Nov. 18, 2024

Revenue Boost Series: Training your team to become revenue generators

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Tired of being the only one driving revenue in your business?

I see this all the time, and it breaks my heart. It’s stressful and frustrating to carry the full weight of payroll, expenses, and the financial security of your business all on your own.

That’s a tough place to be—and as your team grows, the pressure only increases.

But it doesn’t have to be that way! In this episode of EntreMD, I’ll show you how to build a winning team that will join you on your journey of creating revenue in just 5 steps!

Tune in.

—

Key Takeaways:

00:00 Intro
04:20 Sell your vision
08:19 Creating profit centers
12:31 Key result areas
13:58 Meeting cadence
14:52 Performance evaluation
16:31 The results
18:39 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 Revenue-Generating Teams

07:45 - Maximizing Team Revenue Potential

16:52 - Building a High-Performing Team

21:04 - Creating Profitable Physician Businesses

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You may listen to this and it's like, oh my goodness, it sounds like a lot of work and it is a lot of work, but it is the work that puts you in a position where you have a functional team, where you have a team that fights for what you fight for, like you and your team are on the same page as far as accomplishing the goals that you have for your business, which will give you your time back, which will take away so much mental clutter, and you don't have to push everybody 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 Imna.

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One of the things I see fairly frequently that really does break my heart is seeing physicians who run businesses and they are really the only revenue generators.

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It is so stressful, so frustrating, so hard, because you are the one bearing the weight for all the payroll, all the expenses, the financial security of the business.

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That's a hard place to be, and the bigger your team gets, the more frustrated you get by it, and so, on this episode of the Entrepreneur Podcast, I am going to show you how to bring your team on the journey of creating revenue, which will put you in a position where you feel so much lighter.

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You feel so much less frustration.

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They're bringing their expertise, their innovation, all of that, and together you are building a financially stable business.

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This will change the game for you.

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Okay, now, how do you know?

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This episode is one you absolutely want to listen to.

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If you have team members who only do exactly what they're told and nothing else, you want to listen to this.

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If you have people who use language like they don't pay me enough for this, I just clock in and clock out.

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They have the clock in, clock out mentality.

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You definitely need this.

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If you have team members who are excited when it's a slow day in business, you definitely need this.

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If you have team members who create light days I've seen this in many private practices, where somebody will call once a scheduled appointment.

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They'll either say, oh, we don't offer services like that, or they'll say our next available appointment is two weeks out, when they have holes in their schedule the next day.

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Right, if you have any of these, then I really want you to lean in.

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If you feel like if I am not actively working, actively doing the work, the business falls apart.

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Then, oh my goodness, do you need this?

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Okay, all right.

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So imagine with me for a moment that you had a team and the team was interested in serving people and in bringing in revenue.

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Where people are having revenue conversations, where people are driving for new patients or clients to come into your business, where people are driving to reduce the cost or to do things more efficiently, and things like that, I want you to imagine how you would feel If you had a time where it seems like business was going to be lighter and somebody walked into your office and said Dr Smith, I was looking at our schedule two weeks out and it looks like, you know, like it's a little lighter.

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So I was thinking we could do these three things to kind of fill up the schedule.

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Is that okay with you?

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What?

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Or you're somebody who is a coach and you know you have a number of people who are coming to the end of their contract and your person comes up to you and says okay, I see that.

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You know we have 40 clients, but of the 40 clients, 10 of them in the next two months are going to be, you know, like their contracts are going to be done, and I was thinking we can work a renewal strategy and we can also work a strategy to bring new people in so we do not have cashflow problems.

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Then what?

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Okay, so I just want you to think about that.

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Or they come to you and they say, oh, I was looking at your YouTube channel.

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You have over 4,000 views, you have over a thousand subscribers and we're not monetizing.

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All we have to do is hit a button and monetize and you can have more revenue coming in through your YouTube channel.

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That could be another vertical.

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I just want you to think like, what if you had a team filled with people who are thinking these things Okay, now, a team like that is not born, a team like that is made.

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And I want to talk to you about five things you can do so that you can convert your team, or build a team, or bring on a team that would be people who are also revenue generators.

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Okay, so number one number one the starting point of all of this is you need to be willing to sell the vision.

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Okay, I talked to too many business owners who do not have meetings with their team members, who do not want to own the vision, who do not want to share where they're trying to go, and if you do not show people a vision, they have nothing to chase after.

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They have nothing to throw their creativity and innovation and all of that at, because they don't know where you're trying to go.

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Okay, so for your business, what kind of business are you trying to create?

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So for my private practice, I would tell people like this is the number of people we want to serve.

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This is the way we want to be perceived in the marketplace.

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This is the turnaround times I want patients to have, like door to door less than an hour.

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These are the number of Google reviews we want for the positioning.

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This is the way we want our billing statistics to look, because that means that we're financially stable and we have the privilege of continuing to serve our people.

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I share the vision.

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Okay, in EntreeMD, we are here to disrupt the narrative for the physician community.

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I'm like we are here to disrupt the narrative for the physician community.

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We are here to serve 100,000 physicians, because if we serve 100,000 physicians, they will touch the other 900,000 and it will be completely disrupted.

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We will have a new paradigm and this is important because you are helping the healers.

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You are healing the healers, and if the healers are gone, the American healthcare system crumbles Like it literally crumbles.

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This is how important your work is, this is what we're doing right, and this is how many clients we want to serve and this is how much we want to generate and all of that, and so I want you to think about that.

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It's a vulnerable thing in a way, because you're sharing, almost like, your deepest desires, but the team cannot rise to the occasion if there's not something bigger than them that they're fighting to accomplish.

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You got to share the vision.

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Okay, now I understand.

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I started off as a socially awkward, super shy, introverted, introvert.

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I would not have a team meeting to save anybody's life.

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In fact, when I started, I did not hire a team at all.

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You guys have heard my story.

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In the beginning, I did everything myself, everything answering my phones, billing, giving my own vaccines, the whole nine yards and I did that because I did not think I could lead anybody.

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But I'm here to tell you you can grow in your leadership.

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You can grow in your leadership.

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So you want to start casting the vision.

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I'm going to put a little caveat here.

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I've had many people in private practice say but I don't want to share my revenue numbers, and there are many schools of thought.

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I will tell you that, the school of thought I subscribe to right now.

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I find that you know, when you have people, you're paying 20 bucks an hour, 25 bucks an hour and things like that.

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Sometimes the money conversation is more than they can handle.

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So, for instance, if we say, oh, we want our practice to make 3 million in revenue, they only hear 3 million.

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They don't see that the overhead is 50 to 75%, depending on the specialty, and stuff like that.

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They do not see the dwindling reimbursements by the insurance companies and so it's so much less per patient.

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There's so many things they don't see.

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So to them it's like, oh my goodness, you're going to take 3 million home and I'm only making $20 an hour, and I think it breeds a lot of discontent and all of those things.

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And so for me I choose to translate that into number of patients and it doesn't trigger that emotional response, because for many people money does trigger that, and so I prefer to use patient volume or client volume whatever instead of the actual number.

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So I prefer to use patient volume or client volume, whatever, instead of the actual number.

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Now, that is for the general team, but when I'm talking to, say, my administrator or business manager, those kinds of things, we can have those conversations because they understand that they're at the back end, so they see the way it plays out.

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So that's the only caveat that I'll give.

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You want to share the vision.

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This is what the solution this business is bringing to the marketplace is the number of people.

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We want to help these.

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You know, this is the way it wants to be perceived in the marketplace, like all of those things.

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Okay, so that's the first thing.

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If you do that, you unlock your team.

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You get a, you get a whole new team.

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You unlock your team.

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They they will bring their creativity, which you don't have.

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They'll bring what version of innovation which you don't have?

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You would have unlocked the genius of your team.

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The second thing you need to do and this is a you thing, this is something you need to do is you need to make every role a profit center.

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This is your homework, this is your job, and what I mean by that is for every role in your company.

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You need to be crystal clear on how this role creates revenue.

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What are the revenue generating activities that this role does, so that that way you can model this where every role is bringing in revenue.

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And so now your payroll no longer terrifies you, because your payroll is an investment.

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It's not an expense.

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It's an investment that creates an ROI.

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But you have to know how it creates an ROI.

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So let me give you a few examples, and these are random examples.

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Once you start seeing it, you can't unsee it.

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You'll see it everywhere.

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So, let's say, you have a medical assistant in your private practice.

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You know, one of the things they do is you know they make sure patients are in and out in less than an hour, so which creates great customer experience, especially if time is their thing, a great customer experience.

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And because of that, your patients come back right.

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So they're creating retention, which creates dollars.

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They're the ones who are responsible for making sure that everyone who leaves leaves with their follow-up appointment, which means if they worked up 20 patients for you, they also generated 20 appointments for you.

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Means, if they worked up 20 patients for you, they also generated 20 appointments for you.

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And if we use $100, it's just easy to measure.

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Let's say it's $100 per patient visit For those 20 visits they created $2,000 for you.

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Every day they come to work, they create $2,000.

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That's $10,000 a week.

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That is $40,000 a month if you think of it in those terms.

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Right, okay?

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So when you look at it you're like, oh, this is how that role creates revenue For your front desk.

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You may decide that they have 100% collection, so they're collecting on all copays, all deductibles, all old balances and all of that.

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They could really be responsible for bringing in thousands and thousands of dollars into your practice every single day.

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Let's say you're like okay, dr Una, but I have an executive assistant.

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How is my executive assistant going to do this?

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Your executive assistant could.

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One is that they give you back your time and you can calculate this.

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So since this person started working with me, they've taken over these five tasks.

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These five tasks has given me two hours back every single day.

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That is 10 hours a week.

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That's 40 hours a month and in those 40 hours, if I put in these activities, I can generate X number of dollars.

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So let's use private practice.

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Just because there's number of patients, so I get 40 hours back, I choose to take 20 of them to sleep.

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Sleeping is a great thing to do?

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I want to take the other 20 to see patients.

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I see four patients an hour, so that is 80 patients at $100 per patient.

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That's $8,000 extra per month.

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This role is creating just by saving me two hours a day.

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Do you see what I'm saying?

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Like you start thinking in those terms.

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You can also have that person do some activities that would also lend to revenue.

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So, for instance, say you have a virtual assistant and you're a coach and they're responsible for making sure all your communications go out.

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You have a structure for asking people to renew, like working with you again, and that person executes on it.

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That person is recruiting and getting Google reviews for you, which positions you as an expert in your industry, and all of these things.

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They're things that they can do.

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I've seen people hire people and I say I see people I've done this where you hire a VA because you know this is the thing to do to you know you need help, and then you're like, okay, what do I do with this person?

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And so then you start giving them random tasks that have nothing to do with anything.

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Do you see how?

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If you look at this, then you know this is how this person brings in money.

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This person brings in money.

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They come in, they hit the ground running.

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Everything else becomes clear and I'm going to talk a bit about that because you did that.

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You have an office manager, you have an office manager, you have a practice administrator, you have a business manager.

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You say you're a coach and stuff like that.

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Now your yearly goals.

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Many of them then become that person like this is what I want to happen in this practice, this is what I want to have happen in this business, and those become their metrics.

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This is how they make money.

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They make money by ensuring that the team is doing the things to create these results that you want to get right.

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That work needs to be done.

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Nobody can do it for you.

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This is the work that needs to be done, but this is the work that creates the domino, because you'll see, okay, so that's number two.

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Number three, then, those revenue generating activities.

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They become the core of their KPIs, their key performance indicators.

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So I like to call you know, like key result areas.

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So when I work with people, I have five to seven and I talk about this a lot in the Entrending Business School as they build this out Like these are the key result areas, this role, these are the results I want them to create.

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These are the outcomes I want them to create right, and so those revenue generating activities, the outcome of those activities, become their key result area.

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So, if we go back to the medical assistant person, their key result person is you know, 90% of the patient visits have a turnaround time of an hour.

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90% of the patients who come into the office leave with you know, like their second appointment scheduled right.

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That becomes that.

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For the front desk person, it becomes 90% of all collections, meaning co-pays, deductibles, old balances all of that are collected every day.

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100% of the insurances for the patients are verified before the time of which ensures that you get paid right, and things like that.

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For your virtual assistant, we get this number of Google reviews per day.

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The renewal system is executed at a hundred percent.

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You see what I'm saying.

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Like that becomes part of their KRAs, so that it stays front and center.

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Like this is the whole reason you're here.

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You're not here to do random tasks, you're not here to help out.

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Like you're here to pull your own weight and be responsible for these outcomes in the business.

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So you want to take those RGAs, the outcome of those RGAs and then build out their KPIs.

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Okay, okay.

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Then number four, number four now you want to have a meeting cadence.

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Okay, you want to have a meeting cadence.

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And then we're not discussing random things, we're not just putting out fires.

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You can have meetings for putting out fires, but you have legit meetings where, okay, these are the key result areas.

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What results are we getting there?

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What is the gap?

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Right?

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So what we wanted to get and what we're actually getting, and how can we support you so you can win here, right?

00:14:22.102 --> 00:14:31.466
So again, if we go back to the medical assistant, you say you want 90% of the people to leave with their next appointment scheduled and you're finding, over the last week, that number was 75.

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Okay, so there's a gap of 15%.

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What is the reason for the gap?

00:14:35.504 --> 00:14:37.961
And we're not going to beat them up Like what's the reason for the gap?

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What can we do to support you?

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All of those things.

00:14:40.250 --> 00:14:41.697
And boom, let's go back at it.

00:14:41.697 --> 00:14:42.340
Right.

00:14:42.340 --> 00:14:51.577
And so the meetings become these very strategic meetings I help your people perform at the highest level, give you the opportunity to coach them up, train them up, and all of those things.

00:14:51.577 --> 00:14:52.259
Right, okay.

00:14:52.461 --> 00:14:57.960
And then number five is now you have you know up and all of those things, right, okay.

00:14:57.960 --> 00:14:59.446
And then number five is now you have the opportunity for evaluations.

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But evaluation is not based on oh, you've been here a long time, you've been a good team member.

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No, no, it's objective.

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These are the things that your role, this is what your role is.

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This is how you're doing all of that stuff.

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These are things we've corrected.

00:15:10.080 --> 00:15:11.121
You've risen to the occasion.

00:15:11.121 --> 00:15:12.625
It's amazing blah, blah, blah.

00:15:12.705 --> 00:15:19.398
Then, when you're giving raises, you're not just giving raises because they've been there a long time, you're not just giving raises because it's Christmas.

00:15:19.398 --> 00:15:29.976
You're giving merit-based raises, which means, for every raise, your company's better, they're performing better and, trust me, people want to perform better, people want to do well, people want to win at work.

00:15:29.976 --> 00:15:34.205
Now you can give bonuses periodically just because.

00:15:34.205 --> 00:15:41.566
But then you have this other system that is based on merit, and then this is what I'll tell you this this is what champions love.

00:15:41.566 --> 00:15:46.225
Champions love to do the work and be rewarded for the work they did.

00:15:46.225 --> 00:15:47.167
They love it.

00:15:47.167 --> 00:15:52.447
The people who don't want this are the people who just want a paycheck and just want to do the bare minimum.

00:15:52.447 --> 00:15:54.361
They would hate a merit system, right.

00:15:54.361 --> 00:15:59.364
Okay, so now you can have these evaluations and they're objective.

00:15:59.905 --> 00:16:09.879
When you define what those revenue generating activities are and the KRAs, these revenue generating activities become what you use to do your onboarding and your training.

00:16:09.879 --> 00:16:21.860
This becomes what you use for your meetings, this becomes what you use for your evaluations, and all of that when you imagine doing this for a year in your practice, everybody's on the same page, because I know this is what it means to win.

00:16:21.860 --> 00:16:24.144
I know I have the support as I learn to win.

00:16:24.144 --> 00:16:30.907
The more I win, the more I earn and all of these things, and it's just nothing short of magical.

00:16:30.907 --> 00:16:42.905
You may listen to this and it's like oh, my goodness, this sounds like a lot of work and it is a lot of work, but it is the work that puts you in a position where you have a functional team, where you have a team that fights for what you fight for.

00:16:42.905 --> 00:16:54.904
Like you and your team are on the same page as far as accomplishing the goals that you have for your business, which will give you your time back, which will take away so much mental clutter, which will put you in a position where you get so much time freedom.

00:16:54.904 --> 00:16:56.307
You'll enjoy being at work.

00:16:56.307 --> 00:17:05.527
They will enjoy being at work and you don't have to push everybody, because everybody has their own agenda right that lines up with the goals of the business.

00:17:05.527 --> 00:17:07.779
It's just a magical place to be.

00:17:07.779 --> 00:17:08.141
Okay.

00:17:08.422 --> 00:17:25.260
One of the things that we do is that you know, like in the EntreeMD Business School, we spend a lot of time working on this and especially if you have a business that is really like you're doing multiple millions and stuff like that, this becomes so critical because the more team members you have that are out of alignment with your business, the more stressful it is.

00:17:25.260 --> 00:17:29.162
I have met so many doctors who told me like secretly, they don't want their practices to grow.

00:17:29.162 --> 00:17:40.385
They don't want their businesses to grow because their business growing means that they're going to have more hustle, more grind, responsible for more revenue, because they're the only ones pulling the weight right.

00:17:40.385 --> 00:17:53.269
So we focus a lot on the mindset shifts that you have to have around this, the leadership skills you need to develop to pull this off, like troubleshooting these KRAs, key result areas and RGAs.

00:17:53.269 --> 00:18:01.586
The revenue generating activities, like what to do when you do all of this and a team member leaves, how to know who to focus the most on.

00:18:01.586 --> 00:18:03.371
We do a lot of this work, okay.

00:18:03.971 --> 00:18:15.351
So, especially if you're at a stage where you've taken your business off the ground, you've brought on a team and your team is driving you nuts, a lot of times it's not the team I mean, there's part that's the team, but a lot of times we haven't grown in our leadership Right.

00:18:15.351 --> 00:18:23.407
And so I want to invite you book a call with my team and see, I've struggled with this and I'm done struggling with this.

00:18:23.407 --> 00:18:25.252
I just want to unlock my team.

00:18:25.252 --> 00:18:27.405
I want to build a team that I love.

00:18:27.405 --> 00:18:33.048
I want to build a team that will support me on the goals and we're creating a win-win because they're winning and I'm winning.

00:18:33.048 --> 00:18:34.413
Entremdcom forward slash.

00:18:34.413 --> 00:18:39.736
Call, talk to my team and see if the Entremd Business School is your absolute best next step.

00:18:39.736 --> 00:18:45.614
Okay, but regardless, I want you to go and I want you to do this work and I want you to start the process of unlocking your team.

00:18:46.085 --> 00:18:53.872
This is something that a lot of doctors we are perfectionists, and so when it comes to our team, we're like, oh, if it's going to be done, right, I have to do it, and all of those kinds of things.

00:18:53.872 --> 00:18:55.507
But nothing could be further from the truth.

00:18:55.507 --> 00:18:56.869
Nothing could be further from the truth.

00:18:56.869 --> 00:19:08.116
If you are going to build a company that serves a lot of people, earns a lot, creates time freedom for you and ultimately you can exit, you need a team and you need a rockstar team, and building a team is something that takes time.

00:19:08.116 --> 00:19:10.093
So the best time to start is right now.

00:19:10.093 --> 00:19:17.257
Is right now, even if all you have is a virtual assistant or you have a full complement of a team but nobody's aligned with your company goals.

00:19:17.257 --> 00:19:24.244
The best time to start is right now.

00:19:24.244 --> 00:19:24.851
Okay, so I'm rooting for you.

00:19:24.785 --> 00:19:36.248
My secret desire for every physician I guess it's not going to be a secret anymore when I say it my secret desire is that we build businesses that are very profitable and we build businesses that are business assets, which mean that we have the option to walk away from them or stay in them.

00:19:36.248 --> 00:19:37.730
We have the option to exit.

00:19:37.730 --> 00:19:40.915
We have the option to stay and work as little and as much as we want.

00:19:40.915 --> 00:19:53.471
Now, the process of building that is a process, but this is where I would love to see every physician, because that is the pathway to dream business, dream life, which is what I want for every single physician, especially you.

00:19:53.471 --> 00:19:55.536
Okay, all right, so go, start your work.

00:19:55.536 --> 00:20:02.058
If you need to book a call with my team, I highly recommend it and I will see you on the next episode of the Entree and Be Podcast.