Growing Your Practice: Strategic Decision Making

Jul 17, 2020Marketing Tips, Scheduling Institute

Is Your Decision Making Affecting Your Ability to Increase Your Income?

Watch This:

 

Growing your practice is more than a goal . . .

it’s a transition from everything you’ve known before. When you start to think bigger, your perspective shifts and that changes everything about your practice. Incredible breakthroughs happen when you make the decision to change. Are you ready for change?

 

. . . it’s a change to your decision-making process

When you are making incremental changes or percentage increases, it’s often hard to make decisions. You may ponder things—such as getting a new space, new uniforms, or adding a team member—for weeks, months, or even years! When you have a big goal that really forces you out of the routine, making decisions actually gets easier. Once you’ve fully bought into this new bigger goal for your practice, when faced with a decision all you have to do is ask yourself: “Do I need this to hit that goal?” If the answer is yes, you know you need to make the investment in order to reach your goal.

We’ve noticed that even dedicated clients whom we’ve advised for years have suddenly made decisions once they made a commitment to thinking larger—and by doing so have significantly increased their practice’s revenue.  Growing your practice starts with a commitment to adopting this bigger picture and we can show you how.

 

So what’s the problem? What gets in the way?

In general, people are inherently indecisive. Many opt not to make a decision, when, in fact, the lack of a decision being made is in and of itself a decision. Don’t believe me? Maybe you’ve experienced something like this before:

Wife: What do you want for dinner?
Husband: I don’t care, what do you want?
Wife: I’m not sure that’s why I asked you. Have a hankering for anything?
Husband: Not really, whatever you want is fine.

And so on… what’s really happening is that neither is choosing to make a decision, but their lack of decision making is often putting a strain on the relationship. The same is true in business. As the business owner, it’s up to you to make most of the decisions, especially the major ones. But when you sit on a decision and don’t just make one, you end up causing a strain on yourself, your business, and ultimately your team.

 

There are only a few reasons why people don’t just move forward when faced with a decision to make:

  • They lack confidence – have a history of making poor choices.
  • They are incapable – don’t have the knowledge or ability to make the decision.
  • They are cheap – make decisions solely on money instead of looking at things as an investment that creates a return.
  • They are negligent – just admittedly do not make a decision.
  • Or commonly, they are habitually indecisive. They just don’t easily make decisions.
  •  Still, one of the most common reasons is Ego – not like a Donald Trump ego, but pride can stop you from making a decision simply because you don’t want others to know.

 

But the thing is – some decisions (or lack thereof) come with a cost to them. So while someone may avoid a decision because of cost, the lack of a decision actually ends up costing them more in the long run. In order to grow your private practice successfully, you need to get comfortable with decision making.

Think about it like a leak in your home. It’s just a small leak – and you just repainted the house – so you let it slide for a little while so as to not spend the money right now. But what you don’t realize is that the evidence of the leak is just the tip of the iceberg when it comes to the damage that is happening behind the scenes. You can rack up tens of thousands of dollars in damage behind that wall where the real water damage is hiding.

 

This is lovingly referred to as Opportunity Cost.

op·por·tu·ni·ty cost
noun
  1. The loss of potential gain from other alternatives when one alternative is chosen.

The thing is, with opportunity cost – you typically have no idea how much you are losing through indecision.

If you stop and think about the core of what we do, it’s that we help people live up to their potential. In doing that, we help them reach higher goals personally and professionally. It all starts for us at the top of the funnel, getting more new patients to cross the threshold of the door.

What we know is that every practice out there that has someone answering the phone that isn’t Certified through our 5-star process, is losing money. The great news is that based on all of the data we have on practices around the world, we actually know what the cost is.

Once we find out your average revenue per new patient, and how many new patients you have right now, we can tell you pretty precisely how much you are losing every month by not fixing the problem. Then we can look at that over longer spans of time.

 

Check out the table below – where are you on this chart? 

Consider this LOST COLLECTIONS ANALYSIS on just ONE Lost New Patient over time:
Case Average $2,000

These numbers are super conservative illustrations based on thousands of doctors just like you. Most actually find that the opportunity cost of having the phones answered by a non-certified team member is significantly greater than this. Investing in your team will lead to more new patients for your practice, improving its bottom line.

So I’ll ask you again – what is the cost of not making a decision? In this case, it’s thousands of dollars added to your bottom line. What are you waiting for? Growing your practice to its potential starts here.

 

Don’t wait one more day and risk losing one more new patient or thousands of dollars…

Call the Scheduling Institute today at 844-674-7698 or CLICK HERE to schedule a time to speak with one of our Practice Growth Advocates!

Receive Future Blog Posts