Build a More Joyful and Rewarding Cash-Pay Practice
Are you a holistic, functional or integrative practitioner looking for a better business model?
Do you want to spend more time with fewer patients and clients, while being fairly compensated for ALL of the time you spend behind the scenes?
If so, you've come to the right place.
Over the past 12 years I've worked with doctors and practitioners of all stripes, including MDs, DOs, NDs, PhDs, NPs, DCs, LAcs, Nutritionists, Health Coaches and more.
No matter their training, every single one has had one thing in common: They were taught virtually nothing about business in school.
Unfortunately for practitioners who want to be independent, this lack of business education leaves them to try to figure everything out on their own. Too often this leads to costly missteps and missed opportunities.
One of the mistakes I see practitioners make is modeling the payment structure of insurance-based practices.
For example, they will charge for each service or procedure provided (a traditional fee for service model), or charge per increment of time spent with the patient (15 mins, 30 mins, 60 mins, etc).
There are a few problems with this approach:
- It emphasizes the practitioner's time and actions instead of patient and client outcomes
- It discourages patients from scheduling appointments with optimal frequency because each visit requires them to open their wallet and consider whether another visit is "worth the money". This creates friction and anxiety.
- The practitioner ends up in a frustrating cycle of investing considerable time, energy and care towards getting to know new patients, only to see them disappear after an average of 3 to 4 visits (high churn rate)
All of this leads to a constant need for a large supply of new patients and clients to fill the practice. It also results in inconsistent monthly income and a disappointing sense of disconnect for practitioners who care deeply about the long term outcomes.
Convert your practice to a cash-pay package-based model where patients and clients commit to a long term program designed to get them optimal results.
In this scenario, different levels of packages/programs can be offered, based on the complexity of the health issues presented. Patients or clients pay a monthly fee that gives them access to the services included in the package/program.
The following benefits are virtually guaranteed with this model:
- The physician/practitioner can focus more time and attention at each appointment and over a longer duration (up to a year rather than a few months), thereby creating an ideal situation that makes it more likely that patients and clients will achieve significantly better outcomes
- The practice can worry less about the constant need to seek out a large supply of new patients or clients and enjoy the peace of mind that comes with a predictable, baseline monthly revenue that covers overhead and expenses
- Practitioners can save up to 15 hours per week on clinical, administrative and marketing activities that were previously required to acquire and support a larger volume of patients
- Referrals soar because patients feel profoundly cared for and experience remarkable results
Ultimately the practitioner enjoys a less complicated, more satisfying practice that gives them the income and work-life balance they want.
Curious how this could work in your practice?
Apply to schedule a complimentary Business Breakthrough Call with me.
We'll get on the phone, explore your vision, and uncover any obstacles that might be getting in the way of your progress.
Then, if it feels like a good fit, we can discuss how I can help you make your vision a reality.Learn More About Scheduling a Breakthrough Call with Julia