Free Yourself From The Chains Of Insurance Based Care AND Still Care For Patients

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Hey everybody, this is Matt Gillogly with the Practice Profit System, and today on our podcast I'm going to show you how you can make $10,000 a month simply by selling HRT. Now, if you haven't had a chance to listen to the podcast we did last week with Donna White of Hormone— uh, I'm sorry, bhrttrainingacademy.com— I highly recommend you go back and listen to that at the end of this. But I want to talk to you about a very simple way to free yourself from the chains of insurance-based care, and that is through HRT therapy. Now, I'm not here to debate the efficacy— well, I am here to debate the efficacy of HRT because I'm on it. And for those of you that don't know, I'm 54 years old and I weigh 191 pounds, and I'm going to tell you right now, it's a game changer for me. Okay? And I've been on it since I was 47 years old. So I'm a big believer of it. My fiancée is on it. I have friends on it. We treated literally hundreds of patients throughout our clinics, probably thousands of patients through our clinics. I see what it does and what I hear what it does through my doctors as well. So, if you want to learn more about that, I recommend that you go to Donna White's interview. But, what I want to talk to you today about is monetizing it because while the concept of doing HRT is phenomenal and I believe it provides a huge benefit to your patient base, It helps prevent future diseases. There are significant studies with regards to lowering the risk for heart attack, stroke, diabetes, hypertension, cancer. And again, Donna talks about all of this in that prior podcast. But the, the real thing is it can help free you and give you freedom and provide a great value to your patients. So you became a doctor because you wanted to help people feel better. I'm sure you didn't become a doctor to give people pills. Now, there's nothing wrong with giving pills. I mean, look, HRT in a certain way is really just another form of, of medication, but it's good medication versus giving somebody just to mask the pain. Here's how you can add an easy $10,000 a month each and every single month, potentially turn this into monthly recurring revenue. Now, the first thing I want to actually cover with you is this concept of, of where HRT fits into the thing. If you are a brand new startup practice, And you want to start a practice solely with no patient base, no access to your current insurance patient base, and just sell HRT. That is a completely different road. So for those of you on this, what I want to talk to you about is for those of you that have an existing client base. Most of my doctors are coming from a place where they have a list of patients that they're treating in their insurance-based practice. So what you want to do is think about this really simple math, you have probably 30 patients that you see in a day, right? Of those patients that come through, you probably have 20 that are highly qualified for wanting to— for being on HRT. And of those 20, you should be able to convert anywhere between 5 to 10. Now, you've probably heard that math before if you've listened to somebody are doing HRT. You're like, yeah, right, Matt, they never convert. I'm going to explain to you why they don't and how to get that to change. So let's just look at this from the— from a couple of things. This HRT is what I call the perfect bolt-on, B-O-L-T, bolt-on business. Remember, there's only 3 ways that you can grow a business, any business. I don't care what business you're in. I don't care if it's Amazon. I don't care if you've got an insurance-based care practice. There's only 3 ways to ever grow a business. As Jay Abraham says, you either get more new patients, you increase prices, or you sell more to your existing patient. And the last 2 are easier than the first one. Okay, let's say that again. The last 2, raising prices and selling more to your existing client base, is a lot A lot easier than going out and getting more new customers. All right, so with that in mind, what I want you to do is we're going to realize is not only are we going to sell to your existing— sell's not a bad word, by the way— you're going to sell to your existing client base. Now, how are we going to do this? You take a normal ADAMS test, right? You answer these 7 to 10 questions. Most people over the age of 40 are going to answer over 50% of them in that they struggle with those things: lack of energy, brain fog, lack of sleep. If it's women, it's hot flashes, or they're to experience hot flashes. So, you know, you're gonna— most of your client base is gonna have that. However, however, this is where it becomes different, okay? You have to shift from what we call an insurance mindset to a business owner mindset. And here's how this works.

Have you ever heard—

actually, let me back up a second. I was actually talking with a client of mine, a brand new client of mine who's in our Business Mastery Fellowship, and he told me That he has not taken a paycheck in 3 years. Okay, now I know this practice, they're seeing 30 patients a day. They're probably seeing 120 to 150 patients. I mean, with all the MPs, they're seeing literally 150 patients are coming through that clinic each and every single week at a bare minimum. Okay. He's busy. I talked to him. He always looks exhausted, right? Um, I'm, you know, his office manager. They're always talking about how busy they are, but they're not making any money, and he hasn't given himself a paycheck in 3 years. He just takes money when he needs it. And he's getting on in years, right? So he's probably in his 50s or something like that. I mean, maybe he's got 10 years left. He's already been practicing medicine for 25 years probably, or something like that. And the thing is that this is— I almost had to reach for my trash can and vomit. Okay? This belief that you as the owner should be paid last, you have to get rid of this. You need to be paid first. Okay, write that down. Pay yourself first, not last. Okay. You might be thinking, but Matt, what do I do if I'm paying myself first and I don't have enough money to make payroll? I'm going to address that here in just a second. The reason why you don't have money to make payroll is because you're dependent upon somebody else to give you the money that you have earned. You are dependent upon the insurance companies to give you the money. It's your money. It's not their money, it's your money. You did the work for it. You saw the patient, you did what you had to do, you filed it, and they wait 30, 60, 90 days to pay you. And then they pay you what, 30, 40, 50, 60% of what you actually bill out? Or they play this game of, we need more documentation. Or if you're like one of my clients, he had a great year, what do they do? They audit them, right? And then they freeze everything. And now he's choking because he's got this huge infrastructure that he's built to serve his patients. So you cannot be— you do not want to be dependent on somebody else giving you your money. This is your money. I want to be clear about this. This is your money. What the insurance company is holding from you is your money. You earned it, you did the work for it, and they are preventing it from going to you. Okay, they are squeezing you. And every year, what happens? Do reimbursement rates go up? No, they go down. Every single year, it might be a dollar. I actually had a doctor friend of mine who said, I shut my practice down because they cut my reimbursement rate by a dollar. A dollar they cut my reimbursement rate. Because this was after cutting it $20 and $30 and $20, and then they finally just cut it a dollar. And he's like, and they were proud of that. He goes, to hell with it.

I left.

I shut down my insurance practice. Okay? So you want to pay, you have to pay yourself first. So here's what you do. The average HRT transaction for a pellet insertion— and I'm talking purely from the concept of pellets. If you're doing injections or creams, it's completely different concept, but I want you to just understand where I'm going on this. For every pellet insertion for a man, you're going to charge, let's call it $700. Let's call it $700. That's on the low end, by the way. I have a number of clients that charge $800 to $850, but I'll just use $700 as an example. Your cost on that Depending on who you use, if you're going direct, it could be $175. If you're using one of the companies that provide everything for you, it could be $300, $350. But let's just say you have $350 worth of profit, real profit, but profit after. Okay? You need to pay yourself $150 for every mail insertion. Okay? Now, that insertion is gonna take about 10 minutes. That means your hourly rate— 10 to 15 minutes, let's call it 15 minutes. That means your hourly rate, by the way, would be $600 an hour. That's pretty close in line as to what you should be thinking about compensating yourself as a physician. Okay? And if you're a nurse practitioner, guess what? You just got yourself a raise. You're going to pay yourself, say, $150 for every single insertion. Now, here's what you do. You take that paycheck that day.

Okay?

Get your bookkeeper to write you a check at the end of the day. All right? If you're doing win-in, the insertion cost might be, let's call it $350. Okay? Pay yourself $75 every single time you do an insertion. Every single time you do a P-shot, every single time you do an O-shot, every single time you sell something, you pay yourself first. Now you might say, but Matt, I'm not going to have enough money. Raise your prices. Okay? Raise your prices. The time of this recording, and you'll get this a couple weeks after I record it, inflation is high, right? What's going on? Cost of your home, it's going up. What's going on with the cost of cars? I just had to buy 2 cars last year. What was the cost?

Boop.

Okay? Why are you not raising your prices? Raise your prices. Okay, your costs are up, your expenses are up, your staffing costs are up, your utility costs are up, everything's up. Why aren't you raising your prices? Okay, quit being the tail, be the dog. Okay, quit being the tail, be the dog. Or as Norm from Cheers likes to say, quit being the fire hydrant, be the dog. Okay, so you have to pay yourself each and every— at the end of the day, not at the end of the week, Not in 2 weeks. Pay yourself that day. Why do we do this? Because what's going to happen is you're going to get an endorphin release. Now, first and foremost, you're going to feel guilty. Okay? You'll be like, oh, I shouldn't be taking this. I should be taking care of other people first. And I need to be funding my insurance care.

You know what?

If your insurance business isn't making money, you need to go on a process of shutting it down because you can't raise prices. You can't sell them more expensive things from the insurance side, right? You have no control over the business. So if your insurance business isn't making you money, isn't profitable, you need to go on a path of shutting it down. Okay. Oh, Matt, what about my patients? You know what? This is about you. Okay. This is about you, your spouse, your kids. Okay. Your grandkids. You have to take care of yourself. Who's going to take it? You think the insurance company is going to come along and take care of you when you're 70 and you have nothing in your retirement account because you've been working for free for 10 years? You think the insurance company is going to come and save your house if you can't make the payments? You think your insurance company is going to come pay for your kids' college or your daughter's wedding? Or your next car? No, no, no, no, no, no. You are doing a better service by taking care of your patients by getting them on HRT or PRP or some form of stem cells or growth factors or peptides, okay? Because that's what's best for the patient. Insurance-based care for most people isn't the best thing for the patient. It's certainly not the best thing for you as a physician. Are you really able to be a doctor? By giving them insurance-based care? Are you really able to do the best thing for them? Because I talk to doctors every single day and they are so frustrated that they can't be a doctor. So be a doctor again, okay? Take control. Take control of your life. Pay yourself first. Pay yourself each and every single time you do a procedure or you do an insertion. Well, Matt, what about my RN? Raise your prices. I don't have enough money to be able to pay myself $150. Raise your prices. People leave because I don't have— I charge too much. Bull. They're going to buy from you because they know, like, and trust you. If they're not willing to buy from you, then you probably don't have a very good rapport with your, with your patients. And then we have to just find a whole new thing. I live in a low-income place. Nobody's gonna be able to afford it. Bull. I see patients, I have clients all the time that do this. In your list, even if you're low income, there's plenty of people there Even though it's a low-income neighborhood, you want to know why they live there? Because things are cheaper and they have money in the bank. And if you have 20% of your client base that wants this, you're going to be free in a year. Think about that. Think about what it would be like to be free from having to make the choice that you can decide whether you want to have an insurance-based practice and you're going to lose money on it and treat that like a charity. This same doctor who has done a lot of missionary work and things like that, he goes, then make a decision how much you're going to give to that. Okay? Think of that practice then as your mission, as your charity, and fund it then if that's how you want to look at it, right? We all have things that were near and dear to our heart that we fund, give money to our schools or whatever, or whatever charity that we want to. Okay? So, you have to take control of your life. You got to take control of your business. And it starts with paying yourself first. When you pay yourself first, You become like Pavlov's dog. You're going to release those endorphins and go, whoa, hey, wait a second. I just got a check. Hey, honey, I got a check. Okay? Look, we got $150 today. How would $150 change your life today? How would it change your life?

It may not be that big of a deal, but imagine walking in.

You feel like a conquering hero, right? You feel great about yourself again. And then what happens is your brain starts going, hey, hey, whoa, hey, whoa, whoa, whoa, whoa, whoa, whoa. That felt good when I got that $150 check. Let's go get more of those. And then you go, boom, sell another, boom, sell another, boom, sell another. I had a client of mine do this out of the West Coast. Hadn't paid himself in years and he started doing this. I got him to pay himself $500 for every PRP injection. And he goes, this is great. He goes, I start finding more and more people that need to do PRP and it's the best thing for them and it's really easy to close it. For the first time, he's giving himself a living wage. For a doctor, you need to be thinking you've got to pay yourself $144,000 a year. That's your salary. That's your baseline salary is $144,000 a year. Okay, $144,000 a year. That's your baseline salary. That's what a doctor at a bare minimum should be making. Okay, you have the control. All right, so you've got to take control of this right now. The other thing, a couple of other things that you can do, right? I got to look at my notes here. See, um, so here's a couple of other things that you can do. Is that you can show appreciation to your staff each and every single time you do one of these. You can say to your staff, hey, we've got a goal that we're going to do 10 of these. We're going to put 10 new patients in this, this month. Okay? And if we do that, everybody gets a $10 Starbucks gift card as my way of showing appreciation. But Matt, what about fee splitting? I'll let you deal with the whole concept of fee splitting, but if you want to show appreciation to your staff by giving them Starbucks gift cards, I think you should be able to do that. Okay, it's not like you're saying, you know, do you deal with that on your own? You can do mani-pedis.

I've done that.

I've done Starbucks gift cards. I've brought somebody in to do massages, right, for hitting a big goal, right? Because it's the best thing for the patient. It's the best thing for the patient. And I'm using this specifically as HRT. This is about patient care. And for most of our patients, insurance-based care isn't the best. Yes, but Matt, what do they say if they ask me, is it covered by insurance? And I say no. That's another topic for another day. Okay, so here's what I want you to do. All right, start thinking. I want you to start thinking, what can I bolt on to my existing client base as they're coming through my insurance-based care practice that's easy for me to do, that I believe in, that I can make $100, $150, $500 every single time I do a transaction? Okay, this is huge. It's a game changer for everyone that I share this with because you are— what's happened is that you have been stuck in this concept of and beaten down over the years that you're really not worthy, right? That's really what the insurance companies are telling you is they're telling you you're not worthy. Okay, they're saying your education, your time, your sacrifice is not worthy to society. They are telling you you aren't important. That's what they're telling you when they cut your reimbursement rates, when they pull these shenanigans at the end of the year of changing what they're going to be paying you, when they start doing the audits on things that are— that they once were totally telling you that were legal and they already paid you for. And then they come back and they audit you 12, 18, 24 months later, and you were keeping it kosher and you weren't pushing the envelope. Right, and they freeze your money. They're telling you they don't respect you. They're telling you that you're not important. Well, I'm here to tell you this. I want to leave you with this, okay? You are. You are one of the most important parts of our society, and it's time for you to stop waiting for other people to pick up and show the recognition for the doctors. You show yourself recognition. Pay yourself first. Let's get you doing some things that are going to bolt on that are going to be huge benefit to your insurance-based care practice, and let's give you freedom. I'm Matt Gillogly with the Practice Profit System. Peace out, have a great day.

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 1,100 $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.