Stevens Consulting Group

Dr. Drew’s Monday Motivation – Determination

Drew — Mon, 14 May 2012 13:50:49 +0000

Monday Momentum

Monday Focus – I was watching the news recently and there was a story of a group of friends that were heading to an event and their plane soon crashed after takeoff. There were two survivors one male, the other female. They walked over an hour for medical assistance where she is now on a respirator and he died since he had third degree burns over 90% of his body. The male was determined to save his friend.

This story had me thinking about business as well as the need for determination. How many times have things gotten so bad that you decide to give it up – throw in the towel? How many times have you decided to stop because things are too difficult?

Review history, you will see numerous stories of determination from Jesus, to the Quakers, to Jefferson, to Lincoln, to King, to Mother Theresa and the list goes on. They lived for their passion, their determination their driver.

So the next time you are challenged and times seem difficult, measure your determination and you might be surprised from your results.

Monday Motivational Quote – “A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” – Colin Powell

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

Drew Stevens Ph.D. is a world-renowned marketing mentor for chiropractors. Drew is one of those very rare chiropractic-marketing experts with not only 30 years of true experience but advanced degrees in marketing productivity. Not many can make such as claim. Drew works with chiropractors and professional services firms who struggle like crazy to create customer centric relationships that create new revenue. Dr. Drew has aided professionals to reach billions of dollars in new revenue by strategically implementing processes and methods that develop new relationships and new revenue.

One of the top 25 Authors in the World as depicted by Customer Think

Seven Sins Inhibiting Practice Management Success

Drew — Thu, 03 May 2012 21:12:14 +0000

It is so important that practice managers pay particular attention to the business. What typically is forgotten is that nothing happen unless a patient pays. Doctors and staff must create business efficiency and organization if the practice is to survive.

I am certain spiritual or not you have heard of the 7 Deadly Sins. Well for many practices there are numerous sins committed in business each day. The reason for these sin is simple: a)lack of knowledge, b) lack of time and c) lack of awareness of the issue. Here are the 7 sins of practice management that negatively impact the practice:

Accounting – Ron loves to travel and have nice vacations. However, he is so busy spending he is not reinvesting into the practice. Material items are great but they do nothing for business expansion, reinvestment, and retirement.
Strategy – Too many doctors are so busy on working on tactical things that nothing gets done. Doctors need to think strategically because this is what the business is to become not how.
Sales – Nothing happens without a sale. Selling happens when patients exchange value for dollars. The problem here I know of too many doctors that are afraid to ask for money. Patrick has an front desk person that requests payment before individuals walk into a treatment room. Being meek does not pay the bills.
Service – So many practices ignore customer service. The greatest asset of any business is your patient. The difference between a profitable firm and one that isn’t is customer service. Don’t believe me then visit an office with a full waiting room and one that is empty – the difference, customer service. Patients are not an interruption of the business they are the purpose of it!
Hiring – People make a difference. Staff is the first and last people patients see. When your staff treats patients like yesterday’s garbage, they find another physician. When they take pride and illustrate purpose, patients remain. Ensure you hire right. Hire for talent not behavior.
Marketing – The doctor and staff must actively engage in the marketing business. Everything they do must act to ensure there is acquisition and retention. This includes activities that engage patient around brand.
Benchmarking – The problem with many practices is that they do just that – they practice. In fact, some are so good at practicing they do not compete. If you want to take your business from the practice field to the competitive field then you must have key performance indicators that measure success. When it is measured, it is repeated.

Did you know that every doctor has the same 17 Business Frustrations? Want to know what they are?

Medical Practice Success Factors – Part Four – Money

Drew — Tue, 01 May 2012 12:07:47 +0000

One of the trickiest issues for any chiropractor or medical professional operating a practice is not only taking in money but also ensuring it is kept. We can discuss marketing and positioning all day long but if money is not contained the practice is not profitable.

In this third installment of Medical Practice Success Factors, we look at some of the ways in which you are taking in money and more importantly keeping it.

Services – What I typically find in a doctors office is a lack of understanding what services they provide, the value to the patient and what fees are assessed. Pamela said to me not too long ago, “am I charging enough?” If you are unclear of your fees then how can you make any money? You need to be comfortable in your own skin to know the value and the services you offer.
Asking for Money – Jimmy asked me several weeks ago, “I am afraid to ask for money from the patient!” Selling is a large part of what any doctor does. When you cannot ask for money – nothing happens. You place no money in your bank account and the electricity bill is not paid. Asking for money cannot be outsourced. If you cannot request money for your valued services then you cannot make money in your avocation.
Processes – You must have a process for collecting, retaining, and generating money. Those that do are very profitable. Moreover, you must have processes that benchmark money keepers and money bleeders.
Materialism – I like you enjoy my vacations, great bottles of wine, cigars, and great food. However, I also have a family to feed and requirements to reinvest back into the business. You are spending more then you are keeping then are you being smart or living for the moment. Money needs to be placed away for future activities such as marketing, volatile times and… retirement!
Skills – Too many people have placed their trust in others to watch their money to ensure it is available. In addition, they have discovered that overtime bank accounts were drained and there is nothing left. There is only one person to trust- you! Take a class, and get familiar with the accounting side of the practice. Nothing is more important.
Marketing – Money comes from consistent and relentless marketing. If you are not building awareness and community, you are not building a sustainable business model.
Key Performance Indicators – KPI’s are those measuring sticks that ensure success. What gets measured gets results!

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

Dr. Drew’s Monday Motivation – Desire To Succeed

Drew — Mon, 30 Apr 2012 10:05:37 +0000

Monday Momentum

Monday Focus – I had a track coach when I attended college that was in the 1968 Olympic Games and won the Gold Medal in the 4 x 400. I remember one practice before the famous Penn Relays that was very fatiguing. We were all dead tired. We complained… that is until coach told us a story. When he was training with his teammates and anyone was tired someone on the team would push them to do more. So when they were completely tanked and “did not think” they could go further they did. They pushed past the barrier.

There are many times in business and in life where we come face to face with barriers. The issue is are you pushing yourself to get past them? Is there someone in your life that is helping you to continue past barriers or do they coddle you? Do you have the tenacity or even desire to push through? The answer to these questions can make you a winner or just looking are your competition in the winners circle!

Monday Motivational Quote – “The will to win, the desire to succeed, the urge to reach your full potential… these are the keys that will unlock the door to personal excellence.” – Confucius

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

One of the top 25 Authors in the World as depicted by Customer Think

Medical Practice Success Factors – Time

Drew — Thu, 26 Apr 2012 14:09:18 +0000

Tom came to me the other day complaining about not having enough patients and complaining about revenue. Naturally, we discussed key performance indicators and where his time is most spent. After a few moments of conversation, it appeared that Tom lacked focus and direction. As business owners, we are caught up with a myriad of issues from being a doctor to deciding how much hand soap needs to be ordered. It is not to say the latter is unimportant; the doctor needs to remember from a strategic perspective where his or her focus is best used. As business owners, we need to quickly decide what is urgent and what is important. In addition, we need to know what is urgent to some is not to you as a business owner seeking to focus on your most important asset – patients.

Consider the following to help you with time:

Prioritization - First you need to understand what are your priorities and what are not. It becomes necessary to establish your priorities and determine those things that are most important. For many lack of prioritizing a list, has a tendency to allow focus on things less important. The tighter the focus on priorities the more that gets done. With this in mind planning helps, so each morning and each evening you must devote a few moments to creating your priority to do list for the day. As well as priorities for you staff, this by the way helps with your delegation. You cannot do it all!

Delegation – People do not delegate because it takes a lot of up-front effort. This means attempting to reach people, trust people and get others to do what you want them to do. By involving other staff, the doctor is able to develop people’s skills and abilities. This makes the physician a better manager, more efficient leader and a better mentor as well as holding individuals more accountable.

Marketing – Remember being a physician you are in the marketing/relationship business. Daily time must be allocated to networking and developing alliances that build your brand. It is vital for you to create awareness and community. You are a brand and similar to consumer products, consumers invest in brand for brand’s sake. At least 20% of the day must be devoted to developing and building your brand.

Patients- Bar none there is nothing more important then your time with patients. You need to allocate enough quality time so that less important issues get in the way such as billing, coding, agitated patients etc. Think this way, when you are with patients you are making money. Nothing happens unless a patient is treated.

Procrastination – There are a number of major reasons for procrastination- the main item fear. Employees fear because of values and beliefs and sometimes this has to do with change the number one organizational killer! Limiting beliefs are those concepts and ideas that you believe so strongly but they hold you back. These beliefs can and will hold you from accomplishments. If you think you are fat, you are. If you belief you are not a musician, you will never play the piano. If you believe you are not an athlete, you will never participate in a sport. If you believe something will take longer like a presentation – it will! Life is about speed and velocity. If the team is always stuck in first gear because they procrastinate there will never be enough speed to progress forward.

What Are The Top 5 Medical Practice Success Factors?

Drew — Tue, 24 Apr 2012 14:09:40 +0000

All medical practices exist. They exist to service patients and they exist because they are a business. This is where many miss the mark since many medical practices forget that they are actually a business. Doctors today must think in terms patient care efficiency and profitability. To help the physician and his or her staff must think daily about the five things that actually influence their business side of their practice.

The five areas of a successful practice review:

Time
Talent
Money
Systems
Processes

All five must be focused on daily in order to operate an efficient practice. My work with hundreds of physicians and businesses suggests that the lack of attention and focus will throw any practice into panic and survival. Focusing on the five concepts can mean the difference between thriving and barely surviving. Over the course of the next several days will share with best practices so that you can implement them into your own firm.

First a brief explanation of each:

Time – Most physicians are so busy attempting to see as many patients as possible they lose focus on items that are equally as important such as 1) creating awareness and community, 2) staff development and communication, 3) building alliances to aid the practice, 4) reviewing the systems for key performance measurements.

Talent – In the crazy busy world in which we live it is essential to focus on those people that can make a difference in the practice. From the front desk staff and first impressions to billing and coding. Dismissing the benefits of good staff can make or break your practice.

Money – It is unfortunate how many physicians pay little heed to numbers and metrics. When recently asked a physician I spoke with did not know what his accounts receivables were. When there is little knowledge of those things that keep the practice afloat as well as few benchmarks that denote the current status of the practice – there is a recipe for future issues.

Systems – I find that building your practice is similar to building a residential home. Before the framework is being installed, the foundation gets built. Similar to a home or commercial building, the foundation vital for the home remaining for years. Without proper systems such as a business model, a business plan which are your systems, the business cannot operate towards future success.

Processes – Processes are those items that operate the systems. They are the pathways to indicate how patients are acquired, how they are treated when they enter the practice and just as important how to get them to remain.

While there are more items and more procedural methods that I will introduce in my forthcoming book “Practice Acceleration”, do note that these five are the foundations for operating an efficient practice.

Over the course of the next few posts, I will separate each one and help explore how you can implement some best practices into your practice. Stay tuned when I provide information on how to implement best practices in time but more important where the doctors time is best spent.

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

Dr. Drew’s Monday Motivation – Creating the Healthy Practice

Drew — Mon, 23 Apr 2012 16:27:43 +0000

Monday Momentum

Monday Focus – Tom called the other day to tell me that he was in need of assistance. His practice was struggling and he could not determine why. Your practice is like your health. If you do not adhere to core strategies to maintain health, the practice will continually struggle. Similar to the manner in which you exercise and maintain a good diet so much your practice.

When practices are ill, they suffer from a deficiency in vitamin C’s – Cash, Customers, and Community. The healthy practice engages in consistent networking to build a community. When people know you, they desire to do business with you as customers. Finally too many doctors that I have seen are wonderful at taking in the money but many forget to return it to the business. Business reinvestment is vital for success because the cash helps with hiring staff, obtaining new technology, and investing in the community to create new customers.

So if your practice is limping along and out of sorts, perhaps it is time to review your diet and ensure that the income is supplemented with a good source of minerals and vitamins that make your practice strong and healthy.

Monday Motivational Quote – “Effort only fully releases its reward after a person refuses to quit.” – Napoleon Hill

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

The Healthy Practice

Chiropractic Marketing Tip – The Power of Brand

Drew — Fri, 20 Apr 2012 22:58:02 +0000

Effective marketing builds brands, which then provide customers. Brands offer instant recognition and identification. They are also promise consistent reliable standards of quality, size, or even psychological attraction. Several national and regional surveys typically illustrate that consumers choose brand not because of price but simply name alone! People will make a purchase and choose a vendor solely for brand.

The ability to build brand offers a host of blessings such as customer loyalty, price inelasticity and long-term profits. A loyal customer is nine times more profitable as a disloyal one. An existing client who is affected by your brand value helps to obtain new patients for you more efficiently through referral that a new one. Building brand does not arrive inexpensively and without time. Research shows that it costs 200 to 400 times more to build brand equity but the long-term effects are worth it.

Do you have value?

Do you offer differentiation?

Do you have a community that is attracted to you. All of these help brand. What is your brand and how has it helped your practice? Please share your thoughts in the comment area.

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

Chiropractic Marketing Tip – Model for Stress Elimination

Drew — Wed, 18 Apr 2012 16:54:43 +0000

One must remember that when you decided to attend professional school for chiropractic you gave up a lot. You may have delayed getting married, having children, taking vacations and even spending time alone. Then as your desire increased so did the bills and the pressure to succeed. You carried on with your path attempting to become the best-darned physician that you physically can be… that is until you found out what was needed to run the practice. The DaVinci Code of Chiropractic was revealed, and the standard business model is accepting payment from a third party.

As is often discovered this is not the best method for operating a practice simply because when you operate a model with the third party concept the following happens:

You lost control
You are beholden to payment dates and rates
You have no other source of income
You limit your exposure to your patients. They can tell you how often to see them and when to end your relationship.

To stop feeling alienated and like a victim, physicians need to develop a business model. One that is most suitable to you, your personality, and your working habits. This requires sitting down and sketching out on a piece of paper:

The perfect patients you desire to work with
The type of insurance companies you desire to work with
The type of care you desire to provide i.e. sports injury, geriatrics, pediatric, hypothyroidism, etc.
Methods and activities required bringing new patients to the practice
Key benchmarks that ensure success

Over 54% of physicians surveyed do not have a business plan or even a business model. The issues associated with this are dysfunction, disillusion, and dissatisfaction. The road to a successful chiropractic need not be long or stressful if mapped out and planned. However, the lack of planning and modeling could eventually harm you personally and professionally. Run the practice with the same skills you desire of your patients – healthy and maintenance free.

Dr. Drew’s Monday Motivation – Making Dreams Reality

Drew — Wed, 18 Apr 2012 16:49:58 +0000

Monday Momentum

Monday Focus – I remember the day I received my MBA and while on the platform I decided as I was shaking hands with the Dean how I too wanted to go for my doctorate. I never wanted to say should have, could have, would have. There are many people from celebrities to actors that always state, …“If I did it, so can you.” This is a true statement.

The only thing withholding your dream is you. Risk and fear is what withholds you. Desire or lack of may actually withhold you. If you want to do something then stop making excuses about money, time, resources, and all the crap that can get in your way and do it. Dreams can become reality if you choose to ignore and eliminate excuses and listen to the famous words of Nike, “Just Do It.”

Monday Motivational Quote – “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.”

~ Henry David Thoreau

“The future belongs to those who believe in the beauty of their dreams.”

~ Eleanor Roosevelt

“Dream as if you’ll live forever… live as if you’ll die today “

~ James Dean

Did you know that every business owner has the same 17 Frustrations? Want to know what they are? Find out now!

One of the top 25 Authors in the World as depicted by Customer Think