Private Practice Investing: A Must for Financial Success
Thinking and acting like an investor is just one of the transformations that should occur as a practice owner. This means to literally go from surviving to managing then finally to becoming a business owner capable of seeing the value in private practice investing. Most Doctors don’t fully realize this impact until they become partners with us on this journey and see the RETURN on their INVESTMENT … but there lies the key! You must invest to see a return! Moreover, an investment is defined as the action or process of investing money for profit or material results. Think about what your last five purchases were … what did you spend money on? Make a list. It can be personal or professional. Were your purchases true investments, or just an expense with no result?
Consequently, every investment also has an opportunity cost. Unfortunately, some people we have worked with want the returns that go along with creating a successful practice, but they don’t want to make the investments required to produce that result. Private practice investing is crucial to your bottom line and overall financial freedom.
How do you become a better investor?
What does that mean? You take a resource that you have, and you hope to get that money back and some additional money, which is your return. Hence, there is a time element in every investment. We would all love to double our money overnight because the problem is, we’re all antsy about our returns. Smart investors are patient.
You should never buy anything without knowing the return. The two elements are amount and time. And tracking mechanisms – you’ve gotta have that.
The big difference is understanding expenses versus investments. Increase the number of investments and look at things as investments, not expenses. Human capital, marketing, space and equipment … look at these as investments. Change your frame of reference. Remember that we are all way more wired to our competitive nature, to compete about money — meaning you have the thought that the money will run out. To think and act as an investor, you should be in the “creative nature” mind-set — meaning there is unlimited cash flow made with the right investments and training.
Private Practice Investing: Real Doctors and Real Results
“My production was down by almost 50%!!
Now, I’ve worked with Jay Geier for just about 2 years and my annual production went from $524K to $684K.
This month my production will be $125,000!!!!!
That used to be THREE MONTHS production for me. This year will be a million-dollar year for me. I have had a New Patient monthly average of 92 Patients a month. Up from 17 before I started. I can honestly say that I have worked with lots of consultants, and I have NEVER gotten the RETURN ON INVESTMENT that I get with Jay. Every month I see an increase in my bottom line. Everyday Jay’s advice increases my bottom line. I have paid off credit cards and have money in a savings account. Before, I was struggling to make monthly payments!”
– Dr. Leatha W.
I’d like you to start out by fine-tuning what you need to be investing to maximize your human capital and what drives your practice growth. Go ahead and figure out your math. Here’s a worksheet here for you to follow – CLICK HERE. Then figure out what you want to do. This is exactly what Jay did in all areas of his business. And in every area that the return was good, he upped the investment.
The great news about investing in training for your team (with us) is that your investment pays for itself in 90 days or less guaranteed… AND makes you a profit! That’s a great example of a risk-free investment with a guaranteed return… not an expense!
Make ONE decision that’s guaranteed to be a smart investment and turn your largest expense into your greatest asset. Make the decision to get your team trained on how to produce new patients and increase your collections and income.