Wow. What a crazy year! Huge year for Five Star and Five Star clients. I’ve been going over the number of clients who hit $1M collected for the first time and it’s fun to look back over the 1-5 years that it’s taken to grow that much.
I’ve blogged about this before, but I love the view you get just after October 31st. All stats are easily divisible by 10 and, if you have your wits about you, it’s an easy push to hit the annual targets you’re close to with a little November-December effort. BUT, that’s my little game.
One young Five Star couple will collect just over $1M more this year than they did when I met them 5 years ago. They collected $320K the year just before they signed. And, the Lord willin’ and the creek don’t rise, they’ll bring in $1.34M this year. We’ll push hard to squeeze all the juice out of their AR before year’s end, but I’m confident we’ll hit it.
“What did they do to get that much growth in such a challenging market and in only 5 years?” You ask. Great question, I think you’ll love the answers.
First, training: Dr. George coined the Five Star training equation “2 X 50 = $1M” (2-hours of training X 50-week) and this couple did exactly that – they trained on Five Star systems. Most of the time growth is chased right out the back door – by old clumsy systems – just as fast as it comes in. THAT’S why your practice seems to have a ceiling that’s hard to break through.
You ad the new patients, but old protocols can’t handle the volume. Everyone gets stressed and that stress chases growth away. Training on new and better systems fixes that.
Second, they moved to a more streamlined facility. It can be hard to see from inside the puzzle, but office flow is so important to growth. A new client from 2013 just remodeled by adding an adjusting area and streamlining patient flow. Guess what – three best ever days in the following 15-days and according to him “It’s a fraction of the work.” Hmmm. Go figure.
Third, and you can probably guess this one, but what does a highly trained team with a newly streamlined facility long for? You got it – new patients and this couple went to town marketing.
Here’s an unexpected wrinkle: I told them it was absolutely forbidden to not have at least one COA (community outreach assistant or marketing CA) at all times. Why would I even have to say that?
Because, you grow, hit a new plateau and maybe your COA position seems unnecessary – so you quit marketing. Have you ever heard this? “It worked so well, I quit doing it!” It sounds insane, but it’s a common response, even from smart people.
You’re at record levels and pushing into new territory all around – without a marketing assistant to bring in the new patients, we get a little complacent. This couple took my advice over the 5 years and now they’re sitting where a fraction of DCs ever do or will – their next stop is $1M net.
Take aways? Train, streamline and market to and through every record. You’ll grow, reduce stress and learn to do more with a lot less effort. Cheers.