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4 Recurring Income Streams – Chen Yen



Would you love to help more people and bring in another stream of income beyond just seeing patients? What if you had more recurring income streams in your practice?

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Disclaimer: The following is an actual transcript. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.  Due to the unique language of acupuncture, there will be errors, so we suggest you watch the video while reading the transcript.

Would you love to help more people and bring in another stream of income beyond just seeing patients? What if you had more recurring income streams in your practice? Because. Most of the time in your practice, you might mainly have one avenue. Seeing patients to, to be helping more people and bring in income.

And when you have recurring income streams, then you actually are able to have ongoing revenue coming in even if you aren’t seeing patients yourself. So let’s talk a little bit about the four recurring income streams that you can weave into your practice. And this is Chen. You’re a six and seven figure practice makeover

Where. And also your AAC show host today as well. So I one of the things that, about this with the four recurring income streams is that we’ve helped our clients put these in place and it’s been just so wonderful to see that these are. Avenues in which you could actually help people.

So as you, as I share these with you, the four recurring income streams, I’d like for you to think about which one might resonate for you the most and then see about implementing it into your practice. So the first kind of recurring income stream has to do with more of having a membership kind of a model.

So when you think about this word membership, what comes to mind for you? You might think, oh, okay, so are you saying that I would be providing acupuncture treatments in a membership benefit kind of a way? And that’s it. It’s not just limited to that, by the way. And we’ll talk a little bit about what are some things that could expand your possibility of what this idea could bring for you in terms of recurring income stream in your practice?

But first let’s talk about it in the traditional sense of how this could work within your practice. And so there are memberships that I’ve seen that are for, cuz have you ever had, had patients who came in for care or they got better and, or maybe they didn’t actually get better and then they just dropped off care and you never saw them again and you feel like if they were to have stuck with it, they would’ve also, , gotten better results.

This is where membership could have a role in it, in, in supporting the patient. Or it could have a role more in when a patient’s already doing so much better, they would like to come in for more maintenance and then just tune-ups. But and then you having a structure that supports that.

So this is one, one of those situations. It could also. Where you are offering membership where this could be especially good for those of you who have ancillary services outside of acupuncture or your core service offering. So for example, there’s an acupuncturist client of ours who specializes in fertility and she also offer.

Massage within the practice and then their facials as well. So it, it helps with other people. What helps with your patients knowing more about your other services and actually utilizing those other services, because how many of you have other kinds of service offerings within the practice, but then your patients don’t usually hear about it as much or really understand what it is and never really utilize those opportunities to, to get help that way.

Or those services. And you forget to talk about it too because you’re really busy treating your patients typical. So she ended up incorporating a membership that in when people would pay this monthly membership fee, then they would have their acupuncture treatments at a savings, and they would also have their, the other service offerings.

They can book those at a savings plus they got first priority with the scheduling side of things too. And then she also, and also offers. more of an she offers online kind of courses and that kind of thing. So she also included that within the membership. And there are some memberships that are, have nothing to do with treating patients.

By the way. You need to be kosher with the laws of your state profession and country before implementing anything like this and tends to work best for more cash-based practices only. But here’s another possibility. Of where you can look at membership when it is let’s say you have an insurance based practice, or let’s say you are not wanting to do anything membership model wise with your overall even if you’re cash based, you, you don’t necessarily wanna do this kind of a model for your acupuncture treatments and.

Then there also think about what are other things that you offer within the practice that could be beneficial for patients. For example, there’s a practitioner who offers supplements and he has a membership that includes the savings off the supplements and then also with certain kinds of testing and scans and things like that they get a savings off of that.

For his, they pay an annual membership fee for that. And they get first priority to see him, but there’s no like discounts off of visits or anything like that. So it’s that’s another avenue to look at this, where it doesn’t involve treatments. And then there are, we have another client of ours who is offering a membership where it is purely educational.

So have you ever. I had things where you say over and over again to your patients and and then they don’t always remember it, but then, and you say it over and over again and they still don’t always remember it. And what if you could put that together in something that is either just workshop ish, right?

And you offer that even if you offer it on one topic per month. That could be a benefit to them in understanding their health better, because how many of you feel like when you can treat patients, but, and they, some of them expect you to fix them, and then you feel like they don’t really understand that if they go eat lots of Big Macs and.

and fries and supersize it up, in between the sessions that, that there’s still some lifestyle factors that could affect how well they’re doing or if they just or if they sit there all day long at the desk and then they’re hunch all over that, that, that could have had an effect on on.

What they’re doing, whether you, so you could teach them about movement, you could teach ’em about other kinds of things like lifestyle and nutrition kinds of things in a workshop way. And they can learn from that and benefit from that. Also, enjoy the support of other people, not just you. And so that could be in a membership kind of model thing.

It’s just workshops where every month there is one, and then people pay a monthly thing and that becomes recurring come stream for you. So these are all models that our clients have put in place and successfully. And so these are definitely totally possibilities for you as an acupuncturist.

Now, as far as the, so we just talked about the first recurring income stream and then possibility. Let’s talk about the second recurring income stream possibility. So another possibility is something that we touched upon. Earlier which is this. So those things that you say over and over again, right?

What if you were to put that together in something that’s automated so it does the talking for you . So then what if you were to put that together in an automated online course? and then people can benefit from it and learn from it. And you don’t have to always be educating you just record it once and then you end up being able to sell it, have people purchase it, and then learn from it.

So we have an acupuncturist client of ours who, so there are two possibilities. You could create something and then I’ll just make it available to your patient, base you. The second possibility is you could create it and then offer it to people beyond your patient base as well. And so in terms of.

Let’s talk about how much could you charge for something like this? So we have people who are charging anywhere between, it might either be like, 50 bucks a thing to to over a couple hundred dollars to even thousands of dollars. It just really depends on what it’s. Exactly you’re offering.

It could also be for other practitioners, like you could create an automated online course that is about something very valuable for other practitioners. It might be in your profession, or it might be in another profession, or even things like, the workflow of your practice. Now that you’ve been practicing, you’re noticing, oh, this works really well.

But do you remember how on day one when you started your practice, you’re like, I’m not really sure about this and that. So you could create things that could be beneficial for new practitioners as well, and sometimes, Also for seasoned practitioners, maybe if other kinds of clinical things or even marketing kinds of things figured out.

So that could also be put into an automated online course to offer. And and then for the lay public, it could be on different kinds of health topics. So yeah. So you could be, imagine if you had 10 people paying you a hundred dollars, right? That’s like an extra thousand dollars in your pocket.

How many would love to have an extra thousand dollars in your pocket for doing the work? , and this could be for ongoing months and months. And then you could be, or it’s 20 people in something that’s $200. That’s it’s like $4,000, right? How many you could do with an extra $4,000 a month.

And upwards, $10,000 a month can be total. And even more than that could totally be doable from offering something like an automated online. And then so that’s another possibility there that’s really exciting. And what I was mentioning is that some of our clients, Two possibilities.

One is you just share it with your existing patient. So one of our acupuncturist clients is doing exactly that. So she has something for, it’s like designed for more A D H D cuz she works with kids with a D H D. And then the parents end up purchasing the, this online course that the stuff that she used to say over and over again.

Now she’s just put it in a course. They really appreciate it actually. And she doesn’t really do much marketing outside of that with it for her practice. Like she just has. . And in terms of, she just shares it with her patient base and that’s it. Another one of our clients puts it on her website and she charges like 80 bucks for hers, right?

She’s this is pretty nice cuz I don’t, I just created it once and then she’ll check her inbox. She’s Hey, cool. 80 bucks. 80 bucks can pay. For dinner. 80 bucks can pay for something the kids want. 80 bucks can pay for something splurging for yourself. 80 bucks can also be money you save for retirement.

Like it all adds up, right? She’s this is so great. And she’s so happy. She got it in place. And then some of our clients end up. Offering. It’s beyond their patient base too. So then you just need to get the word out about that too. So other people beyond the patient base, you’re able to touch and help.

Imagine being able to help people outside of your immediate area. You could be helping people nationally, internationally, even, and that’s just the coolest thing when, just think about those things that are so obvious to you now that you’ve been an acupuncturist that isn’t people don’t really know about so many of these lifestyle kinds of things or that could really benefit them.

And they’re suffering right now because they don’t know about it. And they only know about many of ’em only know about conventional options as well. And what if you could educate them about holistic options and also making lifestyle changes? And that can be amazing, could help so many people outside of just your practice.

You’re making a much bigger impact that way. So it’s super, super exciting. So that’s also another possibility is. outside of your practice, you end up being able to touch them and recurring income every single month from it as well, once after you get it created. The third recurring income stream is possibility to explore is also something that we touched upon a little bit earlier, which has to do.

Do you have products or herbs or supplements that you really stand behind? You feel like it could be a lot of benefit to either your patients or people who are beyond your, your patient base too, and. What if you were able to actually educate people more about it and then that, and you’re able to put up a store on your website and then people end up buying from that’s also recurring income as well.

So do you have something like that in place, or have you ever thought about, for example, private labeling? So what is private labeling? It’s so that if you’re offering herbs or supplements instead of people, Seeing it and then feeling oh, I can just get this on Amazon or online somewhere. And you know what, there, there are some negative aspects of fighting things online is on Amazon, for example.

In fact, a lot of the like well known suppliers of. of manufacturers of supplements and herbs. Like they know that there are counterfeit ones being sold on Amazon and they try to police it, but it’s really tough too, and like the story, whether it has the actual ingredients or not, it’s like, it’s a question mark, right?

And sometimes and then also storage. Like you don’t really know how people are really storing it as well. And there are some it’s not. Totally safe for people to be buying it on a place like Amazon, which a lot of people think to buy on places like that. So when you’re able to private label your own line of supplements and herbs and.

Then that can be also supportive and in terms of people getting the best quality that you have vetted. And it could also bring in income from people who need it. They get it through you instead of looking online and just purchasing online and that kinda thing. So that’s an third possibility.

In terms of more recurring income from you, we have had clients. When they put this in place and they have products or supplements or herbs in place and they’re offering it. They have people who are no longer their patients, but they still push from them. You know that relationship, you’ve built it and it’s know, they trust you and you’re able to still help them through this, and then you’re ending up making money from it too.

So that could be also be another recurring income stream to pay attention to that you may not have thought as much about in terms of what if I could private label. So private labeling for example, we have connections with private labeling companies and then there the supplement or private supplement or herbal comp orb companies that you currently use.

You could also ask them to. if they private label as well. Currently. Now as far as the fourth recurring income stream that you could look into is this. So you could have recurring income coming from these different sources or streams and avenues here. You could also have recurring income coming through other people working for you, other leveraging other people’s time instead of your.

And so that could end up bringing in recurring income when somebody else is seeing patients for you instead of you. So what if you were to hire someone like an associate or someone to help you? So associate could be an acupuncturist and associate, could also be health coach or other kinds of practitioners or people who could help your patients and make revenue for the practice and.

And it could even be done virtually for some of you who are like, oh, I don’t know about this. And in terms of hiring an associate and that kind of thing. And because I don’t have space for an associate and that kinda thing. So is there something that, that your patients can benefit from, whether it’s what I just mentioned, like the lifestyle.

Aspects. So we have practitioners who have a health coach hired for this, and then they’re helping people and then they’re making additional income every single month from not seeing the patients themselves, but actually a health coach helping them with their, with nutrition and lifestyle and that kind of of thing.

And we even have practitioners who have those kinds of practitioners doing the work online for them. So it’s literally, it’s like you have somebody. Someone who is, who’s a health. For example, it’s, it doesn’t have to be healthcare. It could be another kind of practitioner too. But they are seeing patients and then you could set it up so that they’re, they are, there’s different ways to set it up.

But you could set it up so that they’re, they are Making money and you’re paying them when you have a patient or when you have a client, like when you don’t then perhaps they don’t get paid. That’s just one, one str pay structure, but possibility. But yeah, so there, there are opportunities for other people leveraging other people’s expertise and help and then be able to benefit.

Your, either your patient based or even beyond the walls of your current patient based and bringing in another stream of income. So that becomes recurring income for you. Like even if it’s, let’s just look at an associate hire, right? If they’re making a hundred K a year for the practice and you end up paying them 50 K or 60 k.

Like that, I’m, that’s like you still, you’re just making between 40 K and 50 K per year without having to see those patients yourself. Could you do with an extra $40,000, $50,000, whether it’s to put towards retirement or to do other things with, and To, to do the things that you’ve been wanting to do or, help with like extra money, storage money or extra money for the kids or things that you wanna do, right?

So without having to think twice about it, like it, it all adds up. So those are the possibilities for that we talked about with the four recurring income streams in their practice. , we talked about membership as being a possibility and looking at it in a fresh way. We talked about online, an automated online course that you could get in place and that could be helping more people and bring in another stream of income.

We also talked about products and supplements and herbs and have you thought about private labeling and bring, and also educating the public about it too, not just your patient base and bringing in another recurring income stream. And then we finally, we talked about leveraging other people’s time and expertise and.

and being able to have either an associate hired or maybe someone who’s like a health coach or other kinds of PR practitioner who could help people and then be, also be bringing, bring in additional revenue for the practice as well. For a more six and seven figure practice makeover tips, go to introverted and so it’s introverted and to you weaving in recurring income streams into your practice and helping more people and making more money as well.

Till next time.