Florida Doctor

FLDR Spring 2017

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S P R I N G 2 0 1 7 23 are a drain on your practice (and possibly your wallet) and don't share your values. Combine your reverse testimonials with website copy that addresses each of the objections you learn about through customer research, and you've taken your marketing message to a whole new level of effectiveness. In the end, patients have the final say. Unless you're in a very niche specialty or live in a remote area, you're in compe- tition with doctors all around you. You might even be in competition with the Internet! If this article does nothing else, I hope I've convinced you that there's un- tapped growth potential in your practice. And to tap it, you need to start en- gaging your best patients. If you listen to them closely, they'll show you the way to a much more profitable—and satisfying— practice. Matt Donnelly, a 20-year journalism and marketing veteran, is Principal at Donnelly Creative, a creative consulting firm based near Boston. Please get in touch with Matt with questions or to express interest in working together. Are you aware that there may be additional revenue from your existing patients that you're probably leaving on the table? Let's use a modest example: Assume you have 50 patients. If they each paid you $1,000 per year, your total revenue would be $50,000. According to the Pareto principle (where approximately 80% of your sales come from 20% of your clients), the top 10 patients in this scenario have additional revenue potential of $87,302, while clients 11-20 have an additional revenue potential of $22,416. On average, in this scenario, your top patient has the potential to spend 29x more than you're currently billing, your #2 customer 16x, your #3 cus- tomer 8.8x, and so on. Taken together, your top 20 clients have an untapped revenue potential of $109,718 if you can develop additional value-added products and services to capture that revenue. Clearly these examples are on the low end for medical professionals, but you get the idea: There is a rich opportunity for new options for these highly profit- able patients. How about a series of webinars? What about telemedicine services? What other ways can you provide them with VIP treatment, to give them enough added value that they'll want to continue to deepen their financial engagement with you and your practice? The options are endless. — MD Unlock the Considerable Value-Added Opportunities With Your Existing Patients

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