Dr. Vince describes how one colleague doubled practice revenue to $4 million by hiring a Chief Operating Officer, an experienced executive who handled operations while the doctor focused on clinical work. The practice also invested $750k annually in marketing across TV, radio, digital, and print.
All right, what's up guys? Dr. Vince here. Happy Friday. I got to get 3 of these down a day. All right, that's my— this is a bottle called Hydrate, and it connects with an app to your phone. Of course it does. Everything connects to your damn phone. Anyways, got to get 3 of those bad boys down today. So that I can have a glass of vino tonight. I stopped drinking for the new year, but one glass of wine. Um, today we're going to talk about the, uh, secret weapon that can double your practice. And I know that this— we always get that crap, right? 20, 30 new patients a month, double your practice, blah blah blah. But check this out. So I was talking to my, uh, good friend of mine He has one of the biggest practices in my state, did $4 million last year in 2018. So I'm going to call him Dr. X. I'm not going to, I'm not going to use his name, but I'm going to do a podcast interview with him next week. And by the way, if you guys are— if this type of information is interesting to you, you know, how we can exponentially grow our practice, how we can kind of take things to the next level, and if you're kind of crushing it or semi- Crushing it in practice and ready to step it up. Check out clientelevationgroup.com. Can set up a free practice consultation with me. We'll go over where you're at, where you want to go, and I'll draw up a plan to get you there. So he in 2000, so 2018 he did four million. In 2000, I started working with him because he's in our. In our marketing group, we have, you know, in Washington State, we have our practice, his practice, and one other one. So we kind of blanket Western Washington. We do $750,000 in ad spend per year, TV, radio, digital, print, the whole shebang, huge funnel, all for decompression and neuropathy. So it's very specialized, but we dominate Western Washington. So, but the point being is we had dinner the other night and I was like, wait, so you, how did you hit 4? And he was like, so back in, so when did I meet him? I think I met him in 2012, 2000, yeah, 2012. And he was, he had just come back into practice. He had taken about like 5 years off. He was doing some consulting and stuff like that. But, um, and his office was not that great. I mean, it was, it was in a good part of town, but it was, it was nothing to like be super proud of. I mean, not to say it's not to be proud of it, just looking at his office now, his office now is just crushing it. So, um, I mean, it's just beautiful, right? And the layout is perfect. It's like someone came in with a feng shui master and just, you know, you know, bam. So, but the point being is I said, wait, so what do you think was one of the biggest dominoes, biggest leverage points? And this is the secret weapon. He's like, I hired a COO. I was like, wait, you mean your wife? He's like, yes, but my wife also opened at a minimum of 20 of Earl's restaurants all across Canada. So, she was, you know, this kind of high-level manager in this restaurant chain that they have like 150 of these restaurants across Canada and they only have like 4 in Washington, I think in Washington State alone, but they are massive in Canada. That is what she did. She hired, she opened, she staffed. She just, that was her deal. So, So, he said, hey, babe, I want you here. I want to blow this up. We got to— I want to do this right. And so, they went from like 300 to 6, and 6 to 1.2, to 2, to then 4 last year. And I was like, why do you think that makes such a big difference? Like having a Chief Operating Officer. So, that's what it is. Yeah. having a Chief Operating Officer. And if you look at any major company, any company, any company doing, you know, $5 million and up, um, well, maybe $10 million and up, but yeah, maybe $5 million. But the point being is they all will have obviously a CEO, right? Someone that started the company, running the company. But a COO is the guy that basically, or the gal, that just handles logistics, right? Hiring, training, marketing, sales, like accounting, like it's all under their purview and the CEO gets to focus on vision, execution, and where the company's going. So think about that for a second. If you're a doc and say you're making 40 grand a month, right? And you wanna get to 80. And right now you have probably an office manager, maybe an office manager, and then probably 1 to 2 staff members, maybe a tech, right? You may not even have all that. Point being is the office manager is usually a glorified CA. In other words, she kinda worked her way up. So she kinda knows things. She knows how the office runs, right? But she doesn't know how to take a practice that is at, you know, $500,000 and take it to $2 million. She's never done it before. So you can't— it's hard. It's not fair to ask someone to go do something that they've never done before and pay them $20 an hour, right? Because most office managers are making like $20, $30 an hour. Maybe, maybe they're making $40 an hour, but doubtful, right? So they're making $20 to $30 an hour and you want to take, you want them to take you and double your practice or triple your practice. It's not gonna happen. But for him, Dr. Rex, she'd already done that. I mean, she'd worked for a $100 million company and was like crushing it with that, right? So she knew how to hire. She knew how to manage the marketing aspect, knew how to open big companies, knew how to build out and design a space properly, knew how to, you know, that all the accounting got taken care Of like when it was supposed to take boom boom boom boom boom, like no late payments, no oh my gosh I forgot to pay this bill all that BS no and so what and I said well what did that allow for you? He's like dude I just get to be a doctor. I just I just get
