It’s almost a new year! How time flies when you are working hard! So how was business in 2017? Are you looking forward to or dreading 2018? Perhaps it’s time to make a change.
I’ve been talking about change in my last four blogs and how to have the ability to say “No” to the burgeoning group of Third Party Administrator Programs (TPAs) that threaten profitability and business as we have known it. While I certainly don’t love those groups and I am not going to participate with them, change is not always a bad thing. Sometimes you need to infuse a breath of change in business to make it thrive again. Don’t settle for Business as Usual in 2018! Make a Change!
Now, as for TPAs, let me summarize how to have the business ability to say “No”.
#5 Cultivate new referral sources. If you have been in business for more than a couple years, you may get so busy that you don’t think you need or just don’t have the time to cultivate new referral sources. Every business needs a steady stream of referrals to stay alive.
#4 Stay in touch with your patients at least four times a year and make every effort to Keep Them your patients. Patient retention is a key component of a successful practice.
#3 Make sure EVERY phone inquiry is converted to an appointment – It can cost hundreds of $$ to make the phone ring so when it does ring, it’s critical that the person answering the phone knows the right answers to the most commonly asked questions.
#2 Discover lost revenue in your practice by charging for everything you do. Think of all the times you provided a service for a patient and didn’t charge a fee. These charges add up and can amount to a significant amount of revenue.
And the Number One Way to have the ability to Say “No” to TPAs is to…
Convince more patients you see that need Help to Get Help! Most hearing healthcare professionals convince less than half of the patients that Need Help to Get Help! Start tracking your Help Rate and be honest about it and then work on convincing more patients to get the Help they need. If you don’t track your Help Rate and want some help, send me a message and I will send you a simple tracking sheet.
2018 will certainly be a challenge for business but that can be good for business and great for you! Don’t settle! Strive to be the Best in 2018!