Episode 18: Profit Pyramid

Functional Medicine Business Institute Podcast

Mar 14 2022 • 19 mins

Dr. Deb shares how you can grow your practice today using a profit pyramid. Adding courses, group visits and more to enhance your revenue in 2022. Do not miss these highlights: 01:19  One on one model can get to a point where you've reached your maximum capacity, and no longer able to take on new patients 02:20 Getting those new clients to see your other providers is a huge planning process 02:53 One of the things you can do if you’re driving your patients to your other providers is to create a Profit Pyramid 03:47 You could become a Virtual Practitioner, and have a virtual program 04:51 It takes time to create the program, though not as complicated as it sounds actually - You can earn money while you're creating the program 08:47 Creating a home study program  09:47 Low ticket vs Mid ticket vs High ticket Programs 11:13 When we're looking at dealing with the general population for health, you should be careful with high ticket prices 12:50 You can build a six to seven figure income profit stream for your practice without necessarily getting you involved in everything 14:33 Helpful tip from Dr. Deb in creating a program for those who are new, and maybe don't have a large practice yet  Transcript of Episode #18: 0:01You're listening to the Functional Medicine Business Podcast featuring Dr. Deb, one of the most creative functional medicine business practitioners in her industry. She shares the wisdom and knowledge that she has gained over 25 years of functional medicine, a pioneer in functional medicine, scheduling, leadership and Practice Management. Dr. Deb has a wealth of knowledge and is eager to share to help functional medicine become more productive. And for the practitioners and patients to live better lives. Our podcast shares the good and the bad of our industry. Because Dr. Deb knows the pain you live every day building a functional medicine practice with practical tools on how to manage money, taxes and patient care, she will discuss it all with you. 0:54You're listening to the FMBI podcast. I'm your host, Dr. Deb. And today we're going to talk about profit pyramid. So for those of you who are in practice, and you are doing a one on one model, first, let me tell you, there is nothing wrong with the one on one model, I love the one on one model. That's where I really feel like I shine is working one on one with people. But let's be real, that one on one model can get to a point where you've reached your maximum capacity, you're no longer able to provide any more care for your clients. For me, actually, this week, we had the conversation of do I close my practice to new patients, because my practice is so full and I have such a large waiting list in a way to try to drive the new patients to see my other practitioners so that patients don't simply want to wait for me. And that's a really tough decision, right? Because you're closing off your practice and you're closing off the growth of your practice, you have to think long and hard about what that does to your practice, A) and B) how are you going to structure your practice so that people don't find out that you who's the face of the practice is no longer taking new clients? And how are you going to get those new clients to see your other providers. That is a huge planning process, not just something that you wake up one day and say, I'm going to close my practice to new patients, and everybody's going to see my other people, it'll be great, there'll be no problems and the practice will still thrive and grow. And I'm going to still continue to be the face of the practice. It doesn't work that way, let me tell you that, once you close off your practice, to new clients, you personally, if you're the face of the practice, you have got to have a plan in place for how you're going to drive those patients to your other providers. 3:01So one of the things that we can do is create a profit pyramid.