The Secret Behind A Multi 7 Figure A Year Cash Practice

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 everyone, it's Matt with another edition of the Practice Profit System, and today I'm going to share with you— you're going to love this one, you're really going to love this one because I'm gonna, I'm gonna blow your mind today. You ready? Here's what I'm going to share with you. I'm going to share with you the, the, literally the secret to having a multi-seven-figure practice. That's right, I'm going to share with you the, the, however you want to say it, the one and only The keystone on having a multi-seven-figure practice. Yep, here you come. This is it. This is what you've been waiting for. Um, kind of like the meaning of life. But before I go any further, I need to share a couple things with you. April 2nd and 3rd, I am going to be hosting the Practice Growth Event. This is the second time that I have hosted this event, and it's going to be held virtually, only virtually. You can attend via Zoom. It is going to be April 2nd and 3rd. It is 2 full days online, and I'm going to share with you— I'm going to take you through every step of the stairway system, and I'm going to show you how to grow your practice. I guarantee it. Now, here's the best part: it's free. You don't have to pay a darn thing, and I'm going to give you a bunch of bonuses. So go to practicegrowthevent.com. That's practicegrowthevent.com. That's April 2nd and 3rd. Do not bypass this, okay? No, I'm not going to record it. You gotta attend live. All right, carve the time out of your schedule. If you are not making the kind of money that you want, A, listen to this podcast because I'm going to give you one of the secrets, or the secret. And 2, sign up, go to practicegrowthevent.com. 2 full days, me teaching you how to grow your practice and giving you the tools to do it. So let's dive in, let's talk about the secret. But first, I've got to give you a little bit of background. So today I— well, I won't say today, but this week I should say, this past week I went to one of my doctor's offices and I was there for a little bit of time going over things. And the doctor pulled me aside and said, my business is up in— she just finished her numbers for 2021. Her numbers were up 40%. 40%. Now she has 2 locations. Okay. And I'm going to tell you right now, her numbers that she was starting from, that she grew from, were over $2.5 million a year. Okay? That's where she started from. That's where she ended 2020. And in 2021, she was up 40-plus percent. And I said, wow. I won't tell you the doctor, right? Because I'm bound by secrecy a number of times. My doctors don't want people to know where they are. And she has multiple locations. She has actually 2 locations. And she said— I said, so what was it? Like, how How did you do this? Now, mind you, I've worked with this doctor for quite some time. And she said, you know, when we first started working together, you told me to cut back on the number of things that I offered, and I did. And I told you I was— I told you you were crazy. I told you you were absolutely nuts. Okay. And she said it took a little bit of time, and we ran through some marketing that I originally did for her. This was a number of years ago, and she grew her business like 30% just from doing one thing that I shared with her. And that one thing that I shared with her is the power of raising prices— actually, 2 things: power of raising prices and then marketing to your house list. But I want to— that's not the thing that I'm going to share with you. That's a bonus thing, a couple of things of how she grew it. So she marketed first and foremost just to her house list, and she raised her prices significantly, in some cases 35%, and her business grew. She only lost like 2% of her core customers. That was it. And what she has found out. So what is it? What was the thing? Because all my listeners are going to want to know, what was the thing that you did in order to grow so significantly? You ready? She goes, we closed on Fridays. I went, what? She goes, we closed on Fridays. I said, oh, so is that like an admin day where people come in? She goes, no, no, no, no, no, no, no, no, no. Both of my practices Are closed on Fridays. I said, so you open on Saturday? She goes, no, Matt, we're closed every Friday, Saturday, and Sunday. I said, well, are you seeing patients later in the day in order to make up for— like, I'm thinking to myself, are they coming in earlier before people go into work? Are they staying later? She goes, oh no, no, no, no, we're still— we still see patients 9 to 5. She said, but we're closed on Fridays, Saturdays, and Sundays. Every Friday, Saturday, and Sunday we're closed. Okay, now I want you to think about this. You're wired as a doctor— as a doctor, you're wired to work more hours, right? The harder you work, the more money you're going to make. Now, I'm all about hard work. You do have to work harder than your comp on the things that matter. You have to work harder on your business, not in your business. You have to work harder on your business than your competitors.

Okay?

Not in your business. You have to work harder on your business. And one of the ways that you work harder on your business, not in your business, one of the ways you work harder on your business is by taking more time off. Okay. Now I'm famous for not answering emails and not checking in on the weekends. Drives some of my team nuts, right? They'll be like, oh, so when can I get you this weekend? I'm like, uh, never. I'm out, right? I'm famous for Friday afternoons after my last calls are usually done at 1 o'clock. I'm out. I'm gone. At the golf course, hitting golf balls, going for a walk, hanging out at the cigar lounge, hanging out with my son, whatever. Right? I'm famous for that because here's the thing. The less you do, the more you're going to make. And that's what this doctor has learned. What she has learned is she did it in herself. Right? So she started taking Friday afternoons off. She started taking some more vacations. And she noticed that her productivity went up. And what she discovered was that she could raise prices to fill the gap And her customers didn't leave. In fact, they referred more customers when they raised prices. And the more she raised prices, the more she was able to take time off. And there's that direct correlation. So then as she started realizing, well, gosh, I'm taking Fridays off, my productivity is going to go up. So she started experimenting with this with her staff. She goes, okay, well, I've got 2 locations. I'll alternate which Fridays were closed. And so she alternated. And she noticed the weeks that were 4 days a week, those were the weeks that the staff had really, really great weeks. She started thinking about this. So then she's like, well, you know what? During the summer, let's just close on Fridays. During the summer, Memorial Day to Labor Day, we're only going to see patients 4 days a week. Staff loved it. Came back, reopened, business went down.

Huh.

Business was up in the summer, a traditionally slower time in her niche and what she does. And she noticed that, well, wait a second, I make more money, I could charge more, my staff gets better, gives best, better customer service, and I have like people knocking on my door to come see me. She's booked, by the way, for her top-end thing, which she charges $25,000 for, she's booked 4 months in advance. You can't get in to see her for her top-level thing, which is 25 G's a year. You can't get in for 4 months. She can't get in, right? Everything that she does, she has raised the prices and she has stopped being open on Fridays. Now you might be sitting there thinking, oh, well, that's really easy to do, Matt. You know, uh, she has all these patients and she's got these locations. She has that luxury. And you're missing the lesson if you're saying that. What I'm telling you right now is nature abhors a vacuum. And the more you focus on the thing that you're really good at, that you can charge exponentially more for, that people have zero resistance on, the more you can do that, the more time you can take off. Again, another client of mine charges in— he only has a 30% close rate, but he charges 4x more than his competitors. So he only needs to sell 2 of his thing a month to be profitable. 2. His competitor has to sell 20. So his competitor has to have this massive lead gen machine, has to be doing all these things and all this effort and all this work in addition to seeing all these patients because he charges a fair market value for his service. And he's like, oh, well, I close 80% of the people that come in. I go, how'd you like to make double? He goes, oh yeah, that'd be great. I go, Double your prices. Yeah, but my close rate will go down. I said, no, it won't. Your close rate will not go down. Your close rate will go down about 5%. This is the lesson. This is the lesson. More is not better. More is not better. You have to make sure you are taking time off. Closing Fridays, closing Wednesdays, whatever day it is, you have to be taking time off So that you can rejuvenate, so you could focus, so you can do all the things in order to become a better and better doctor, charge higher prices, and get better results for your patients. It's that simple. It's that simple. If you are looking at, I have to work constantly in order for me to fill my practice, in order for me to make it work, you are nothing more than an hourly carpenter. That's all you are. And there's nothing wrong with being a carpenter, okay? But that's all you are. You're just a high-priced hourly employee. And so I encourage you, look at everything that you do. Get rid of the things that aren't making you money, that are sucking up time. Delegate those things out. Hire somebody else to do the Botox. Hire somebody else to do the fillers. Hire somebody else to do the blood spins. Hire somebody else. But focus on slowing down, doing less, taking more time off. You see, the key to growth isn't about harder work, harder work, harder work in the business. It's about harder work, harder work, harder work on the business. And that requires using this muscle right up here, your brain. Okay, so that's my thought for you this week. Okay, dig into that.

Think about it.

Look at what you're doing in your life. Look what's going on in your practice. How can you create time and space, headspace for you to take more time off to focus more on the growth of your practice. Don't forget to join us April 2nd and 3rd at the Practice Growth Event. That's practicegrowthevent.com, practicegrowthevent.com. It's a free 2-day virtual workshop held on Zoom, not recorded, that you can attend for free. And I'm going to show you how to grow your practice, no strings attached. Go check it out on the site. I'd love to see you. Uh, we want to put 100 people on there for our virtual session, and I promise you it's going to rock your world. Second time we're doing this, you're gonna have a blast. We'll see y'all. 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 $1,197 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.