's unparalleled to most doctors that they have encountered. So again, that's how you differentiate yourself to develop that very high-quality concierge model and patients who will be happily paying out of pocket because that service that you deliver it to patients I mean, it's way over deliver and they're so satisfied in number four, okay, so let me just back up give you kind of recap so far. So you know how to create lean and mean private practice, you know, being profitable, number one, know your personality. Number two, know your lifestyle you want to have number three, do you want volume based or quality based number four. Again, this kind of pertains to podiatrists or you surgical or nonsurgical, or even both, like balanced. So you need to figure out your hands on you're good at you to know, surgical skills and you love doing surgeries. Do you accept challenges and risks that come with surgeries, you know, and you need to earn you like gadgets, like all these new latest medical technologies, you know a lot of different ways to find out what you prefer and what you like to develop around your lean and mean private practice. And based on your preference, you know, you need to execute proper marketing skills, proper marketing plans, because you need to attract the right type of patient clientele. Correct. You know, if you are nonsurgical and then you're like barking on wrong trees, creating all kinds of social media posts that don't have anything to do with your preference, you're gonna attract the wrong type of patients. And that's a waste of money time energy. resources are not lean and mean right. Okay, and lastly systemization You know, I'm big on that because it will simplify. It will drain less energy from you. day to day. You know, I've been practicing Since since 2003, so it's my 18th year, right? So I know one or two, if, you know not only my own practice, but I've been helping, you know, many other podiatrists and other medical professionals past five years. So, you know, I've
seen on many different styles and models and staffing, you know, and I realize doctors were successful, they do have a system all you know, super organized, and then down to the detail, that it works in and out, on and off, in and out. To be able to create that kind of smooth oil well-oiled machine, your practice runs, like well-oiled machine, you need to have the systems. So, SOP, A, which stands for standard operating procedures, create SOPs for everything, protocols, create protocols for everything, you know, patient intake process, patient reminder, process on the phone, or email or text messaging, everything you say you create a system. So surgery, you know, scheduling phase, pre document phase, obviously, surgery they system, postoperative system, you know, everything you create a system SOPs and protocols, you know, this way you can train your staff. And as you know, your staff sometimes creates unfortunately dramas, their own personal issues, you know, your staff can be sick, yourself can be sick, something happens, you might not be able to make your clinic, your staff May May, you know, be off unexpectedly than what happens. As long as you have SOPs and protocols. You can train your staff regularly, you can monitor based on your SOPs and protocols. So, staff cannot make excuses. It's all well written on the manual. And then you have regular training schedules, regular monitoring, and they also I mean, these are not set in stone, you can always optimize, tweak them and improve them. That's the beauty of SOPs and protocols is something that is not set in stone, but it can be improved over time, or the trend, you know, new healthcare change. All we need is to go review it and then tweak it and you can delegate your staff can delegate if the senior staff can train junior staff now based on SOPs and protocols. You see how these can make your private practice lean and mean hence profitable, hence not sacrificing your hours. Hence, you can only focus your precious time energy, either physical or emotional, or brainpower onto only things that matter the most. So you will be spending your time wisely efficiently and you know with the productivity To recap, lean and mean private practices that are profitable. Number one know your personality do the disc personality test number two know your lifestyle you want to create number three, do you want to develop volume base or quality base number four, are you surgical or nonsurgical or both? Number Five systemization sounds good. I kind of tried to run through very fast but anyway, those were the main topics that I wanted to discuss with you at this episode. If you liked this episode, please don't forget to subscribe to my podcast channel. Leave me a comment. Give me five-star reviews if you want to connect with me. Again my Instagram handle is drtjahn. My email address you can email me TJ en at Dr. TJ Ahn calm. What else have I forgotten? Oh, I have like upcoming the international 2021 International me first cadaver lab that's coming up in a couple of months. I'm excited. It's going well it's all sold out. We'll have a great VIP first-class style event you know MIFAS minimally invasive surgery that I love and promote. Other than that, guys Thank you so much for listening to this episode, and now we'll talk to you. I'll see you at the next episode. Take care.