The Key to More Revenue
Feb 29, 2024I work with a practice owner.
We'll call him Mark.
His small 7 year old solo practice is stagnant.
Not growing, not actively dying.
Just floating along.
His revenue was from hearing aid sales, almost exclusively.
Used to be mostly private pay, but TPAs have crept up and are taking more of his time.
Now he's busier, but not making more money.
We got under the hood of his practice and found some interesting things:
- He talked about hearing aids, not his treatment process.
- He didn't have a well-defined "Adoption Offer" for outside patients.
- He gave hearing evaluations away for free.
- He didn't offer extended in-house warranties.
- He didn't have structured extended service plan offers.
- And more...
Each of these was a leak in his practice.
Recurring revenue, left on the table.
And it all came back to one concept:
Offer Creation.
In hearing care, we tend to think of products and services.
Patients don't want either.
They want a solution to their problem.
A solution:
- that they're confident will get their desired result.
- that doesn't seem overly complicated or confusing
- at a price that's commensurate with the value/pain of the problem to be solved.
So, we took all of the problems that Mark's patients and candidates were bringing to him.
Turned the problems into solutions, and the solutions into offers.
Within two months, Mark had added over $10k in monthly service revenue, and his treatment acceptance improved by 10%.
That's over $150k in his pocket this year, with no additional overhead.
Not to mention the new "outside purchase" patients who now like and trust him, and will upgrade with him when the time comes.
This is the type of work that we're doing every day in ā€‹Practice Amplifierā€‹.
Building offers.
Clearing roadblocks.
Growing peaceful, profitable revenue.
This month, Cliff Olson, AuD will be joining us live inside Practice Amplifier for our next Masterclass: The Private Pay Revenue Roadmap.
During the Masterclass, we'll be sharing advanced pricing and program design strategies that serve patients at the highest level, while generating profitable recurring private pay revenue.
BTW - if you HAVEN'T joined Practice Amplifier, the price goes up TOMORROW.
If you:
- want to serve patients at a high level without relying on TPA's or insurance.
- want to generate more income without trading time for dollars.
- want a practice that lets you focus on the things you love and delegate or automate the rest.
- are getting by, or even outwardly successful, but want to unlock the next level of ease and abundance...
Practice Amplifier is for you!
The membership price will continue to increase significantly throughout the next several months as we announce exciting new partnerships, add more trainings and resources, and invest in making this the best training program and practice owner community in the industry.
You can lock in your membership for the next year at the lowest price if you sign up before midnight CST tonight, March 1.
At the current price, just one hearing treatment will double your investment for the year.
Want to help more patients in your practice? Schedule a risk-free strategy session to discuss your goals and develop a plan with Brad Stewart, AuD.