In this episode of the Practice Profit System podcast, host Matt uses an emergency‑room metaphor to teach cash‑based medical practice owners how to diagnose and treat the business problems that will "kill" their practice. He explains the medical principle of "fix what is going to kill the patient" and maps it onto three core business fundamentals: (1) new lead volume – the lifeblood of any practice, sourced from cold traffic or existing patient inquiries; (2) conversions and sales – the math of turning leads into revenue, with concrete examples of pricing tiers needed to hit a $10,000 monthly target; and (3) pricing and offer – crafting an irresistible package that patients can’t refuse. Throughout, Matt draws on his 20‑year consulting background, global experience, and personal entrepreneurial history to reinforce credibility. The episode ends with promotional calls to action for a free copy of his book, "The Anatomy of a 7‑Figure Medical Practice," and the Business Mastery Fellowship, encouraging listeners to take the next step toward scaling their practice.
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Welcome to the Practice Profit System podcast. Do you own a cash-based practice? Are you looking to start one? Tired of working endless hours and still not making enough money? Want to fire your insurance company? Then you're gonna love our podcast. Each episode is full of insights and proven strategies to grow your practice to 7 figures and more, allowing you to take more time off, make more money, and no longer have to take insurance reimbursements. Plus, get a free copy of my book, The Anatomy of a 7-Figure Medical Medical Practice, where I detail my entire journey to creating my own 7-figure practice. Just go to www.srpmedicalmarketing.com/book. You just pay $7.95 in shipping and handling, and you'll also get over $1,197 in free bonuses. That's www.srpmedicalmarketing.com/book. Now on to our show.
Hey everybody, it's Matt with the Practice Profit System podcast. And today we're going to dive into the emergency room. And you know what's really interesting about the emergency room? The same way that you save a patient and get a patient better is the exact same thing that you do in order to fix your cash-based practice. So I'm going to tell you about that in just a second. But first, let me give you a little bit of a background. My first wife was an ER nurse. Okay. And so I know a few ER doctors, so I always find it really fascinating, right? I always loved it when she would come home with these stories about, you know, all the interesting things that would happen, or she would come in with a different set of scrubs on that she went with. That was always, by the way, the sign that it was a bad day, right? When she had to change the scrubs that she— and she didn't have a bag to take them home with 'cause they were destroyed because somebody exploded on her, right? But I was always just kind of fascinated by the stories. And a number of my doctors that I work with come from the ER space. They'll spend 20, 25 years working in the ER, And I was having a conversation with one of them and I said, what— I'm asking him about the ER and what's it like and all of that. And he said, well, Matt, we have a really simple philosophy in the ER. I go, what's that? He goes, you fix what is going to kill the patient. Yeah, that makes a lot of sense. You fix what is going to kill the patient. And it was interesting because all of a sudden this theme started coming up in all of my other conversations with my doctor clients. And I said, well, you know, when you are looking at somebody's blood work and they have, you know, let's say they're borderline type 2 diabetic and they have high triglycerides and high cholesterol and high blood pressure. And one of my doctors said, well, that's simple. You fix what's going to kill the patient. And I found out that this is an actual principle that they teach you in med school, is fix what's going to kill the patient. And what's amazing to me is that doctors know what to look for. They know what to look for when they're doing their review of the patient to figure out what to fix so that they are going to fix the thing that's going to kill the patient, right? I mean, somebody comes in with a broken bone, it's not that big of a deal unless of course it's a femur and it's busted through the skin. But for the most part, yeah, you know, you fix that when time comes along. But the reality is, is that when you want to fix a patient, I'm going to show you how you can use that same basic fundamental principle and apply it to the business side, and you're going to be able to diagnose and understand what's wrong with your business and how to fix it in this podcast. That's what's really going to be really cool about this. So let's dive in. Okay. So on the concept of fix what is going to kill the patient, I'm going to call this Fix What's Going to Kill Your Practice. Okay, so there's 3 things. When I go— just like when you look at somebody's blood work or you look at their vitals, you start to get an idea of what's going on. And if you can properly diagnose, you stand a better chance of saving them, right? It's the same way that my business works. In a way, I'm a doctor for doctors, right? I'm a doctor for doctor— for practice owners. And so I can look at a couple of really basic numbers, and I'll— let's dive into them right now. The first thing is, is what is the new lead volume like? Okay, new leads are the key to any business. Okay, you have to have a steady flow of new leads coming in in order for you to grow the practice. Now, those leads can be from cold traffic, or they can be from leads within your current patient base. We call them inquiries. Okay, how many people are inquiring about what you do? Okay, and they're not inquiring to you, they're inquiring to your staff. So that's the first thing. If you don't have enough new inquiries coming in, that's the first thing we focus on fixing.
Now, we—
again, I can fix it by saying, and okay, let's get you a— let me put you in contact with a couple of different people that can do some new lead gen. Or for most of you, it's about selling to your existing client base. Okay, you can generate inquiries by marketing to this— the flow of patients you already have coming into the practice, or they're coming into your insurance practice. So that's the first one. The second one is how many conversions or sales are you making in a week? Okay, most— and I've been consulting with businesses for over 20 years. I've worked with businesses on 5 continents in 30 different industries, so I've seen my fair share of stuff. And I've had 5 startups and 5 companies of my own, and it all comes down to really simple math. Okay, we always joke that the math always wins. If you want to make $10,000 a month in your practice, there's a couple different ways you can do it. You can sell 10,000 people at $1 each. You can sell 100 people at $100. You can sell 10 people at $1,000. You can sell 2 people at $5,000. Or you can sell 1 person at $10,000, and any variation in between. Okay, so in order for you to make that $10,000, you have to find the fastest, easiest, and quickest way in pricing in order to get there. Now here's what's interesting. I would never want to go to a discount doctor. Would you? I sure as hell wouldn't want to trust my, my, my medicine, my health to a doctor who's going to be offering discounts. So the fastest thing to do is you've got to have more conversions and sales tied to your goal. Let's just say that you wanted to make $10,000 a month. Okay, well, you really need to sell 3 or 4 people at, call it, $3,000 a treatment protocol where they give you $3,000 right up front in order for you to make that number. It's that simple. So that's one a week. Let's just call it 4 people at $2,500 a pop. Okay, that's $10,000. You need to sell one a week. That's it. That's all you have to do. It's very, very simple when you break it down. And then the last thing, the third thing of how to make sure that you're going to fix what is killing the patient— so again, if you don't have enough leads, and we're going to fix that. If you have leads coming in, you're not converting, then we're going to fix that. We fix that through scripting and through offer. You have to make a compelling offer that they just can't say no to. And then the last thing is pricing, or more on the offer side of things. You have to create something that is completely irresistible that they can't live without. You have to create pricing that is going to— it's not just the price, but it's the package and the outcome that they're going to get from you that is so irresistible they will crawl across broken glass buck-ass naked from New York to Seattle in order to get it. Okay, so those 3 things are: 1, we first look at leads. Okay, 2, we look at the conversions, right? Your offer is, you know, what's the—
what's your conversion?
The third is your pricing and your offer. Are we going to make that pricing and offer so irresistible that they have no choice but to say yes? All right. Think about it. Your business is very much like a patient. Okay? If you— if the patient of yours doesn't pay attention to the basic fundamentals of keeping healthy and staying healthy, then they're going to have problems. And they're gonna, they're gonna come to a place where they may die soon. Your practice is exactly the same. If you would like more help on how to do that, you can always check out my free book at srpmedicalmarketing.com/book. B-O-O-K. That's srpmedicalmarketing.com/book. There'll be more information after this. Or ask about our Business Mastery Fellowship. In our emails, our team will always let you know about great offers and opportunities. Check it out. Check out Business Mastery Fellowship so that we can help you grow the right kind of business and the right kind of practice so you can get paid what you richly deserve. Thank you so much for listening this week. Have a great day. Talk to you soon.
Thank you so much for listening. If you liked this episode, take a moment and share it with your fellow medical professionals, or post a positive comment and rate it on wherever you just listened. Now, don't forget, you can get a copy of my book, The Anatomy of a 7-Figure Medical Practice, for free. Just pay $7.95 in shipping and handling. Plus, you'll get over $1,197 in free bonus material. Simply go to srpmedicalmarketing.com/book. That's srpmedicalmarketing.com/book. Thank you so much, and we'll see you next time.
