Revenue Boost Series: Training your team to become revenue generators

If your business isn't working the way.

You expected, it's not because you're bad at business.

It's because no one ever taught you how it actually works. We were trained to master algorithms in medicine, but when it comes to revenue teams and growth, we were never taught anything. We weren't even told to figure it out. We just assumed somehow we'd know. Like it would magically make sense. But it doesn't. The era of the Seven Figure Physician CEO is here. And it's not about working harder. It's about learning entrepreneurship as a system. The same way you mastered ACLs and pals, you can master the algorithm of building a profitable scalable business. That's why I recorded the Seven Figure Physician CEO audiobook. Whether you're building a medical or non medical business, and whether your goal is your first million, first 2 million, first 5 million, first 10 million, this is where the journey starts. There is no calvary coming to save us. We are the calvary. So. So go get your audiobook now. Www.entremd.com 7Figurebook. And let's rewrite the narrative for physicians starting today.

You may listen to this and it's like, oh, my goodness, this sounds like a lot of work, and it is a lot of work. But it is the work that puts you in a position where you have a functional team, where you have a team that fights for what you fight for. Like, you and your team are on the same page as far as accomplishing the goals that you have for your business, which will give you your time back, which will take away so much mental clutter. And you don't have to push everybody. Hi, docs. Welcome to the Entre MD Podcast, where it's all about helping amazing physicians. Just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms. I'm your host, Dr. Una. One of the things I see fairly frequently that really does break my heart is seeing physicians who run businesses and they are really the only revenue generators. It is so stressful, so frustrating, so hard because you are the one bearing the weight for all the payroll, all the expenses, the financial security of the business. That's a hard place to be. And the bigger your team gets, the more frustrated you get by it. And so, on this episode of the Entrepreneur Podcast, I am going to show you how to bring your team on the journey of creating revenue, which will put you in a position where you feel it, I like it feels so much lighter. You feel so much less frustration. They're bringing Their expertise, their innovation, all of that. And together you are building a financially stable business. This will change the game for you. Okay, now, how do you know this episode is one you absolutely want to listen to? If you have team members who, who only do exactly what they're told and nothing else, you wanna listen to this. If you have people who use language like, they don't pay me enough for this. I just clock in and clock out. They have the clock in, clock out mentality. You definitely need this. If you have team members who are excited when it's a slow day in business, you definitely need this. If you have team members who create light days. I've seen this in many private practices where somebody will call once a schedule appointment. They'll either say, oh, we don't offer services like that, or they'll say, our next available appointment is two weeks out when they have holes in their schedule, the next day. Right. If you have any of these, then I really want you to lean in. If you feel like if I am not actively working, actively doing the work, the business falls apart, then, oh, my goodness, do you need this? Okay. All right, so imagine with me for a moment that you had a team and the team was, you know, interested in serving people and in bringing in revenue, where people are having revenue conversations, where people are driving for new patients or clients to come into your business, where people are driving to reduce the cost or to do things more efficiently and things like that. I want you to imagine how you would feel like if you had a time where it seems like business was going to be lighter and somebody walked into your office and said, you know, Dr. Smith, I was looking at our schedule, two weeks out, and it looks like, you know, like it's a little lighter. So I was thinking we could do these three things to kind of fill up the schedule. Is that okay with you? What? Or you're somebody who is a coach and, you know, you have a number of people who are coming to the end of their contract, and your person comes up to you and says, okay, I see that. You know, we have 40 clients, but of the 40 clients, 10 of them in the next two months are going to be, you know, like, you know, their contracts are going to be done. And I was thinking we can work a renewal strategy and we can also work a strategy to bring new people in so we do not have cash flow problems. Then what? Okay, so I just want you to think about that. Or they come to you and they say, oh, I was looking at your YouTube channel. You have over 4,000 views. You have over a thousand subscribers. And we're not monetizing. Like, all we have to do is hit a button and monetize and you can have more revenue coming in through your YouTube channel. That could be another vertical. I just want you to think like, what if you had a team filled with people who are thinking these things, okay? Now a team like that is not born. A team like that is made. And I want to talk to you about five things you can do so that you can convert your team or build a team or bring on a team. That would be people who are also revenue generators. Okay? So number one, number one, the starting point of all of this is you need to be willing to sell the vision. Okay? I talk to too many business owners who do not have meetings with their team members who do not want to own the vision, do, do not want to share where they're trying to go. And if you do not show people a vision, they have nothing to chase after. They have nothing to throw their creativity and innovation and you know, all of that ad, because they don't know where you're trying to. Okay, so for your business, what kind of business are you trying to create? So for my private practice, I would tell people like, you know, this is the number of people we want to serve. This is the way we want to be perceived in the marketplace. This is the turnaround times. I want patients to have like, door to door, less than an hour. These are the number of Google reviews. We want, you know, for the positioning. This is the way we want our billing statistics to look because that means that we're financially stable and we have the privilege of continuing to serve our people. I share the vision, okay, in on trend like we, we are here to disrupt the narrative for the physician community. We are here to serve 10000 physicians because if we serve a hundred thousand physicians, they will touch the other 900,000 and it will be completely disrupted. We will have a new paradigm. And this is important because you are helping the healers. You are healing the healers. And if the healers are gone, the American healthcare system crumbles. Like, it literally crumbles. This is how important your work is. This is what we're doing right? And this is how many clients we want to serve, and this is how much we, you know, generate and all of that. And so I want you to, to think about that. It's a vulnerable thing in a way, because you're sharing almost like your deepest desires. But the team cannot rise to the occasion if there's not something bigger than them that they're fighting to accomplish, you got to share the vision. Okay? Now, I understand I started off as a socially awkward, super shy introvert. Introvert. I would not have a team meeting for it to save anybody's life. In fact, when I started, not hire a team at all. You guys have heard my story. In the beginning, I did everything myself. Everything. Answering my phones, billing, giving my own vaccines, the whole nine yards, okay? And I did that because I did not think I could lead anybody. But I'm here to tell you, you can grow in your leadership. You can grow in your leadership. Okay? So you want to start casting the vision. I'm going to put a little caveat here. I've had many people in private practice say, but I don't want to share my revenue numbers. And there are many schools of thought. I will tell you that the school of thought I subscribe to right now, I find that, you know, when you have people, you're pay 20 bucks an hour, 25 bucks an hour, and things like that, sometimes the money conversation is more than they can handle. So, for instance, if we say, oh, we want our practice to make 3 million in revenue, they only hear 3 million. They don't see that, you know, the overhead is 50 to 75%, depending on the specialty and stuff like that. They do not see the dwindling reimbursements by the insurance companies. And so it's so much less per patient. There's so many things they don't see. So to them it's like, oh, my goodness, you're going to take 3 million home, and I'm only making $20 an hour. And I think it breeds a lot of discontent and all of those things. And so for me, I choose to translate that into number of patients. And it doesn't trigger that emotional response because, you know, for many people, money does trigger that. And so I prefer to use, you know, patient volume or client volume, whatever, instead of the actual number. Now, that is for the general team. But when I'm talking to, say, my administrator or business manage those kind of things, we can have those conversations because they understand that they're the back end, so they see the way it plays out. So that's the only caveat that I'll give. You want to share the vision? This is the what, you know, the solution this business is bringing to the marketplace is number of people. We want to help these, you know, this is the way we want to be perceived in the marketplace. Like all of those things okay, so that's the first thing. If you do that, you unlock your team, you get, you get a whole new team. You unlock your team. They, they will bring their creativity, which you don't have. They'll bring what they, you know, their version of innovation, which you don't have. You would have unlocked the genius of your team. The second thing you need to do, and this is a you thing, this is something you need to do, is you need to make every role a profit center. This is your homework, this is your job. And what I mean by that is for every role in your company, you need to be crystal clear on how this role creates revenue, what are the revenue generating activities that this role does so that, that way you can model this where every role is bringing in revenue. And so now your payroll no longer terrifies you because your payroll is an investment, is not an expense, is an investment that creates an roi. But you have to know how it creates an roi. So let me give you a few examples, and these are random examples. Once you start seeing it, you can't unsee it. You'll see it everywhere. So let's say you have a medical assistant in your private practice. You know, one of the things they do is, you know, they make sure patients are in and out in less than an hour. So which creates great customer experience, especially if time, time is their thing, a great customer experience. And because of that, your patients come back, right? So they're creating retention, which creates dollars. They are the ones who are responsible for making sure that everyone who leaves leaves with their follow up appointment. Which means if they worked up 20 patients for you, they also generated 20 appointments for you. And if we use, you know, $100 is just easy to measure. Let's say it's a hundred dollars per patient Visit. For those 20 visits, they created $2,000 for you. Every day they come to work, they create $2,000. That's 10,000 do week, that is $40,000 a month if you think of it in those terms. Right? Okay. So when you look at it, you're like, oh, this is how that role creates revenue for your front desk. You may decide that they have 100% collection, so they're collecting on all co pays, all deductibles, all old balances and all of that. They could really be responsible for bringing in thousands and thousands of dollars into your practice every single day. Let's say you're like, okay, Dr. Una, but I have an executive assistant. How is my executive assistant going to do this? Your executive assist, one is that they buy, they give you back your time. And you can calculate this. So since this person started working with me, they've taken all over these five tasks. These five tasks has given me two hours back every single day. That is 10 hours a week, that's 40 hours a month. And in those 40 hours, if I put in these activities, I can generate X number of dollars. So let's, you know, let's use private practice just because there's number of patients. So I get 40 hours back. I choose to take 20 of them to sleep. Sleeping is a great thing to do. I want to take the other 20 to see patients. I see four patients an hour. So that is 80 patients at $100 per patient. That's $8,000 extra per month. This role is creating just by saving me two hours a day. Do you see what I'm saying? Like, you start thinking in those terms. You can also have that person do some activities that would also lend to revenue. So for instance, say you have a virtual assistant and you're a coach and you know they're responsible for making sure all your communications go out. You have a str for asking people to renew, like working with you again. And that person executes on it. That person is recruiting and getting Google reviews for you, which positions you as an expert in your industry. And all of these things. There are things that they can do. I've seen people hire people and I say, I see people. I've done this where you hire a VA because you know, this is thing to do to, you know, you need help. And then you're like, okay, what do I do with this person? And so then you start giving them random tasks that have nothing to do with anything. Do you see how if you look at this, then you know, this is how this person brings in money. They come in, they hit the ground running, Everything else becomes clear. And I'm going to talk a bit about that because you did that. You have an office manager, you have an office man, you have a practice administrator, you have a business manager. You say you're a coach and stuff like that. Now the goal, your yearly goals, many of them then become that person. Like, this is what I want to happen in this practice. This is what I want to have happen in this business. And those become their metrics. This is how they make money. They make money by ensuring that the team is doing the things to create these results that you want to get right. That work needs to be done. Nobody can do it for you. Like, this is the work that needs to be done. But this is the work that creates a domino because you'll see, okay, so that's number two, number three. Then those revenue generating activities, they become the core of their KPIs that key performance indicators. So I like to call, you know, like key result areas. So when I work with people, I have five to seven and I talk about this a lot in the, on trendy business school as they build this out, like these are the key result areas, this role, these are the results I want them to create. These are the outcomes I want them to create. Right? And so those revenue generated activities, the outcome of those activities become their key result areas. So if we go back to the medical assistant person, their key result person is, you know, 90% of the patient visits have a turnaround time of an hour. Any percent of the patients who come into the office leave with second, you know, like their second appointment scheduled, right? Like that becomes that for the front desk person, it becomes, you know, 90% of, you know, all collections, meaning co pays, deductibles, old balances, all of that are collected every day. 100% of the insurances for the patients are verified before the time of which ensures that you get paid. Right. And things like that. For your virtual assistant, we get this number of Google reviews per day. The renewal system is executed at 100%. You see what I'm saying? Like that becomes part of the kra, so. So that it stays front and center. Like this is the whole reason you're here. You're not here to do random tasks. You're not here to help out. Like you're here to pull your own weight and be responsible for these outcomes in the business. So you want to take those RGAs, the outcome of those RGAs, and then build out their KPIs. Okay, okay, then number four. Number four. Now you want to have a meeting cadence. Okay, you want to have a meeting cadence. And then we're not discussing random things. We're not just putting out fires. You can have meetings for putting out fires, but you have legit meetings where, okay, these are the key result areas. What results are we getting there? What is the gap? Right? So what we wanted to get and what we're actually getting and how can we support you so you can win here? Right? So again, if we go back to the medical assistant, you know, you say you want 90% of the people to leave with their next appointment scheduled and you're finding over the last week that number was 75. Okay, so there's a gap of 15%. What is the reason for the gap? And we're not going to beat them up like, what's the reason for the gap? What can we do to support you? All of those things and boom, let's go back at it. Right? And so the meetings become these very strategic meetings that help your people perform at the highest level, give you the opportunity to coach them up, train them up and all of those things. Right? Okay. And then number five is now you have, you know, the opportunity for evaluations. But evaluation is not based on, oh, you've been here a long time, you've been a good team member. No, now it's objective. These are the things that your role, this is what your role is. This is how you're doing all of that stuff. These are things we've corrected, connected, you've risen to the occasion, it's amazing, blah, blah, blah. Then when you're giving raises, you're not just giving raises because they've been there a long time. You're not just giving raises because, you know, like it's Christmas, you're giving merit based raises, which means for every raise, your company is better, they're performing better. And trust me, people want to perform better, people want to do well, people want to win at work. Now, you can give like bonuses, you know, periodically, just because. But then you have this other system that is based on merit. And then this is what I'll tell you this, this is what champions, champions love to do the work and be rewarded for the work they did. They love it. The people who don't want this are the people who just want a paycheck and just want to do the bare minimum. They would hate a merit system. Right? Okay, so now you can have these evaluations and their objective. When you define what those revenue generating activities are. And the KRAs, these revenue generating activities become what you use to do your onboarding and your training. This becomes what you use for your meetings. This becomes what you use for your evaluation and all of that. When you imagine doing this for a year in your practice, everybody's on the same page because I know this is what it means to win. I know I have the support as I learn to win. The more I win, the more I earn and all of these things, and it's just nothing short of magical. Okay, you may listen to this and it's like, oh, my goodness, this sounds like a lot of work. Okay? And it is a lot of work. But it is the work that puts you in a position where you have a functional team, where you have a team that fights for what you fight for. Like you and your team are on the same page as far as accomplishments, the goals that you have for your business, which will give you your time back, which will take away so much mental clutter, which will put you in a position where you get so much time freedom. You'll enjoy being at work, they will enjoy being at work. And you don't have to push everybody because everybody has their own agenda, right, that lines up with the goals of the business. It's just, it's just a magical place to be. Okay? One of the things that we do is that, you know, like in the entrepreneur business school, we spend a lot of time working on this. And especially if you have a business that is really, you know, like your doing multiple millions and stuff like that, this becomes so critical because the more team members you have that are out of alignment with your business, the more stressful it is. I have met so many doctors who told me like secretly they don't want their practices to grow, they don't want their businesses to grow because their business growing means that they're going to have more hustle, more grind, responsible for more revenue because they're the only ones pulling the weight, right? So we, we focus a lot on the mindset shifts that you have to have around this, the leadership skills you need to develop to pull this off, you know, like trou troubleshooting, these KRAs, you know, key result areas and RGA's, the revenue generating activities, you know, like what to do when you do all of this and the team member leaves who how to know who to focus the most on. We do a lot of this work, okay? So especially if you're at a stage where you've taken your business off the ground, you've brought on a team and your team is driving you nuts, a lot of times it's not the team. I mean there's part that's the team. But a lot of times we haven't grown our leadership, right? And so I want to invite you, like book a call with my team and see like I've struggled with this and I'm done struggling with this. I just want to unlock my team. I want to build a team that I love. I want to build a team that will support me on the goals and you know, like, and we're creating a win win because they're winning and I'm winning. On trendy.com forward/call talk to my team and see if you know, the entre business school is your Absolute best next step. Okay. But regardless, I want you to go and I want you to do this work and I want you to start the process of unlocking your team. This is something that, you know, a lot of doctors, we are perfectionists. And so when it comes to our team, we're like, oh, if it's going to be done right, I have to do it. Of those kinds of things. But nothing could be further from the truth. Nothing could be further from the truth. If you are going to build a company that serves a lot of people, earns a lot, creates time, freedom for you, and ultimately you can exit. You need a team and you need a Rockstar team. And building a team is something that takes time. So the best time to start is right now. Is right now. Even if all you have is a virtual assistant or you have a full complement of a team, but nobody's aligned with your company goals, the best time to start is right now. Okay? So I'm rooting for you. My secret desire for every physician. I guess it's not going to be a secret anymore when I say it. My secret desire is that we build businesses that are very profitable and we build businesses that are business assets, which mean that we have the option to walk away from them or stay in them. We have the option to exit. We have the option to stay and work as little and as much as we want. Now, the process of building that is a process. But this is where I would love to see every physician, because does that is the pathway to dream business, dream life, which is what I want for every single physician, especially you. Okay? All right. So go start your work. If you need to book a call with my team, I highly recommend it. And I will see you on the next episode of the entrepreneur podcast.