Matthew Gallogly explains how doctors can use the 80/20 rule to cut underperforming clients and insurance contracts. One practice dropped over 60% of its insurance contracts in 90 days and kept thriving. He compares it to pruning vines at a vineyard: remove the weak growth so the rest produces better results.
Hey, are you a doctor? Do you wonder if it's ever possible that you can have a good work-life balance? Well, that's what we're gonna talk about today. All right, so let's talk about work-life balance as a doctor. Yeah, I know you just laughed. I get it. I understand. You know, here's a little bit of a secret though. Doctors are not the only ones that struggle with work-life balance. Now, watch how this works. If you continually look at your schedule and you start to look at it through the lens of who are the 20% that generate 80% of the income for my practice, and you might sit there and think, ah, come on, Matt, all insurance providers are the same. No, they're not. I have clients that have done this and they've gone through and they've fired over 60% of their insurance providers in the span of 90 days. And guess what? Their business continues to run, and they have more time to take care of the great patients, and they have more time for themselves. Okay, so we're going to continually use this, and we call it the method of pruning. That's what this is—is I'm going to go back to science and nature. Now, here's an interesting thing: I am an investor, believe it or not, in a winery. It's. called Autonomy, actually Kelly Vineyards, and he creates a wine called Autonomy Wine. You can actually see the little thing behind me there. And here's what's interesting. Hey, I'm Matthew Gallogly and I'm a Maverick. Well, what is a Maverick? A Maverick goes against the grain. We find our own way. And if you're sick and tired of being pushed around by the insurance companies, come join us. We'll show you the way out and you'll love medicine again. So I was out in Napa at the vineyard, and Gene Kelly is taking me through— taking us through the vineyard. And you know what they do 3 times a year is they go through the vines and they drop 1/3 of the fruit 3 times a year. And I'm like, well, can't you take that and use that fruit? What do you do with the fruit? He goes, you can't do anything with it. You just cut it, you drop it, and you just leave it in the ground and it goes back into the ground. I said, you don't make jams or jellies out of it? He goes, nope. can't use it for anything. We do it 3 times a year where we go through and we cut and get rid of 1/3 of the fruit. We drop fruit 2 to 3 times a year. And at the end, what happens is we wind up with these really incredibly robust grapes that make great wine. Now, what's really cool, at the time of this recording, in about 2 weeks, I get my 60 bottles of wine from the vineyard. I'm really excited for it. And some of my special clients will get a bottle of wine from me. But The thing is, is that you have to do the exact same thing in your business. This is how you create space. This is how you have a good work-life balance. You start to go through, you use that same philosophy, this 80/20 principle, and you go through and you cut the underperforming fruit in your business. That allows space for the fruit to blossom. That's going to give you the best harvest and the best Output and the best outcome. Okay, so that's how you do it. That's how you go through and you create a good work-life balance. It's not about saying I've got to be more disciplined, I've got to be better. It's about using nature. It's about using science to get the result that you want. And it comes from following the same concept that they use in vineyards, the same concept created by Vilfredo Pareto, the Italian economist. Based on the laws and the science of 80/20. Continually find the things, the 20% that are not contributing to the 80%, cut them. You'll notice that you have more time, more space, and you'll have more time and more space to create a profitable cash practice and tell the insurance companies to take a hike. All right, you want some more great insights of how to get more great work-life balance? I'll tell you what, that was just one insight. I've got lots of them in my book, The Anatomy of a 7-Figure Medical Practice, and it's yours for free. Just follow the link that you're seeing pointed or somewhere on this video. It'll take you right to the page. You can get the book for absolutely free. And this book right here has all kinds of great information that's gonna give you more work-life balance so that you can tell the insurance companies to take a hike and leave you alone. So get the book, follow the link that's on here, and we'll talk to you soon.
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