July 8, 2024
7 Steps to Building a Million-Dollar Private Medical Practice
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Think you can’t build a million-dollar private practice?
I’ve been there. When I began my entrepreneurial journey, I didn’t believe I could get to where I am today…
But here I am. Living proof that it’s possible!
All it took was the right mindset, knowledge, and strategy.
Today, I will show you how to overcome your mindset drama and build a million-dollar practice in 7 simple steps.
Tune in!
—
Key Takeaways:
- 00:00 Intro
- 02:26 Set the goal
- 03:46 Do the math
- 05:18 Audit the math
- 08:44 Create external and internal marketing plans
- 12:08 Set a team plan
- 12:42 Secure funding
- 15:41 Make a personal evolution plan
- 17:33 Dealing with mindset drama
- 23:03 Outro
—
Additional Resources:
- Learn more about my 12-month program.
- 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 - Building a Million Dollar Medical Practice
14:25 - Funding and Personal Evolution in Business
25:07 - Building a Dream Medical Practice
WEBVTT
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The beautiful thing about being a physician is that you have a relatively high earning power and you can use that to self-fund your business.
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Sometimes I'll see people who talk about doing locum and stuff like that and they feel ashamed because they're like it's because I'm not doing the business thing right, that's why I'm needing to do this, and I'm like no, that's not actually what's happening.
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What's happening is you're funding your business, but of course, you have to learn to use your time in such a way that you're doing the most important things in your business so you can stop needing to self-fund 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.
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Dr Una, if you are somebody who is running a private practice and you've been looking to break into your first or next million dollars in revenue and you feel like you're doing all the things, you're doing everything and it is not working, I have a treat for you.
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Today, we're going to be looking at the million dollar private practice.
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I'm actually going to walk you through what I would do if I was starting over and I had to get to my first million and you can extrapolate it for the next million, okay, so this is going to be so much fun.
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I want you to lean in.
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This is an episode right off the back.
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You want to share with the doctors in your life.
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You want to grab a pen, you want to grab paper or, if you're listening to your car, you definitely want to go like, okay, I'm coming back to this one.
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Okay, all right.
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So let's break this up.
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To put this in context, you know, my very first business was a was a private practice.
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It is 14 years old at this point and I had set an intention that I was going to retire from it when I turned 40.
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And so, over a nine year period, we launched the practice, we grew it to seven figures and exited the practice.
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Okay, so this is something we've done, and over the last five years, I have helped hundreds and hundreds and hundreds of doctors build their practices.
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Many of them got their businesses to seven figures, multiple seven figures.
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So this is something that we've done.
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This is kind of the entree, md, this is our thing, our bread and butter, and I'm excited to share it with you.
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Okay, all right, so I'm going to walk you through a seven step process that you can do, starting out your practice, and it doesn't matter if you've already crossed seven figures like these are things you can come and look at as things that you can dial up or dial down and create a completely different experience in your business.
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So let's start, okay.
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So the very first thing, step one, is that I would set the goal that I want to hit a million dollars in revenue.
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I want to hit multiple million dollars in revenue and that's the starting point.
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And you might say, dr Una, don't be Captain Obvious.
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Of course I would set the goal, but this is a deal.
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Many people do not like to own the goal.
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They can have it as a wish, like you know, it'll be nice someday but they don't own it as a goal.
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Because when you own it as a goal, there are other things you immediately have to do.
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Like, you become aware, okay, I'm not doing this, I'm not doing that.
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Or you're like, what if I don't hit it?
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And you know, like, then that means I'm a failure and all those kinds of things.
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This is a deal.
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The goal is yours, okay, the goal is yours.
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And if you set it, chances are you hit it.
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If you don't, chances are you won't.
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Right, like, so, just own it.
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Like I want to build a million dollar practice or I want to build a multimillion dollar practice, right, just set the intention.
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Set the intention, set the goal, write it down.
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Create a vision board.
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The first time I owned that I was going to build a million dollar practice, I did not actually believe that I could pull it.
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I didn't believe.
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Not, I didn't believe.
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I didn't see how I could do it.
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I did not see any pathway.
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I was just like, well, you know, but I was like I'm going to decide to do it, I'm going to decide to hang out with the idea.
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I'm just going to own it, right.
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And you know, it wasn't long after that that we hit that.
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Okay.
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So the very first thing is to set the goal.
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Okay, all right.
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The next thing I would do if it were me is that I will do the math, okay.
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So let us say that.
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I say okay, how, if, if we create a million dollars, how are we going to do that?
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Okay, so let's say, pediatrics, okay, not the highest pain specialty.
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I want to use that because I want you to know it doesn't matter what the specialty is.
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And let's say you know the reimbursements, the payments, whatever are $150 per patient visit.
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Okay, so let's say that's what it comes to, simple math.
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Okay, so we have a million dollars.
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We divide it by 150.
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That gives us 6,666 visits.
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I would need a year to pull off a million dollars in revenue, and so I divided that by 12.
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That means 555 visits per month and I divide that by 20 working days, it comes to 27.7.
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Okay, so there's no points.
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Let's say it's 28.
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Okay, so that means, if I want to hit that number at the, at the, the revenue points that you know, like that I'm able to generate per patient visit, I'm looking at 27.
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So, not 27.7, since we have no 0.7 humans, um, but 28 patient visits per day.
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Okay, so that is the math, that is the number that's going to get me there.
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Okay, all right, why is this important?
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Because, again, so many people don't do this.
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They set a goal which is more like a wish, like it would be nice to do this.
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What's the pathway?
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What's the math?
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What's all that?
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I don't know.
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Okay, so this is my math, all right.
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So what would I do after I do the math.
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After I do the math I will then audit my math.
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Right, like this math, is it feasible?
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So, for instance, can I see physically 28 patients per day, right?
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And everybody's answer is different.
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Somebody will say absolutely, someone else will say I don't have time for that, I only want to see patients, or 23 patients, or whatever.
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Okay, but let's say I'm like 28 patients, like, yeah, I could do 28 patients a day.
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But then I may say, but wait, I could, but the only way that's feasible is maybe I have a scribe, right?
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So if I have a scribe that buys me some time, that takes away a lot of the time that I would require for charting and some administrative tasks and all of those things.
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So if I got all of those off the plate, I could see 28 patients a day, right, I may say, okay, maybe I don't want to see 28 patients a day, but I could increase the amount of revenue that I'm generating per patient visit, so then I don't have to see 28 patients a day.
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So, for instance, we're using pediatrics as an example.
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Now the visits that for the most part, the visits that are well visits and require vaccines, and all of that will typically generate more revenue than, say, somebody who came in with a sore throat or cold or something like that.
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And so I may say, okay, understanding that I, I would, which, again, we're we're doctors, we lead with people, not profits, right, but we're talking about numbers.
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So that's why you hear me talking about numbers a lot.
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But I can say, you know, I would prioritize well-checked visits because I understand how the numbers play out and, of course, as a pediatrician, I would prioritize well-checked visits anyway.
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Right, like that's what I would do anyway, because the more we do that, the healthier they are, the less they need all the other stuff and all that.
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Okay, so I say okay, so maybe I do that and I'll be able to increase my revenue per visit.
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Or I could say I don't really want to see 28,.
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But what I could do is I could add another vertical that does not require me, that does not require my time, and with that vertical I can offset the need to see 28 patients.
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So, for instance, if I am, you know, as a pediatrician, I may decide I want to add an ear piercing service and I charge a hundred bucks per ear piercing.
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Right, like, if I do that and I don't have to do it.
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I can have somebody on my team do it.
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Then, all of a sudden, I've created bandwidth for more revenue to be created.
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That doesn't require my time, right?
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So again, that's auditing the math.
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There's no right or wrong, it's just like.
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This is the math that will get me to the number.
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Is this feasible?
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Maybe my revenue per visit is even lower and so maybe the numbers are higher.
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Do I need a whole other team member?
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Or maybe it's still 28 and I decide well, I'm going to bring somebody to work once a week and so that way I don't have to have 28 a day.
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Maybe I can then have 25 a day, right?
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Because with that I can get 15 patients off my schedule onto the other person's schedule and I don't have to see that many, right?
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So I'll set the goal, I'll do the math, I'll audit the math.
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Okay.
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So do I like this math?
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If I don't like the math, what can I do to shift it?
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That's number three.
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Number four Okay.
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Number four is where it becomes a lot of fun.
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If I'm going to have 28 patients a day, where are they going to come from?
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Like, where are they going to come from?
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Are they going to magically appear?
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Am I going to hang the shingle and they will come.
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I will warn you, I took one for the team.
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Okay, I did the hang the shingle and they will come.
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Thing, it does not work, it does not work.
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It did not work, okay.
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So I would look at it and say, okay, let's talk about two marketing plans.
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Okay, so, there's an external one and there's an internal one, and I'll tell you why I talk about both in a second.
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Okay, so, so, so marketing plan.
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The external one would be what am I doing so that new people will find me?
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Okay?
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And in a in a, in a B2B kind?
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If we look at it in a B2B type of setting, one of the things that I can do that would give me the biggest bang for my buck is I could build a referral base, right Like.
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So, if I have three to six OBGYNs For my example, I'm a pediatrician OBGYNs.
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Why OBGYNs?
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Because they have my patients, so my clients.
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So think of it this way, right Like, even though the baby is my patient, the baby is not the one making the buying decision, the baby is not the one who made the decision to come work with me.
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That was the mother who made that decision.
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So that person is the client, right, and that person also works with OBGYN.
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So we share a client, which is the mother, but we serve them in different ways, right?
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Okay, so if I have three to six people who have my people and I have a good relationship with them and they choose to refer to me, that's like magical, like completely magical, right.
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And so one thing would be okay I'm going to build a referral base.
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I'm going to build a relationship with six OBGYNs who preferentially send patients to me.
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I decide I'm going to establish myself as a thought leader in that community.
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One of the fastest ways to do that is to speak, is to show up on camera.
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So I'm going to start a YouTube channel.
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I may decide I'm going to show up on social media.
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It may not give me like a gazillion patients directly, but when people start searching for me and all of that, I'm easier to find.
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They get to hear my voice, they get to hear my philosophies, they know, like and trust me before they even come to my website or before they come into the office.
00:11:01.322 --> 00:11:02.485
And so I can decide.
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You know, for my, my external plan, that's what I was, I'm going to do and I'm also going to do some ads, okay.
00:11:07.703 --> 00:11:15.019
So these are things that will put me in front of people who don't know me, they'll build my brand and they'll get me a lot of patients, okay, okay.
00:11:15.599 --> 00:11:23.263
Then, on the internal side, I'll say because you want to think about this, right, there is internal marketing that gets missed all the time.
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If somebody has come to me before, they already know me, like me, trust me fourth month, sixth month, ninth month, first year.
00:11:29.385 --> 00:11:49.663
So they have a bunch of visits and it's up to me to put a system in place so that they keep coming back for their visits and all of those things.
00:11:49.663 --> 00:11:53.605
Otherwise, that's just tons of revenue that I'm throwing away.
00:11:53.605 --> 00:11:55.962
Let's not even talk about terrible patient care.
00:11:55.962 --> 00:12:05.186
So I have my external marketing plan and I picked the referral one as the one that people avoid the most, but it's the one that has the biggest return on investment, right, okay?
00:12:05.186 --> 00:12:11.018
So I have the external plan, I have the internal, the internal plan, okay, good, good, we're heading in the right direction, all right.
00:12:11.879 --> 00:12:15.455
The next thing that I'll look at, number five, would be the team plan.
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What's the team plan?
00:12:16.657 --> 00:12:23.908
For this example, let's say I would get a front desk person, I would get a medical assistant, maybe two medical assistants.
00:12:23.908 --> 00:12:35.412
I'll get a biller, maybe I'll get an office manager, because I have four children and even though I'm building a dream business, a million dollar practice, I also want to build my dream life at the same time.
00:12:35.412 --> 00:12:37.597
I want to build these two things concurrently.
00:12:37.597 --> 00:12:41.856
Okay, so that's the team I'm going to need to pull that off.
00:12:41.856 --> 00:12:44.903
Okay, okay, good, then number six.
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I'm like okay, how are we going to fund this?
00:12:46.607 --> 00:12:48.357
How are we going to fund this?
00:12:48.357 --> 00:12:57.051
We're launching this, we need to pay people, we need startup costs and all of those things, and really there are a number of ways.
00:12:57.051 --> 00:13:08.402
I'm sure there are many more ways, but basically it is I can choose to self-fund it, or I can choose to take personal loans, or I can take the traditional commercial loans, if you will.
00:13:08.402 --> 00:13:12.096
So for me, I may decide I want to self-fund it.
00:13:12.096 --> 00:13:13.481
And what does that even mean?
00:13:13.481 --> 00:13:15.187
What does self-funding mean?
00:13:15.951 --> 00:13:20.417
When I started my practice 14 years ago, I did not really qualify for any loans.
00:13:20.417 --> 00:13:27.481
It's a very long story, but I spent half of my life growing up in Nigeria and all of that.
00:13:27.481 --> 00:13:39.791
So when I graduated residency, I'd only been back in the United States for three years, I didn't have a credit history, I didn't have all of these things, and they're like, yeah, yeah, we're not loaning you money for a practice, we're not loaning you money for a practice.
00:13:39.791 --> 00:13:41.111
And so I had a mentor who?
00:13:41.111 --> 00:13:42.592
So I said I did a hybrid.
00:13:42.592 --> 00:13:51.981
I had a mentor and I was going to ask her for $10,000 for startup costs.
00:13:51.981 --> 00:13:54.309
Oh my goodness, you would think that I was going to ask her for $72,000 million.
00:13:54.309 --> 00:13:55.313
Right, the palpitations.
00:13:55.313 --> 00:13:57.724
I had the fact that I was like, oh my goodness, I cannot actually ask for this and all of those things.
00:13:57.724 --> 00:13:59.914
I had the fact that I was like, oh my goodness, I cannot actually ask for this and all of those things.
00:13:59.914 --> 00:14:10.441
But eventually I asked her for $10,000 for some of the startup costs and I'm so grateful that she believed in me and believed in what I was doing, enough to say, yes, I will give you the money.
00:14:10.441 --> 00:14:11.224
And she sent it to me.
00:14:11.224 --> 00:14:15.206
She didn't even think about it twice, but I almost died, like many, many, many times.
00:14:16.134 --> 00:14:25.552
The other thing I did we did is I got In the beginning.
00:14:25.552 --> 00:14:31.418
You know, I, if I didn't have patients, I was clocking hours there, and if I had patients, I was clocking less hours.
00:14:31.418 --> 00:14:39.678
That's just you know, that's just the way we did it, and so that way I didn't have to take a ginormous loan and then I was able to run my practice very leanly.
00:14:39.678 --> 00:14:41.634
Right, so you can.
00:14:41.634 --> 00:14:43.419
You can do, you can self-fund.
00:14:43.419 --> 00:14:51.971
The beautiful thing about being a physician is that you have a relatively high earning power and you can use that to self fund your business.
00:14:52.011 --> 00:14:57.714
Sometimes I'll see people who talk about doing locum and stuff like that and they feel ashamed.
00:14:57.714 --> 00:15:06.511
They feel shame because they're like it's because I'm not doing the business thing right, that's why I'm needing to do this, and I'm like no, that's not actually what's happening.
00:15:06.511 --> 00:15:14.716
What's happening is you're funding your business, but of course, you have to learn to use your time in such a way that you're doing the most important things in your business so you can stop needing to self-fund.
00:15:14.716 --> 00:15:24.174
But you're self-funding your business and, um, you know like it's, it's a brilliant thing to do, okay, so so here you know you could self-fund.
00:15:24.174 --> 00:15:27.398
You can take a personal loan, you can do a hybrid, you could take a commercial loan, whichever.
00:15:27.398 --> 00:15:27.938
It doesn't matter.
00:15:27.938 --> 00:15:30.299
But I would think about what would I do to fund.
00:15:30.299 --> 00:15:35.403
So, for me, I would self-fund, I could do a hybrid either or All right.
00:15:35.924 --> 00:15:45.837
Now, number seven is typically where people completely, completely miss it, and number seven is your personal evolution plan.
00:15:45.837 --> 00:15:49.865
Now, maybe when I was talking about this, you would have thought of some things.
00:15:49.865 --> 00:15:51.476
You're like I can't do this because.
00:15:51.476 --> 00:16:03.880
Or I said something you got like complete mind drama and all of those things, everything that triggers you, right, or makes you feel like I can't do this, or make puts you in resistance, where you're like I don't want to do this, I shouldn't have to do this.
00:16:03.880 --> 00:16:07.317
That is a pointer of something that needs to be in your curriculum.
00:16:07.317 --> 00:16:09.721
That's, that's what it is.
00:16:09.721 --> 00:16:10.423
It's just a pointer.
00:16:10.730 --> 00:16:25.450
So, for instance, if I go back to when I started my business, when I thought about referrals, like building a referral base, like I'd rather die right, like I'd rather just shut this business down and be done with it, right, but that doesn't mean stop.
00:16:25.450 --> 00:16:29.791
That's just a marker that this is something that is going to hold you back, because this is a deal.
00:16:29.791 --> 00:16:32.759
If you don't deal with it, if I don't deal with it, I don't deal with it.
00:16:32.759 --> 00:16:33.952
If I don't deal with it, I don't do it.
00:16:33.952 --> 00:16:35.638
If I don't do it, the business doesn't work.
00:16:36.259 --> 00:16:37.090
Why is this important?
00:16:37.090 --> 00:16:40.934
Because 80% of businesses will go out of business in five years, right?
00:16:40.934 --> 00:16:41.975
So this is not a joke.
00:16:41.975 --> 00:16:42.777
Not be a statistic, right?
00:16:42.777 --> 00:16:43.597
But the odds are.
00:16:43.597 --> 00:17:00.701
Like, if we go based on the odds, the odds are you will be a statistic, right, and so if the odds are against you, then you want to set yourself up to succeed, like this is real business.
00:17:00.760 --> 00:17:05.875
And you know, if you've listened to the podcast, you watch me on YouTube, you know that I'm an optimist, right?
00:17:05.875 --> 00:17:13.506
Like I'm not going around and say, oh, businesses will fail, like, even in the middle of the pandemic, I come out and I say, hey guys, listen, we're going to thrive.
00:17:13.506 --> 00:17:14.172
How are we going to thrive?
00:17:14.172 --> 00:17:19.076
I'm working on that part, I haven't figured it out yet, but we are going to thrive because it starts with the decision, right?
00:17:19.076 --> 00:17:21.549
So this is not about being a pessimist.
00:17:21.549 --> 00:17:26.656
This is about understanding that the sport of business is a serious sport and we have to take it seriously.
00:17:26.656 --> 00:17:30.300
When we ignore our personal evolution, we set ourselves up to fail.
00:17:30.300 --> 00:17:33.084
That is literally what's happening, right?
00:17:33.084 --> 00:17:35.530
Okay, so let's play around with some of these things.
00:17:35.590 --> 00:17:46.416
So I think about referrals, like building a referral base, and I can't do that, and then I have to stop and add that to my curriculum.
00:17:46.416 --> 00:17:57.673
Like I have mindset drama around building a referral base, I try to identify what it is and it is the fear of rejection because you know what if they tell me no, you know.
00:17:57.673 --> 00:18:01.582
And when I identify that I know okay, I need to build this muscle.
00:18:01.582 --> 00:18:06.941
I have to understand the mindset of the person who builds solid referral bases.
00:18:06.941 --> 00:18:09.681
I have to understand what the strategies are right.
00:18:09.681 --> 00:18:12.192
That's something that's part of my curriculum.
00:18:12.192 --> 00:18:15.981
Then if I thought about YouTube, it would be the same thing.
00:18:15.981 --> 00:18:24.036
Oh my goodness, youtube, you made my face with me talking on the World Wide Web and with my thoughts out there and people would be able to judge me.
00:18:24.036 --> 00:18:25.720
And people can leave nasty comments.
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I'd rather not, but the thing is there's so few doctors are speaking that if I had a YouTube channel and I was posting consistent content, posting every week the truth of the matter is, I'll stand out.
00:18:37.455 --> 00:18:44.259
It's so easy to stand out as a physician entrepreneur because many people are not going to do it, they're not willing to.
00:18:44.640 --> 00:18:46.291
So the question is, what is the mindset?
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