Ep 33 -Perfect Business Growth Strategy For Medical Practices

All right, today we are going to dive into the, what I like to call the perfect business growth strategy for medical practices. And I'm talking about scaling your practice to 7 figures. Hi, I'm Matt Gallaugly, and I am your host of what we call the Practice Profit System. This is where I dive into each and every single week, strategies and tips and tools, if you will, To help you scale your practice to 7 figures and beyond. If you're already doing 7 figures, well then that's the beyond part of it. Or maybe you're just beginning to start like a number of my clients who listen to this. But let's talk about this. Let's talk about this simple strategy. Um, you know what, before I go any further, one thing I do want to remind you, if you'd like to get a copy of my book, The Anatomy of a 7-Figure Medical Practice, along with over $1,200 worth of free bonuses, go to SRP medicalmarketing.com/book, B-O-O-K, that's srpmedicalmarketing.com/book. We'll give you the book for free, just pay $7.95 for shipping and handling. Alright, let's talk about this perfect business growth strategy. So before I reveal it to you, let me give you a little, let me tell you a little bit of background. For those of you that don't know, I started out in the golf business, hospitality industry if you will, Worked for Marriott in their golf division, became a head golf professional, was a former PGA golf professional, but became a head golf professional at a very young age. Again, industry age was, I think, 35. I became a head golf professional at 27, 28 years old. Became general manager at 29 years old, where the industry average is 45. So I, you know, pretty passionate about the game of golf. I've been playing since I was 6. I still play to this day. It's one of the great things that I love to do. But there was an interesting thing that happened kind of on the way. And that is, well, I left Marriott, and I was running one of their top resorts from the golf side. I decided to go with this small startup, this entrepreneurial startup. And I went and ran this club in Princeton, New Jersey called Princeton Meadows. And Princeton Meadows was kind of this blue-collar, Semi-private club. And it was really struggling. It was hemorrhaging cash. And you know what we did to turn it around? We focused on one thing and one thing only. And that was we tried to figure out how to grow our revenue per round, meaning how much money we generated per round, from— I think we looked to increase it $10, which was probably about 25%. And lo and behold, at the end of the year, we had a massive turnaround. We went from hemorrhaging, oh, I don't know, we were losing about a quarter of a million dollars a year in cash. By the end of the first year, we had $150,000 worth of profit, all by focusing on one very simple concept. And that was, how do we get people to buy 2 more beers or a sleeve of balls while they play a round of golf? Increase the revenue per round by $10. That was it. That was our simple mantra. Okay? And what I learned from that is that, you know, in Marriott, we always had like this big list of like all these things that we were gonna accomplish and all these, you know, big slogans and missions and all that fun stuff. And what I realized in that entrepreneurial endeavor was there was power in simplicity. Which is, by the way, the perfect business growth strategy is to focus on simplicity. You wanna make your practice and what you offer to your prospect simple. Now I'm not talking about the procedure itself, okay? I understand that if you're doing stem cells or BMAC, or you're doing some light bladder leakage, or you're doing anti-aging, or you're doing executive health, I understand that like the, The, the science in the treatment is difficult, but the offering should be simple to understand. People should be able to know what you do, and they should be able to state it for you. So when I owned the ED clinics, we were adamant about this. We had a really simple philosophy. We gave men erections who had been unable to get erections before. That was our business. That was our customer. That's what we did. We gave men erections. Now, we modified that a little bit as we went along, as we actually said we were in the orgasm business, but, you know, and it was for her, not for him. But really, we gave men erections. that's what we did. Everything that we did was based on giving men an erection. Okay, I don't know if this is going to get me tagged by the censors, but it is science. Okay, and that was our business model. It was incredibly, incredibly simple. I want you to— and this point was really driven home to me, um, this weekend. And it was my youngest son's 16th birthday. And I asked him, I said, well, where, where do you want to go for dinner? And he said, Dad— and he had already been with his mother the night before, and they went to some fancy Italian restaurant. And I said, where do you want to go? He goes, you know what I really want to do, Dad? I just want to go to Five Guys. So we went to Five Guys. Now, if you haven't been to Five Guys, all they do is they make burgers. That's it. They don't have any chicken. They don't— they just make burgers. I think they might have hot dogs. All they do is cheeseburgers and fries. That's it. And they're great cheeseburgers and fries. Now, I know that they're not very healthy, but it is one of my favorite places to go. One of my least favorite places to go is a place called the Cheesecake Factory because the menu is like this thick. I can't stand the place. It takes me way too long to go through the menu. I don't want to have those many choices. It's too difficult for me. Your patient is exactly the same way. When you have on your site the cheese— what I like to call the Cheesecake Factory offering, where you hit the services we offer button and 30 things drop down— your prospect is confused. They don't know what to do. When you have on your site and it says we fix Blank. Your prospect, your patient knows exactly what you do. There's no question about it. There's no question whatsoever about understanding what you do and what you're going to do for them. When I start to get ready and I will do an evaluation, when anybody books a consult with me, the first thing I do is I go to their site. And if I see that services offered and that dropdown menu of everything that they do, I know that they're confused. See, it's not about the P-Shot or the O-Shot or FemShot or this machine or that machine or this thing or that thing. It's about getting the result for the patient. I want you to go— let's go back to this analogy of Five Guys and the Cheesecake Factory. So, A little bit more on the story about going to Five Guys this weekend. So my girlfriend Katie and her son Jack went with us. And Katie didn't want a cheeseburger, nor did her son Jack. You know where they went? They went to a place called Zoe's Kitchen, and then they met us. So not only is Five Guys from that standpoint of, this is who we are, but they own it. And they own it, I should say. But also, it eliminates anybody that doesn't want to have a cheeseburger. Look, if you're vegan, you probably may not even know what Five Guys is, or In-N-Out Burger if you're West Coast. By the way, Five Guys is much, much better, in case you're wondering. Okay, I'm sure— hopefully I'll get some emails on that one. But the reality is this, is that you want to eliminate people who aren't going to be the perfect fit. Now imagine if, imagine if Five Guys started offering chicken sandwiches. And maybe they do. I don't know that they do. Or better yet, imagine if Chick-fil-A started offering cheeseburgers. Well, no, you go to Chick-fil-A because you want chicken. And you like the environment or whatever it is. The thing I want you to understand is I want you to embrace who you are. You see, simplicity isn't the simplicity of the procedure. It's the simplicity of the conversation that you have with your prospect. That is the simplicity that I want you to have. And you have to be able to say, no, we don't do X. We just don't. A while back, I had a client of mine starting a practice and she's getting up going and it's been a little slow and, you know, the marketing, we've been, she's been a little challenged getting the marketing figured out and she focuses just on women. All she does is focus on women that have light bladder leakage. And she said, oh, I've got some guys that want to come in for the P-Shot. Do you think I should do it? And I go, well, I mean, you can do the P-Shot. That's not a problem. You can offer to them, you can make some money, but the reality is, is that really the client that you want? Is that, by the way, who you're targeting in your marketing? Is that who you're targeting with the look and feel of your practice? And she's like, well, no. And so she decided not to do it. And the reason is very simple. It's not who she is. It's not who she's targeting. Again, go back to Five Guys. Mm-hmm. Who do they target? People that love cheeseburgers and fries and want a milkshake. That's it. That's who their target is. They're not making any apologies for it. They're not trying to make sure that everybody is comfortable with it. They're not interested in whether or not, you know, you're a member of PETA or you're a vegan or whatever, you think it's cruel. They don't care about any of that. They speak to a very particular, specific audience, people that love cheeseburgers and fries. It's that simple. So here's my question for you: what is the cheeseburger and fries in your practice? What is the thing that you stand for, that you believe in? I would bet that if you went and talked to the owners of Five Guys, I would bet They have steaks, they have cheeseburgers, they enjoy eating red meat in all their things that they do. Okay, I would bet there's not a vegan among them. Okay, it's who they are, right? I'm gonna bet the owners of Five Guys like cheeseburgers, french fries, shakes. I would bet that they probably maybe enjoy Doing the things that guys like to do or women like to do that enjoy cheeseburgers and fries. Maybe they ride Harleys, maybe they smoke cigars, maybe they drink bourbon. Okay, see, they, they, I, they understand their people. Okay, and that's what I want you to do. I want you to be simplistic. I want everybody to know exactly what you stand for medically. And more so what they're not gonna get from you. And again, this is what we did with our clinics, right? We were really, really clear about this. What we did was we gave men erections. That's what we did. We tried hair restoration, but it didn't fit with our market. So everything that we did was around having better sex. That was it. That's all we did was it about, it was about 50-year-old men having and above, having better sex. That was it. And it didn't matter what the modality was. We delivered that to them, whatever it was that was going to give them better sex. So I want to leave you with this today. How can you simplify who you are and who you're talking to? I would bet Five Guys is more profitable per square foot than Cheesecake Factory. I would bet that while there's Cheesecake Factories everywhere, I would bet Five Guys is a better investment because they have a specific offering to a specific audience. It is simple. Simplify your offering, simplify your language, simplify your market, be who you are, and understand who you're not. Besides, who wants to go to Five Guys and get a vegan burger anyway? All right, everybody. Again, if you want to get some free resources, go to srpmedicalmarketing.com/book. You can get a copy of my book, The Anatomy of a 7-Figure Medical Practice. It's the exact blueprint that we use to scale our practices from startup to 3 locations in 18 months, doing 6 and half million dollars a year, plus give you $1,200 worth of free bonuses. So go to srpmedicalmarketing.com/book. Y'all have a great day. We'll talk to you next week. Thanks.