Dr. James R. Fedich, DC Chiropractor, Coach, Speaker, & Podcast Host

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Cash vs. leasing and end-of-year medical equipment purchases

Tuesday, February 18, 2020

Chiropractic Economics’ Point-Counterpoint is where doctors of chiropractic and health care industry professionals debate the industry’s hottest topics

POINT

Leasing allows for replacement, updating

In the medical equipment market, the typical lease term is between 3-5 years. At the end of the initial term, you have the option to purchase, renew, extend, or return the equipment. As a technologically-driven field, leasing medical equipment often proves to be one of the most financially efficient ways to ensure your practice has up-to-date equipment without tying up significant capital.

The capital you conserve can then be allocated to other areas of your practice. Many practice owners utilize a lease to efficiently manage their cash flow.

Compared to traditional financing or a one-time purchase, a lease maximizes the cash flow produced by the asset during the initial term of the lease. Equipment leasing allows for items which may be nearing the end of their operational life to be readily replaced as the normal course of business. A potential downside to leasing medical equipment is that, over a prolonged period, the continued lease payments may exceed the cost of a direct purchase. To mitigate this, make sure to exercise the end-of-term option that best fits your practice’s requirements.

Equipment financing refers to the practice of taking out a loan to pay for equipment over time. By choosing to finance medical equipment purchases, you will eventually own the asset outright. This works well for practice owners with strong credit and for mature technologies, or for assets with a long life expectancy.

Another aspect of financing is the additional interest cost. Debt source and your credit will determine the interest rate, which should be factored into the total cost of ownership.

MARK SANNA, DC, ACRB Level II, FICC, is a member of the Chiropractic Summit and a board member of the Foundation for Chiropractic Progress. He is the president and CEO of Breakthrough Coaching and can be reached at mybreakthrough.com or 800-723-8423.

COUNTERPOINT

Buy with cash, have a savings fund

End-of-year equipment purchase? This is a tough one! I am never a fan of making moves only for tax implications. If you were not going to buy the piece of equipment anytime soon, I don’t recommend buying it just because the year is ending.

However, if you are thinking about buying the new laser, or shock-wave machine, chiropractic table, etc., and are thinking of doing it soon, now is maybe the right time. I am certainly no accountant and I do not play one on TV. But based on the type of corporation you file as, excess profit at the end of the year may be taxed. We should be planning ahead during the year to avoid this, but if it happens, it may be a good time to make some medical equipment purchases. Make sure to consult with your accountant before making moves.

Buying vs. leasing is a tough question and depends on your situation. I am only 40, but kinda old school with this. I have never leased a piece of chiropractic equipment for my office — I like paying for things with cash; I don’t like having a lot of debt or payments and enjoy being debt-free.

That said, Mark Sanna brings up some very good points about cash flow and equipment being outdated. Truly, it depends on your position in practice, years in practice, cash flow and purchase price. But I would rather see a doctor save up money beforehand and pay cash for equipment purchases. Having low debt payments and being in a good position is critical. This is especially important in this day and age with high student loan payments.

If I can, I like to buy with cash and have a separate savings fund for cash medical equipment purchases. I am not a big fan of making moves just to avoid or change tax situations. Although depending on several circumstances, it may be the best time to purchase equipment at the end of the year.

JAMES R. FEDICH, DC, owns a large multidisciplinary practice in Northern New Jersey. He is also the author of “Secrets of A Million Dollar Practice” and host of the popular chiropractic podcast, Dr. J’s Path to Success. To find out more or to contact Dr. J, visit drjamesfedich.com.


Diversification marketing and base hits over home runs

Tuesday, February 18, 2020
Dr James Fedich

When it comes to diversification marketing, doing all the ‘little things’ adds up to success

When chiropractors are talking in the hallways at a seminar, or over a beer or glass of wine, they often talk about the big home-run idea, the big marketing idea that will change everything.

Maybe it’s Facebook leads, some trick in marketing, SEO, Google Ads — whatever it is, they are always looking for the next home run. It would be nice if we could have the big home-run marketing thing, but in reality, it just isn’t there.

As Dan Kennedy recently said, “Run from anybody telling you that just one thing, one easy button, one magic formula will work magic in your business or your life. Run!”

Avoid swinging for the fences

It’s wishful thinking to think one big marketing event or medium such as Facebook will get you 80 new patients a month. The truth is, successful practices don’t have one home-run marketing idea or plan; they have lots of base hits through diversification marketing.

The saying has been around for a long time, and it’s true: “There isn’t one way to get you 100 new patients a month, but there are 100 ways to get you one new patient a month.” This is hard work — setting up a marketing calendar, implementing diversification marketing every month, running promotions on Facebook, Google, direct mail, newsletters, etc. Having all these poles in the water is how you get to the new patient numbers that chiropractors really need.

See, they are swinging for the fences all the time, when all we really need to do is keep getting base hits. Hit them every month, in multiple categories, and that is how you build a multimillion-dollar practice. It would be very easy to tell someone, “Hey, run Facebook lead ads that will bring you 40 new patients a month.” That is an easy sell, but the truth is, it’s not the truth. Maybe for a month, or a few months, but consistently? No way. Even if it was true, do you want Facebook’s ever-changing whims to have control of your practice? Google just banned stem cell advertising — what if Facebook decides to ban chiropractic ads?

Practice diversification marketing and don’t depend on one source

So, not only is it untrue that chiropractors can get one big source of new clients, it’s dangerous. It happens in chiropractic and every other industry — especially now with the internet and increased regulations and anti-trust concerns. One day Facebook lead ads are here, the next day they are gone!

The real secret to consistent growth, and new patient generation, is having base hits, having a diversification marketing plan. Multiple hits and just keep going. Run internal and external promotions monthly, follow your marketing plan, and have many poles in the water, so to speak. It’s another analogy often told at seminars: If someone is going fishing, do you want them to have one pole catching a bunch of fish, or lots of poles catching fish with different bait? They would always want more poles, because they don’t know which bait works when, and what if the pole breaks and they only have one pole left? The same applies to diversification marketing.

Oftentimes the medium or even the message can run its course. Many chiropractors rely on one source of new patients for too long and then it runs its course. It’s never good to rely on one source to keep your practice growing.

Diversify your marketing plan

So let’s think differently about your practice. Think of installing evergreen marketing poles. What does that mean? It means they keep working month after month, and year after year. It’s a diversification marketing plan that keeps working, and you keep adding to it, thus growing new patients and the practice monthly. Stop looking for the home-run marketing idea; it’s not out there, but there are hundreds of base-hit ideas. If you add up all these base hits, the practice will continue to grow for years.

Fill in your marketing calendar, add events that work, have a lot of poles in the water, and increase new patients. There are a lot of practice problems, but the first one to solve is new patients. It’s also the key to adding associates, which can grow the practice and allow for freedom.

Stop swinging for the fences, or buying into those ideas, and keep hitting singles.

JAMES R. FEDICH, DC, runs a multimillion-dollar-a-year chiropractic, physical therapy and acupuncture practice in New Jersey. He is the author of two chiropractic practice books, Secrets of a Million Dollar Practice and Secrets of the World’s Top Chiropractors. He also hosts the Dr J’s Path to Success podcast. For more information, visit drjamesfedich.com.


How to avoid job burnout in practice and retire on your own terms

Tuesday, February 18, 2020
JAMES R. FEDICH, DC

Follow these tips on how to avoid job burnout to extend your career and take charge of retirement

Burnout is one of if not the largest problems in the American health care system. Chiropractors have only a fraction of the burnout issues that medical doctors have, and yet they are still in peril. The question of how to avoid job burnout and the early exit of many MDs and DCs may end up crippling the health care system.

Poor care and early retirement

If a doctor is tired, stressed or worried about payroll, they will not or cannot give the best patient care available. Burnout also causes early retirement for many doctors, including chiropractors.

This is a huge loss to patients, as there are fewer doctors, less appointments, longer wait times and more. It is even a larger problem to the doctor, as several studies have shown that doctors in general tie a lot of their worth into patient care. Which makes sense, as if someone is a doctor for the right reasons, they are in it to help patients. Generally all specialties have a hard time with retirement as they lose this connection and their sense of worth by not treating patients any longer. This can be a tremendous psychological loss to doctors.

Early retirement can also be devastating financially, as even a year of early retirement can dramatically affect a doctor’s net worth and ability to live a comfortable retirement.

How to avoid job burnout

Especially in a chiropractic practice, time off can dramatically affect patient volume and income. In a solo doctor practice, a one-week vacation can take an estimated 12 weeks to build back up to original volume, and that is a tough pill to swallow.

If you are just starting out and trying to build your practice, take a three-day weekend every 90 days. Try to get out of town, out of the clinic and get a break. This might not sound like much, but it can be amazing.

What we don’t understand about time off and vacation is that anticipation is actually what’s most rewarding about time off. In fact, a 2010 study in the Journal of Applied Research in Quality of Life found that vacationers are actually most happy before the vacation. What does that mean? Our brains are hard-wired for anticipation, so it is naturally looking forward to something. But what makes it most important as a chiropractor is it gives us something to get through the tough days and weeks. If you are having a horrible day at the clinic, just knowing you have this day off in a few weeks or months makes it more tolerable.

So, step one, take a long weekend every 90 days. Get out of town, borrow a friend’s cabin — patients will be happy to lend you a place, or just get a cheap motel.

For the experienced DC

When you have grown the practice a little more, turn those three-day weekends into four-day weekends. So now we are taking eight days off in addition to holidays. Why not a whole week?

As I mentioned earlier, a week off can set the practice back 12 weeks.

This can work until you add associates. Next step would be the four-day weekends and then the whole week off. Once you get multiple associates and have the practice running like a well-oiled machine, you will have more time off than you need.

Plan, then plan some more

There are many more details and ways to take a break. But, the key point to this article is two things:

Schedule in advance — The vacation schedule should be blocked in advance for the whole year. If you don’t schedule it, something will fill in — plus we talked about how the anticipation is the reward for days off.

Make it regular — Ninety days is going to go by very fast, and if you always have something to look forward to, it makes those tough days much more digestible. Of course it would be nice to take a week off every month, but that will severely limit practice growth if a doctor doesn’t have multiple associates. There are many plans for how to avoid job burnout, and this is one way to make sure we are refreshed and able to give our patients the care they deserve. Enjoy and make sure to take some breaks!

JAMES R. FEDICH, DC, owns a large multidisciplinary practice in northern New Jersey. He is also the author of “Secrets of a Million Dollar Practice” and host of a popular chiropractic podcast, Dr. J’s Path to Success. To find out more or to contact Dr. J, visit drjamesfedich.com.


How to Play to your Strength as a Chiropractor

Thursday, March 21, 2019

Determine which areas of your practice require less attention, and where you want to really excel

Read any good books lately? I’m reading a good one right now called Uncommon Service by Frances Frei and Anne Morriss.

The book’s main point is that when it comes to customer service, you cannot be great at everything. In fact, to be the best in one category, you need to be the worst at another. A few examples they offer translate well to the chiropractic industry.

What do customers want you to be best at?

One case study was Commerce Bank. They were the first bank to open on weekends. Why did no one else think of that? But the problem is it costs millions to open all those branches all weekend long. So, how did they do it? They purposely offer the worst return rates on CDs and savings accounts. They make a point to literally have the worst rates in every town. That difference allows them to offer the customer service on the weekend that the customers asked for.

Another great example is Walmart. Think of your average Walmart. Is it the nicest store you ever shopped in? Do they have outstanding employees with great service? Definitely not. What do they have? The lowest prices. They save by having scuffed floors, crummy lighting, not-super-informed employees — but they have the best prices.

Hopefully these examples make you ask yourself about your own practice. What do your customers want you to be best at? On the flip side of that, what can you afford to be worst at? Let’s think about it. If your customers want fast office visits, a quick in-and-out, can you be the greatest soft tissue, ART, Graston technique doc in the country? Probably not.

Or, if you want the best waiting room, a real Ritz-Carlton of a chiropractic clinic, five-star service to boot — can you then have the lowest cash fee in town and take Medicaid? Doubtful. What most of us do is we are mediocre at all these things. Not a five-star waiting room, but not a one-star either. Not the greatest technique chiropractor ever, but pretty good. Not the greatest equipment in the universe, but not the worst. What do we end up with: a mediocre practice, and a mediocre business.

What can you be worst at?

Let’s figure out what your customers and you want to be best at, and then what we can be worst at. If you want to have the best office environment with a Starbucks machine in the waiting room (which we have — definitely worth the investment), a beautiful office and friendly staff, can you also afford to give away free adjustments and charge $12 per visit and take HMO and Medicare? Again, doubtful.

So maybe you offer the greatest customer service and are the most expensive in town. That will work. Or maybe you’re the opposite and take all insurance, charge a low cash fee, and your waiting room may be a bit run-down and your staff mediocre, but you are affordable. That works also. Maybe you’re certified in every technique and the best technical chiropractor on the East Coast, which is great. But then you can’t also be the most convenient, taking walk-ins, last-minute emergencies. Maybe patients have to wait two weeks to get in, and you can only see 15 a day.

These are the decisions you must make based on your type of practice, what your patients want, and what you think the market wants. But to be the best at one thing, you may have to be the worst at another. Being mediocre at all things is a sure way to have a mediocre practice, a mediocre life, and never reach the success you deserve.

James R. Fedich, DC, owns a large multidisciplinary practice in Northern New Jersey. He is also the author of Secrets of A Million Dollar Practice and host of the popular chiropractic podcast, Dr. J’s Path to Success. To find out more or to contact Dr. J, visit drjamesfedich.com.

Source: www.chiroeco.com


Weekly News!

Thursday, March 21, 2019

Hey Doc!

Welcome to this week's update!

This week, I have a great podcast for you! I had the pleasure of interviewing Gavin Baker. Gavin is the Principal at Baker Labs. Baker Labs is a digital marketing company that specializes in healthcare marketing. They have specific tips, advice, and strategy on how to use digital marketing to grow your practice! Gavin gives some great, real-world tips as we chat about marketing your practice in 2019 and beyond.

https://www.drjamesfedich.com/drj-podcast/episode-103-key-tenets-of-digital-marketing-for-the-healthcare-industry

In my solocast episode last week, I talked about your top 5 people. Jim Rohn famously said that you become the average of the five people you spend the most time with. He even goes so far as to say if you average the income of your top 5 people, you will make very close to that income. Here, I share my thoughts on this, as well as how to purposefully upgrade your top 5. I hope this helps.

https://www.drjamesfedich.com/drj-podcast/episode-102-top-5-people

I just launched our Ultimate New Patient Marketing Machine and Toolkit. This is a 6-week course, where I will show you and give you actual examples, pieces and an email to help you add 20 NP a month to your practice. This is going to be launched soon, but you can get it as a pre-launch here and save. If you can get JUST ONE MORE NEW PATIENT, the program MORE than pays for it. Check it out:

https://www.chiropracticsuccessstore.com/ultimate-new-patient-marketing-machine-and-toolkit

Dr J


Top 5 People

Thursday, March 14, 2019

Hey Doc!

Welcome to this week's update!

This week my solocast is about your Top 5 People. Jim Rohn famously said, "You become the sum of the five people you spend the most time with". He goes into great detail about this in several of his books and speeches. He further expounds that if you take the average income of the five people you spend the most time with, that will be your income. It's important to evaluate your inner circle and see if someone needs to come out. It's also the reason why it's important to work with proven mentors to upgrade this inner circle. Listen here:

https://www.drjamesfedich.com/drj-podcast/episode-102-top-5-people

Speaking of mentors, I am starting something new with a good friend and fellow coach, Tony Palermo. We are showing you how to use the mastermind principle to grow your practice. Please attend our upcoming Free Webinar to learn more. Click here

https://www.accelerateinnercircle.com

Last episode, I interviewed Matt Bertram. Matt is an inbound marketing specialist. We both share our ideas on how doctors can grow their business using the internet and other methods to expand their reach. We reveal the exact methods you can use to grow your practice today. Check it out here:

https://www.drjamesfedich.com/drj-podcast/episode-101-interview-with-matt-bertram-inbound-marketing-specialist

Dr J


Top 5

Tuesday, March 12, 2019

Hey Doc!

I was recently re-reading one of the greatest mentors I have ever had. Jim Rohn is one of my top mentors even though I never met the guy! Anyway, he says you become the average of the top 5 people you spend the most time with. In fact, he says if you average the income of your top 5 people, that will be very close to your income. So, I want you to write down the list of the 5 people you spend the most time with.

There is probably someone who you need to take off this list. Someone who has low ambition or is bringing you down. Let's upgrade that list! That is why mentors and masterminds are so so important. If you hang around 5 people who average $50,000 a year income, you will make $50k a year. If you take one off and add someone who makes $500,000/year, that average goes way up.

I'm doing a free webinar on this. The mastermind principle was Andrew Carnegie's Secret to Success in which Napoleon Hill talks about in Think & Grow Rich. This webinar will reveal this wealth secret. The webinar is absolutely free and I am doing it with a great friend and mentor, Tony Palermo.

Sign up now! We are letting the whole profession in on this webinar.

http://www.accelerateinnercircle.com


Inbound leads

Thursday, March 07, 2019

Hey Doc!

Welcome to this week's update! For this week, I had the opportunity to interview Matt Bertram. Matt had contacted me about sharing some marketing tips for our audience. I found out that he really knows his stuff on internet marketing and other inbound marketing tactics. Matt shares real world advice about how to get patients in the clinic using the internet.  Check it out here:

https://www.drjamesfedich.com/drj-podcast/episode-101-interview-with-matt-bertram-inbound-marketing-specialist

In my solocast last week, I talked about being watchful of your "gurus." Most of the chiropractic gurus never had a successful practice and almost none of them are currently in practice. This has been going on for years, but I recently saw a dedicated great young chiropractor go out of business due to listening to the wrong gurus. In just a few short years, a practice that had been successful for over 30 years went out of business. Don't make the same mistake. Listen here:

https://www.drjamesfedich.com/drj-podcast/episode-100-watch-your-guru

Speaking of gurus, if you want to get help from someone who has actually built the practice you're looking for, and is currently doing it, I can help. Normally, private coaching with me is $5,000 for a 12-week stint (private coaching:  https://www.drjamesfedich.com/private-coaching-with-dr-j.htm). But because of a request for something less robust, I re-opened my email-only coaching program for a limited time. You get full access to my members vault, all my ads, video trainings, all my courses, and hours of video instruction, along with unlimited email access to me and my team. This will put gasoline on your practice! I'll probably take this offer away again, and it's not available on my website. Check it out here:

https://www.drjamesfedich.com/membership-offerings-registration-form-deal-offer.htm

Dr J


Mentors

Tuesday, March 05, 2019

Hey doc! I am sitting in Austin Texas right now as I write this email. I got invited to attend Dr Jay Morgan's seminar with Jay and Dr Lee Newman. Lee and Jay are both great mentors of mine. We got a chance to golf Austin Country Club, have some fun, and do some learning.

It got me thinking about mentors. I have been blessed in my 15+ year career to have a number of great mentors. I was helped so much by others. In fact, this is why I now do coaching. I have been truly blessed by a great number of mentors in my career. It's so important to have advice from someone who has been where you want to go.

This is why I help.

In the spirit of helping and mentoring, I have opened up an email coaching program. It's the least expensive way to work with me. I'm gonna close this down soon so the time to take advantage of this now. You cannot find this link on our website or anywhere else. It's an exclusive offer just for my subscribers.

Sign up by 3/10 and I will send you my Chiropractic Practice Mastery Course. It's a 5 audio CD program with notebook, physically mailed to your door. It's a $300 value. I'm taking that away soon so check out this fantastic offer now.

https://www.drjamesfedich.com/membership-offerings-registration-form-deal-offer.htm

To unsubscribe or change subscriber options visit:

http://www.aweber.com/z/r/?ThisIsATestEmail


5 Strategies To Grow Your Private Practice, with Dr. James R. Fedich

Friday, March 01, 2019
Dr James Fedich

As a part of my interview series with prominent medical professionals about “How To Grow Your Private Practice” I had the pleasure of interviewing Dr.James R. Fedich.

James R. Fedich, DC. grew up in northwest Mt Olive, NJ. He opened a private practice in March 2004 on a shoe string budget, bought used equipment and boot strapped his way to one of the largest clinics of his type. Now, he helps other doctors with his book, “Secrets of A Million Dollar Practice: Proven Tactics to Grow Your Practice.” Podcast and the 5 CD audio “Chiropractic Practice Mastery Course.”

Thank you so much for joining us! Can you tell our readers a bit about your ‘backstory”?

Yes, I was actually born in Kobe, Japan, on family business trip. But I spent most of my childhood in New Jersey. I’m am very tall at 6’ 5” so I played a lot of basketball. At age 13 we were driving to upstate NY to a family wedding. A young woman ran a stop sign and slammed right into the side of our car where my Mom and I were seated. We all ended up in the hospital, concussions, bruised ribs, my mom had a collapsed lung. I endured some serious back pain. I spent every day after school laying on the floor because back spasm, and worst of all I couldn’t play basketball! Nothing was helping.

Eventually my mother took me to a chiropractor, and almost immediately I’m back to playing sports after months of agony. I remember telling my parents back then I was going to be a chiropractor and I never changed my mind.

What made you want to start your own practice?

I always say, if I knew then, what I know now, I probably wouldn’t do it. The usually protocol is work for someone else for a few years this allows you to make mistakes and get back up. I graduated in December 2003. I signed my office lease before I even graduated. I was painting the place myself, buying equipment and waiting for my final board scores. So, if I had failed, I would be in big trouble. Luckily, I passed and opened in March 2004, less than 3 months after I graduated and never worked for anyone full time. I was lucky in that I liked the business of healthcare even before I was a practice owner, but honestly, I just jumped in and figured it out later, but I wouldn’t recommend other do that. Managing being a provider and a business owner can often be exhausting.

Can you elaborate on how you manage both roles?

Yes, being a business owner and practitioner can be hard. You have to wear different hats. Many doctors love being a doctor, but don’t like being a manager and owner. First, you must schedule. Most offices have production days, days where you are seeing patients and producing cash. On these days and shifts, you shouldn’t be managing, marketing, etc, you should be seeing patients. Other days are less about production and that is when you do your other activities needed to run the business. So, for example, most offices are busy Monday, after the weekend, etc. Monday is a production day, you don’t have meetings, etc. For us, Tuesday is much slower. So I only see patients 9–12. Then we have an hour-long staff meeting, and then I have time in the afternoon for marketing and business activities. You have to schedule your week plain and simple. As a business owner, how do you know when to stop working IN your business (maybe see a full patient load) and shift to working ON your business?

Great question. This is the key to most business people. I think for health care providers it is even harder because we all went to medicial school because we like to help people. In the beginning, you have to do it all. You have to see all the patients, do all the marketing, etc. As you grow and bring on associates or partners, you will have more time and more demands for management duties. So you slowly adjust your schedule. I now have two full time associates, as well as other providers that can cover for me. So, two days per week, I only see patients half the day to free up time for other business duties. I could continue cutting back patient hours, but I have enough time to get my management duties done, and its hard to give up patient care. Few providers ever totally give up patient care, for one, it’s very profitable for the owner to see patients, and two, we went to school for it, and hopefully love it. I can certainly cut back more hours of treating patients, but I choose not to, I still enjoy it and it is profitable. In the end, it’s your decision, but it’s crucial to block the time to run the business.

From completing your degree to opening a clinic and becoming a business owner, the path was obviously full of many hurdles. How did you build up resilience to rebound from failures? Is there a specific hurdle that sticks out to you?

Yes, there is certainly a lot of failure. I think the difference between successful versus unsuccessful practices, and in life, is the ability to bounce back. Failure is part of the deal — you learn, you grow. My biggest failure was the IRS. Don’t mess with them. I had a mediocre accountant and the practice was growing steadily the first few years. I was on a quarterly payment plan for taxes. However, as the revenue went up each year, the quarterlies didn’t cover my bill. Well, as I was putting all the money back into the business, when I get a bill for 20k, I don’t have it. So, I do a payment plan with IRS and the same thing happens next year. With the interest and fees, I have barely touched the balance. Now, same thing again, I owe another 20k. Once you owe the IRS over 30k, they start getting serious. Long story short, they threatened garnishing, taking property, etc, if the balance wasn’t under 30 in 10 days or so. I scrambled, wrote a check I wasn’t sure would clear. Lesson learned. I don’t do my taxes that way anymore, and I don’t use that accountant.

What are your “5 Things You Need To Know To Grow Your Private Practice” and why?

  1. Get more reviews. Reviews are social currency of today’s society. Today internet reviews are the social credibility. For most of us, Google is king. Yelp and others are important in some markets, but Google reviews are king. They also help with SEO which is an added benefit. So, how do you get more reviews? One, get a short web URL so it can be easily remembered. Second, make it fun with customer giveaways. “Win a flat screen tv this month, just leave us a review and be entered to win this new TV.”
  2. Develop a marketing calendar. Most private practices go on the practice roller coaster. Meaning we run a promo, practice goes up for a month, we get busy treating patients, do no marketing, then in three months, we are right where we started. Not productive. The way to beat this, develop a marketing calendar. Get a large dry erase calendar and plan out your marketing for the year. I strive to have at least 1 large event per month. For example, patient appreciation day, food drive, toy drive, etc.
  3. Master internet marketing: Well, actually you don’t master it, you’re a doctor after all! But you should know some basics and hire a really good team to do it for you. So, you need someone who really knows what they are doing. But you need to know what is the strategy. This is important, too many people want to study tactics, you don’t want tactics, you want strategy. You want good, paying referral quality new patients, not leads. You want people searching for your type of treatment online to find you. The best strategy is good PPC (pay-per-click) on Google to get people looking for what your selling. Don’t forget Facebook either. I would also advise avoiding lead generation companies — they send you leads buut not a lot of actual patients.
  4. Referral Systems: Most doctors when i speak or come to me for coaching tell me they want referrals. They need systems to encourage more referrals and keep a steady flow, but how do we do that? First, patients don’t refer for making them better, that is your job. You don’t get referrals for doing your job, you must impress patients with your customer service. Also, a big fallacy is that long time patients refer. Statistically, newer patients are most likely to refer, especially in there first few visits. So impress them with great training, great service, and my favorite, a welcome gift. We give new clients a goodie bag with our coffee mug and some small trinkets and a welcome letter, talk about a wow factor.
  5. Mail: Yep good old fashioned snail mail. It still works, and now that our mailboxes are less cluttered, it works even better. First, keep in better touch with your patients. Birthday cards, holiday cards, thanksgiving cards, and yes a monthly printed newsletter. We still send a printed newsletter every month, and it helps with retention and referrals. Also, direct mail can be very powerful for getting new clients. I really like the EDDM program from the post office. It allows you to send postcards to residents on a carrier or postal route. This works well for a practice because you can target neighborhoods where your customers live. I recommend an oversize card. Keep in touch with you patients — the more mail a year they get from you, the more referrals you will get.
Dr James Fedich

Many healthcare providers struggle with the idea of “monetization.” How did you overcome that mental block?

Someone told me this a long time ago. If your doors are closed because you didn’t pay your rent, you can’t help anyone. If the practice isn’t profitable, you wont be able to help anyone. If you can’t afford heat in your house and your freezing cold, how much help can you really be to anyone? You must take care of yourself and your practice in order to help others.

What do you do when you feel unfocused or overwhelmed?

Time off. Many doctors get burned out. It’s a serious problem. More doctors are leaving the healthcare field due to burn out than any other reason. But, here is the catch, if you’re a solo owner provider, one week off can take you up to 12 weeks to recoup the business. Yikes. So, what’s the answer? I teach doctors this, in the beginning, take one day off every 90 days. So a long weekend every 90 days. Try to get out of town if you can. You will be surprised how often 90 days comes up. Once your doing that, and the practice is growing, take a four day weekend every 90 days. A four day weekend wont cause a practice slow down like a week will. Do that until your ready to take more time. I’m a huge fan of mentorship throughout one’s career. None of us are able to achieve success without some help along the way.

Who has been your biggest mentor? What was the most valuable lesson you learned from them?

Mentors have been extremely valuable to me. I have been very blessed in this regard and it’s the reason I give back through my podcast and book. I was helped so much along the way, now I try to give back. I had a lot of great mentors. Dr James Santiago was a doctor I did my externship with him and he allowed me to work weekends in his clinic and weekdays in mine to get started. I learned from him how to balance excellence in patient care along with a profitable practice. Also, Dr Jay Morgan, he’s a mentor and coach who taught me so much, but mostly how to balance practice with family life and the real importance of each.

What resources did you use (Blogs, webinars, conferences, coaching, etc.) that helped jumpstart you in the beginning of your business?

Everyone needs some coaching. If Tom Brady has five coaches what makes people think they don’t need coaching. I have had coaching from day one in practice. Even today, when I coach other doctors, I have a practice coach, business coach and a coach for my associates. I did many coaching programs, but some books really helped me out: “Influence” by Robert Cialdini, all of Dan Kennedy books and his newsletters and seminars, Jim Collins, Seth Godin, Jim Rohn, all have been a big influence on me.

What’s the worst piece of advice or recommendation you’ve ever received? Can you share a story about that?

I think I have gotten more bad advice than good. I think the worst advice every clinician gets is that if your proficient and good at your field, the business will come. I think that is still the worst thing to tell anyone and we have all heard it. Just being good at your craft does not ensure that you will be successful. In fact, if you study only technical excellence and nothing else, you will surely go out of business and not be able to help anyone. Please recommend one book that’s made the biggest impact on you?

“Leading An Inspired Life” by Jim Rohn is greatest book I ever read. Get a copy, put on your nightstand and read a chapter every night.

Where can our readers follow you on social media?

Facebook https://www.facebook.com/DrJamesRFedich

instagram: Drjamesrfedich

Web: www.drjamesfedich.com



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