Oct. 21, 2024

4 Steps to Crush Your Medical Practice Revenue Goals

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Feel like your private practice isn’t reaching its full potential?

Most people stop at just setting goals, but that’s not enough. In this episode, I’ll show you how to reverse engineer your private practice revenue goals and map out the actionable steps needed to hit them. We’ll break down the process so you can stop guessing and start growing your practice with intention.

Whether you want to hit six, seven, or multiple seven figures, this episode will give you the tools to get there.

Tune in!

—

Key Takeaways:

00:00 Intro
00:40 Setting revenue goals
03:41 The role of identity shift in achieving goals
08:39 Mapping out the strategy
10:57 Do you have the capacity?
13:00 Execute relentlessly
19:03 Outro

Additional Resources:

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Interested in 1-on-1 coaching? Apply here.
Grab a copy of the "The EntreMD Method" book.

When you are ready to work with us, here are three ways:

EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here ...

00:00 - Setting and Achieving Revenue Goals

07:52 - Strategic Planning for Business Success

19:10 - Achieving Success Through Relentless Execution

WEBVTT

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You are a physician.

00:00:01.405 --> 00:00:05.520
You are a physician entrepreneur, which means you are absolutely amazing.

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You have a business that has the potential to have profound impact, and the bigger your business is if that's your desire to grow it bigger the more impact you can have.

00:00:14.971 --> 00:00:22.242
Progress is something everybody should be looking at some kind of way like how can we be better, hi docs?

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Welcome to the EntreMD podcast, where it's all about helping amazing physicians just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms.

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I'm your host, dr Una.

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One of the most important things you can do for your business is take the time to kind of describe the direction you want it to go in, and there are a number of people who don't do it, like they've never set goals.

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I've worked with many physicians and these are physicians running seven figure businesses, multiple seven figure businesses, and they've never really set goals.

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They kind of just done things and moved forward and all of that, and that is something you can do that can create a big difference.

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But even amongst the people who do set goals, a lot of times they set the goal, they do what they do and they wait for an outcome, and it's very frustrating because a lot of times, there are a number of steps that they've missed that just make the outcome, and it's impossible for them to ever get there.

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So, on this episode of the EntreMD podcast, I am going to show you the right relationship you need to have with your goals, the things you need to do after you set them so that they can become a reality.

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And for the purpose of this conversation, when I talk about business goal, we're going to talk about one goal, which is your revenue goal.

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And you might say, dr Una, but that's not.

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The most important thing in my business is the outcomes I create and all of that.

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But I picked this because this is the goal that usually physicians don't set.

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Okay, so let's talk about this here Now.

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I want us to use an example here.

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If you have never taken the time to decide how much revenue you want your business to bring in, I want you to actually pause this recording and give it a thought and decide this is how much I want to bring into my business over the next 12 months.

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This is how much I want to bring into my business next year.

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A lot of times, people are terrified of doing it, because that means that you have to automatically, if I set a goal and say, okay, this is the year I want to cross 10 million in revenue, there are a number of things that that immediately means.

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It means that I have to start showing up differently.

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I have to learn a lot of new things, I have to do a lot of things I haven't done before and I run the risk of not pulling it off and for some people, they would feel bad about it.

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I never feel bad about things like that, but they may feel bad about it, and so when they put this all together, they're like I'm just not going to own a goal.

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Okay, but your one life is so precious that there is no point spending it going somewhere you might just end up in, as opposed to carefully curating where it is you want to go and strategically going there right, we're going to get older anyway.

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We're going to hit 90 at some point, right, and all of that.

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If you're going to do that, take control of what you want that time to look like.

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Let's back up and create this roadmap, this beautiful roadmap that, if you follow, you'll be the person who can decide where you want to go.

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And then you become this person who can actually pull it off.

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Okay, let's start with a revenue goal.

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We're just going to play.

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We're going to play with some math.

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So let's say, you know, somebody is running a business, they've hit their first seven figures in revenue and they say, okay, over the next 12 months I want to take my business to 2 million in revenue.

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Right, so this is the goal.

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So, first of all, they own the goal.

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Okay, after they own the goal, there are a number of things that need to happen.

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The first thing that needs to happen is that there does need to be an identity shift, and this is the part that people miss the most.

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This is a part that people don't think about.

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We set the goal, we show up the same, we take the same actions, maybe do a little more of it, and we're frustrated because usually that does not deliver the outcome.

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Not when you're trying to double, not when you're trying to grow by any significant measure.

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It's not going to be enough.

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The starting point is I have.

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This person, right, has the identity of a seven-figure entrepreneur.

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So I'm a seven-figure entrepreneur.

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I lead my team like a seven-figure entrepreneur.

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I have a team that a seven-figure entrepreneur would have.

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I have habits that a seven-figure entrepreneur would have.

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I have habits that a seven-figure entrepreneur would have, and all of that.

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If I want to go to multiple seven figures, then there is an upgrade required.

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The way I think needs to be different, the way I lead my team needs to be different.

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The way I show up, the way I manage my mind, the mind drama I allow, like all of that needs to shift.

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I need to have this identity as a multiple seven-figure entrepreneur.

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There are a number of things that you can do with this, but I want to give you probably one of my favorite ones.

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This is the one I use all the time.

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A lot of times you cannot embody an identity that you've never experienced, right?

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So say, I want to build a $10 million business.

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Now, my businesses together have done, you know, 10 million over the course of time.

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We've done 10 million.

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But have I done 10 million a year?

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No, not yet.

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Okay, now if I say I want to do that, it's hard to say.

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How would that person show up?

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What do they do?

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What kind of teams do they have?

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What kind of?

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You know like I don't know what that is.

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I don't know what that is.

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I don't have context.

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I'm not saying for me like I've been in that world, but I may not have the context.

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So what is one of the simplest, most powerful things I can do?

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I can find places where these people are and insert myself into those places, right?

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So where are they?

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And I insert myself in those places?

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Why?

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Because I get to see them.

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I get to see the challenges they have.

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I get to see the way they think.

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I get to see the way, the things that are important to them and what is not important, what they spend their time doing.

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You know how they take care of themselves, the work they do on their minds.

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I get to be exposed to all of that.

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And so what can I do?

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In a way, I can model and paste Notice, I didn't say copy and paste right, because you're going to do what's authentically you, but then I get to model and paste.

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What am I doing?

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In that process?

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I'm upgrading myself, I'm putting myself in a position where I can see that identity and I can embody that identity.

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Right, because when you get into those rooms, the whining, the complaining seems to go away, because the level of radical ownership they have is so much higher.

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The level of confidence they have is so much higher.

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They don't fall apart when storms show up.

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Because they've been through so many storms.

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They understand how to navigate the storms right.

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They are more focused on preparedness and putting in the reps and getting good and all of that than they are by oh, I must have this result right this moment, because they understand the pathway to getting those results.

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There's so many things that are different and you put yourself in an environment where you can observe that, where you can see that.

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You can see that happening in many different types of businesses.

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You can see that happening in many different kinds of people and you can embody that.

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So there's an identity upgrade that needs to happen.

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So think about it.

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For the revenue goal that you set for your business, what have you put in place?

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This is one huge reason You've heard me say this many times.

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This is one huge reason why we built the community for the Entremdy Business Schools, because for me, I was like if I'm going to help doctors build profitable six, seven and multiple seven figure businesses, they need to be in a container where they can hang out with people who are doing those things right.

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They can hang out in those circles, they can see what those people are doing, they can get challenged, they can get all of that.

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It's literally like being around vision boards and what happens is when you see people do that, it becomes so much easier for you to do that.

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You see people crossing the seven-figure mark, crossing the six-figure mark, taking five you know to a foreign country for a long vacation with their family while they're building a very successful business.

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You see them navigating the storms.

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You see all of that, and so you know how to show up as the kind of entrepreneur who does that.

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That's also the reason why I see it as a very big responsibility Now, not in a way where, oh, I'm so stressed out and stuff like that, not like that, but I see my growth as an entrepreneur as a huge responsibility, because then what I can do is I can be a vision board for others in the physician community where they're like, oh, that's an example, okay, that's what that could look like, right?

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So the first thing, if you want to pull off a goal like that, is an identity upgrade.

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The second thing is you want to map out the strategy, right?

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So sometimes people set goals and they just go and do random stuff and they're like I don't understand why this is not happening.

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It's an economic sport, it's a math sport, like you want the math needs to math, right, and so you know for this person.

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You know, let's say the person is private practice, who wants to do the $2 million?

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Okay, how much revenue comes in per patient?

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Let's say this is an insurance-based private practice.

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How much revenue comes in per patient?

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To make it easy, let's say it's $200 per patient.

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How many patients do you want to see?

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I want to see this number of patients.

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Okay, if you're going to do that, and you do that all day, every day, what does that come to?

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Does that come to the 2 million?

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If it doesn't come to the 2 million, then you have to say okay, let's back up a little.

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I can increase the number of patients, or I can increase the revenue per patient, or I don't want to see more personally, I can bring on another physician who would also see patients.

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You have to have the roadmap Now.

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How are we going to get from here to there?

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Okay, how are we going to do that?

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It's the same thing, even if you may say, oh well, what if the one conducting the orchestra, if you will, because I'm not going to be able to do it and have everybody be at peak performance.

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The strategy needs to be worked out On paper.

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You need to see this is how we get there.

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Right, you may still have questions about, but this how does this part play out?

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How does this part play out?

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But we can't just wishfully think and say, oh yeah, this is what we're going to do.

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So map out that number, whether it is your first 100K or whether it's your first seven figures, or multiple seven figures, first eight figures, whatever it is, map it out.

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How are we going to get there?

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In the Entremet Business School, we call this the EBS puzzle and where we do it, where we were like, okay, this is the number, we want to get there and we start creating the yellow brick road, right, how do we get there?

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So the first thing is the identity upgrade.

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The second thing is the strategy.

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Now, I'm sure you can already see why there are many goals that never happen.

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The thing with the strategy is, once you get that, it puts you in a position where, all of a sudden, the creativity to pull it off comes up, but it won't show up before you have the strategy.

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Okay, all right.

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So the third thing?

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The third thing is capacity.

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The third thing is capacity, and I'll explain what I mean by this.

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So, for instance, someone may do the strategy and say, okay, if I want to get to 2 million, and this is how much is coming in per patient visit and this is how many patients I'm going to see, I can pull off the 2 million.

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It all adds up.

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But the question is that number of patients that you want to see, does your business have the capacity to see it?

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Again, this is something that gets missed all the time, where someone say I want to make 2 million and then if I'm going to do that at 200 per visit, that means I'm going to need to see I don't know 5,000 patients or 10,000 patients, I don't know how many that is patients or 10,000 patients, I don't know how many that is, but whatever number of patients that is, and there's no strategy to hire, but when the person looks in their practice, they don't have enough doctors to see that number of patients.

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So, even though they have this strategy, they're thinking they have the goal, they've done the identity upgrade, they have the strategy, they don't have the capacity.

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There is no capacity, right?

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A coach may say oh, I want to make a million, I only want to do one-on-one and this is how much I charge, right?

00:12:06.202 --> 00:12:07.126
So let's say they charged 10,000.

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That means you want to see a hundred clients one-on-one and the person's like there's no way, I want to see a hundred clients one-on-one, that would be calls like my entire life, right?

00:12:14.342 --> 00:12:18.570
And so what that means is this person does not have the capacity, right?

00:12:18.570 --> 00:12:20.077
So does the math, does it work?

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The strategy, can it work?

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Yes, but the person does not have the capacity to pull it off, right?

00:12:24.758 --> 00:12:31.364
And so that either means you need to raise your price or it means that you need to bring somebody else to serve those clients with you.

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Something needs to give.

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So, whatever it is you've decided to do, do you have the capacity to do it?

00:12:37.202 --> 00:12:40.288
Does your business have the capacity to do it?

00:12:40.288 --> 00:12:44.822
Because if it doesn't, that needs to be fixed, otherwise you're not going to hit the goal.

00:12:44.822 --> 00:12:46.642
So number one is identity upgrade.

00:12:46.642 --> 00:12:51.105
Number two is the strategy, the math of business, like the roadmap.

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How am I going to get there?

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The third is make sure you actually have the capacity to pull it off, and if you don't, then that means that hiring becomes mission critical if you're going to hit that goal.

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And then the fourth thing, which is like the fourth, fifth, sixth, seventh, eighth, ninth thing, is this Okay, let me set the stage here.

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Okay, there was a business makeover mastermind, which is one of the in-person events we do for the students in the EntreMD business school.

00:13:13.820 --> 00:13:19.615
It was a year that we did that and I said business goal.

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It was a year that we did that and I said set the goal, decide on how you get to the goal.

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Then throw away the goal and go all in on how you get the goal.

00:13:26.908 --> 00:13:27.089
Okay.

00:13:27.089 --> 00:13:32.028
So, for instance, let's say that you decide you want to do two million in revenue.

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You decide that in order to pull that off, you need two doctors seeing 25 patients per day Okay.

00:13:37.166 --> 00:13:39.354
And you decide in order to pull that off, you need two doctors seeing 25 patients per day.

00:13:39.354 --> 00:13:45.548
Okay, and you decide in order to see 25 patients a day, we need to talk to referral sources every other week.

00:13:45.548 --> 00:13:48.780
We need to go to networking events every other month.

00:13:48.780 --> 00:13:50.183
We need to do ads.

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We need to make sure that all our patients who come into the office have follow-up appointments.

00:13:54.267 --> 00:13:57.597
So you have a whole strategy mapped out, okay, so think about it.

00:13:57.597 --> 00:14:03.229
So 2 million, two dogs, 25 per day, and this is what we're going to do to keep their schedule full.

00:14:03.229 --> 00:14:06.683
Once you have that strategy, you can throw away the goal.

00:14:06.683 --> 00:14:13.028
When I say throw away, I don't mean I mean like keep it on the wall somewhere, but your marching orders now become the strategy.

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Now, why am I saying this?

00:14:14.735 --> 00:14:21.041
Because I've had many people I would talk with and they're so frustrated because they're not hitting their goal.

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They're so frustrated but they're not clear on what they need to do to get there.

00:14:24.883 --> 00:14:28.605
And if they're clear on what they need to do to get there, they're so patient with themselves.

00:14:28.605 --> 00:14:30.466
Like, oh, you didn't feel like working today.

00:14:30.466 --> 00:14:32.489
Oh, so you didn't work and that's okay.

00:14:32.489 --> 00:14:35.671
Oh, this other day you were having a bad day, so you decided not to work.

00:14:35.671 --> 00:14:39.234
This day you were scared of talking to that referral source, so you didn't talk to the referral source.

00:14:39.234 --> 00:14:43.182
They're very patient with themselves and they're impatient with the result.

00:14:43.182 --> 00:14:44.846
And I'm like that's backwards.

00:14:44.846 --> 00:14:59.277
Right, we're going to reverse that, where now you're patient with the results, but you're all in and notice that when I say impatient, I don't mean as a lack of virtue, but I mean like you're like, come on, chop, chop, let's get this done right.

00:14:59.317 --> 00:15:03.506
What you want to do is go all in on the strategy, taking action on the strategy.

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You show up every day not to say, oh so, in the bank account, how much do we have?

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Have we hit our goal?

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I mean no, the first thing you do is the thing that needs to be done to pull off the goal.

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Am I doing it?

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Am I doing it?

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Am I doing it?

00:15:19.655 --> 00:15:20.639
That's what you're looking at every day.

00:15:20.639 --> 00:15:21.600
That becomes your goal.

00:15:21.600 --> 00:15:26.698
Your goal becomes to execute on the things that will deliver the goal.

00:15:26.698 --> 00:15:29.567
There's no amount of staring at the goal that produces the result.

00:15:29.567 --> 00:15:33.480
What produces the result is doing the thing that produces the result, right?

00:15:33.480 --> 00:15:33.961
Okay.

00:15:33.961 --> 00:15:47.433
So number four is execution, relentless execution, relentless execution on the strategy that the person you are, now your upgraded identity, will do to pull off the goal.

00:15:47.433 --> 00:15:58.927
Okay, so it is sitting in the execution, and in that execution, what puts you in a position that you execute and execute and execute is the identity upgrade that you did as the first step.

00:15:58.927 --> 00:16:05.839
Right, because the person you are, who pulls off the kind of result that is the goal you set shows up like this every day.

00:16:05.839 --> 00:16:06.841
You see what I'm saying.

00:16:06.841 --> 00:16:11.480
So it's execution, execution, execution, not random execution.

00:16:11.480 --> 00:16:17.503
It is execution on the strategy that we've demonstrated can take you to the result, okay.

00:16:17.884 --> 00:16:21.438
So let's back up on this a little bit, okay, and then let's recap this.

00:16:21.438 --> 00:16:23.082
You are a physician.

00:16:23.082 --> 00:16:27.200
You are a physician entrepreneur, which means you are absolutely amazing.

00:16:27.200 --> 00:16:37.369
Okay, you have a business that has the potential to have profound impact, and the bigger your business is if that's your desire to grow it bigger, the more impact you can have.

00:16:37.369 --> 00:16:40.725
And even if you don't desire to grow it bigger, you can grow it better.

00:16:40.725 --> 00:16:47.783
Either it's more efficient, it can work without you, it serves people at a higher capacity, it serves higher level clients, so the revenue is bigger.

00:16:47.783 --> 00:16:49.537
There are all kinds of things you can do.

00:16:49.537 --> 00:16:55.724
So, yes, progress is something everybody should be looking at some kind of way, like how can we be better?

00:16:55.724 --> 00:17:02.751
Okay, whatever that goal is that you set and for the purpose of this we did revenue, because for some reason, we don't like looking at revenue.

00:17:02.751 --> 00:17:04.000
So I will bring you to revenue.

00:17:04.000 --> 00:17:08.659
Right, if you're like this is what I want to do, I am telling you that you can do it.

00:17:08.818 --> 00:17:12.926
But in order for you to pull it off, these four things need to happen.

00:17:12.926 --> 00:17:23.529
You need an identity upgrade, you need the strategy, you need to be sure you have the capacity and you need to execute relentlessly, relentlessly.

00:17:23.529 --> 00:17:32.661
This will put you in a position where it's very easy to hit the goal every day, because the goal every day is I executed on the strategy and showed up like the upgraded version of myself.

00:17:32.661 --> 00:17:42.701
You can hit that all day, every day, and that way, if your goal was 2 million and you execute and you find yourself at 2.5, you're like whoa, what happened?

00:17:42.701 --> 00:17:46.119
If you find yourself at 1.8, you're like but we're on our way.

00:17:46.119 --> 00:17:46.480
Why?

00:17:46.480 --> 00:17:49.481
Because you're doing the thing that's gonna get you there right.

00:17:49.481 --> 00:17:58.367
It puts you in a position where you have more peace, you have more joy, you enjoy your journey more, because you are all in on what you can control.

00:17:58.367 --> 00:17:59.958
You can control the inputs.

00:17:59.958 --> 00:18:01.040
That creates the outcome.

00:18:01.040 --> 00:18:03.935
You cannot directly control the outcome, right?

00:18:03.935 --> 00:18:05.980
And so you're like, yep, I'm showing up.

00:18:05.980 --> 00:18:10.099
I'm showing up excellently on the thing that I can do and it will change everything.

00:18:10.300 --> 00:18:11.743
Okay, so what do I want you to do?

00:18:11.743 --> 00:18:15.320
I want you to take this process and I want you to workshop it.

00:18:15.320 --> 00:18:16.565
Maybe get a few friends together.

00:18:16.565 --> 00:18:18.396
You guys sit down and kind of work this out.

00:18:18.396 --> 00:18:19.519
This is my goal.

00:18:19.519 --> 00:18:21.605
This is the identity upgrade that I need.

00:18:21.605 --> 00:18:29.117
If you're like, and and oh my goodness, I don't I don't even have people in my world who are running seven or multiple seven figure businesses.

00:18:29.117 --> 00:18:37.134
I don't have people in my world who navigate the storms and just go through it and know that this is just part of it, but I'm not going to quit.

00:18:37.134 --> 00:18:42.007
I don't have people who are building dream lives and building their dream businesses at the same time.

00:18:42.007 --> 00:18:46.933
And if you don't, the EntreMD Business School is the place where those doctors are.

00:18:47.054 --> 00:18:47.997
Okay, so come join us.

00:18:47.997 --> 00:18:49.680
Entremdcom forward slash call.

00:18:49.680 --> 00:18:50.903
You can book a call with the team.

00:18:50.903 --> 00:19:00.928
They'll be happy to talk you through what that looks like and if this is the best next step for you and in our portfolio of companies, we do have a number of different ways that we can serve you.

00:19:00.928 --> 00:19:02.560
So just get on a call.

00:19:02.560 --> 00:19:03.143
We'll take care of you.

00:19:03.395 --> 00:19:04.840
So sit, decide.

00:19:04.840 --> 00:19:05.824
This is the goal.

00:19:05.824 --> 00:19:07.636
This is the identity upgrade I need.

00:19:07.636 --> 00:19:08.076
This is a strategy.

00:19:08.076 --> 00:19:08.837
This is a strategy.

00:19:08.837 --> 00:19:10.219
This is my capacity.

00:19:10.519 --> 00:19:14.282
And this right here, this right here, is the execution.

00:19:14.282 --> 00:19:17.826
This is my commitment to execution, relentless execution.

00:19:17.826 --> 00:19:22.912
Okay, if you will do this, it will put you in a position where you become a goal getter.

00:19:22.912 --> 00:19:29.923
You become this person who shows up at you know, as the version of yourself.

00:19:29.923 --> 00:19:31.270
You will love this version of you, the upgraded version of you.

00:19:31.270 --> 00:19:31.834
You will love him, her.

00:19:31.834 --> 00:19:32.916
Okay, you get to show up.

00:19:32.916 --> 00:19:36.686
That way, you get to execute even more effortlessly.

00:19:36.767 --> 00:19:41.205
Now I'm not saying it's not work, but because of the identity upgrade, like, of course, I would do that.

00:19:41.205 --> 00:19:44.883
That's what, that's what me 2.0 would do, that's what this version of me would do.

00:19:44.883 --> 00:19:54.625
And because of that, you will start creating such progress and momentum and speed and accomplishments in your business, such progress and momentum and speed and accomplishments in your business.

00:19:54.625 --> 00:20:07.313
And you'll steer away from this paralysis like, oh my goodness, my goal is not happening, and you come into this place where you understand that you can create outcome after outcome after outcome and you can enjoy the process.

00:20:07.313 --> 00:20:09.542
Enjoy it so much, have so much peace as an entrepreneur.

00:20:09.542 --> 00:20:11.079
So I am rooting for you.

00:20:11.079 --> 00:20:12.223
Go do the work.

00:20:12.223 --> 00:20:13.660
I see this episode.

00:20:13.660 --> 00:20:16.480
Every person in your life who's a physician, entrepreneur.

00:20:16.480 --> 00:20:19.144
Do them a huge, solid and send them this episode.

00:20:19.144 --> 00:20:20.500
They will thank you forever.

00:20:20.500 --> 00:20:24.501
I'm rooting for you and I'll see you on the next episode of the Entree MBA Podcast.