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3 Things Your Missing for Consistent Revenue Growth



So we’re gonna talk about what you’re missing for consistent revenue growth in your practice today.

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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.

Hello. Welcome to another episode of To The Point. I’m Dr. Nell. I wanna thank American Acupuncture Council for having me today, and let’s go right into the slide.

So we’re gonna talk about what you’re missing for consistent revenue growth in your practice today. What’s happened to a lot of us before, I’m speaking from experience, we get started in practice. Maybe things are going well, maybe we have this misconception that growth is just going to be linear, and that trend is going to continue the entire time.

But don’t often take a second to check in on what are the things that are working, what are the things that are not, is it time to scale? And so we’re gonna talk a little bit about the things that you might not be thinking about when it comes to revenue growth today. . Let’s see. So this is what I thought when I was first getting into practice that, oh, okay.

I’m starting out, I’m at the beginning, so obviously I’m not gonna be making a ton of money right away. Acupuncture is a relatively low startup cost considering what other industries look like. So a lot of us come right into practice, not taking out loans, not having a ton of capital, getting right into it.

And Pros and cons to that. But we think, oh, hey, we have a few patients. We’re already making money. This is great. And okay, maybe six months later it’s gonna be a little bit different, a little bit different. And what I’ve noticed when I’m working with other practitioners or students who are gonna be getting started in practice, Because we don’t have a ton of business training when it comes to our schooling.

And this is, not a ton of fault to the schools. They have to get us prepared for boards, right? But with 95% of acupuncturists being sole proprietors small business owners, we’re not really taught these things that we have to consider when it comes to growing our practice. And a lot of times it ends up.

Very reactive and we think, oh great, we’re not losing money this month. So wonderful. Like I said, that growth is not necessarily going to be exactly linear, but what we wanna see in our businesses is a constant trend of growth. So even if there are weeks that might fluctuate a little bit, months, that might fluctuate.

You work primarily with teachers and. People go away during the summer, they’re not working, they’re off their schedules. These are all things we need to factor into our equation when it comes to having that consistent revenue growth. So the first thing that we might not be thinking about when it comes to our consistent revenue growth is mindset.

Now, I think that term often gets overused at times, but we do need to address what’s the mindset of our industry and then how does that affect us in practice? How does it affect our patients? How do we let Our ethics, our values, our beliefs bleed into our practice. And so there can be a little bit of a scarcity mindset when it comes to this medicine, when it comes to our industry.

And so that’s okay. It’s just an important trend to note so that we can fix it on our end. Just having that awareness that this is something that we need to be considering as we are trying to champion growth in our businesses is important. That lack of business training that also could go into our mindset.

It could affect our confidence when it comes to the next steps. And what I see a lot of times, and I’ve been guilty of this too, is we jump right into executing right into strategy without even checking in. Is my mind, right? Is this really what I want to be doing? Do I have the right tools in place?

Does this make sense at this time? And so mindset is really key when it comes to having that consistent growth, because you don’t have to be in a perfectly positive mood every day. You don’t have to be a hundred percent every day. That’s complet. Unrealistic to think that we would be able to but we need to be more on than we’re not, and we need to be just really clear about the type of mindset that we need to have for that consistent growth.

So mindset is the first of these three things that might not be on our radar as we’re trying to jump right into executing on getting more patients in the door. The second thing is clarity. , what do we even mean by clarity? It’s another word that I think if any of us heard it, we might have a different definition as to what that means to us.

When I talk about clarity, when it comes to consistent revenue growth in your practice, the strategy that you’re going to have, how you’re gonna execute on that, how do we keep things consistently? Trending forward. I’m talking about your why your clarity around do you even want to scale your business?

Are you someone who’s very happy being a solo provider and you don’t want other providers in your space? That’s okay. There’s a financial reality that goes. With that, we might need to think about additional revenue streams when it comes to building. If it’s just going to be us, there is a set number of patients that we are gonna be able to see as an individual, and that obviously becomes exponential when you bring in another provider, when you bring in staff.

But that clarity around why we’re doing what we’re doing and what that vision for our practice truly looks like is incredibly important. When you’re talking about. Keeping patients coming in the door. If I know that I need to get to a certain number of patient visits before I can bring on another provider, if I know that’s something that I really want, that is going to allow the next steps in scaling my business to be all the more simple, because I’m very clear on what I want that to look like for my business.

We talked in a previous show about having a business. , and it can be very simple, very easy if you miss that one. It’s something you can do in one hour to make sure that you stay on track. And it really does fit into this clarity piece on how you’re going to continue to have consistent patients coming in the door, —-consistent growth for your business.

So very clear on why I am doing what I’m doing, what I want the future to look like. And we’re not just talking about practice, we’re talking about. Because your practice is going to have to fit into your life. And so those goals need to be really realistic within that. And then the last piece, now we can finally get to the strategy.

And this was the three things that you might not be considering for that growth. I think a lot of us. Think about strategy a lot, but a lot of times it’s jumping right into execution. Strategy has a lot of these different pieces to it. So you’ll see the puzzle piece theme that we went through today.

But it’s not just about your customer. It’s not just about how your business is now. It’s how you want your business to be. And are we working through that analysis? So looking. What are all these pieces? What has the past trend look like? What do I want the future to look like? Do you have additional products?

Is your service offering your only product? What’s your vision? And that should have been thought about in the mindset and clarity pieces, but now we get to actually have a framework and make some decisions around that. How do we. That, how do we work towards it with our marketing? Do we have a team? Is this team gonna play an integral part?

If you are planning to continue to scale and you have one provider and other than yourself and two office staff. . Okay. What comes next? Are you bringing on another office staff? Where’s the bottleneck in the capacity for your business? And a lot of times we might shy away from some of these conversations.

A lot of times it can be really difficult. That goes back to that mindset piece that we often don’t really dive into. We’re trained as clinicians. We’re trained as providers. A lot of people get into this medicine because they care about people, because they want to see people improve with their health, and not necessarily because they wanted to own a business, but that doesn’t mean.

There aren’t certain realities when it comes to growing our business or that, we need to make a living. And so to be able to do that and still stay true to that clarity, that vision that we had, we have to think about all these different puzzle pieces. How are we gonna develop different things and.

That gnarly budget. I remember being in school and having Marilyn Allen as my teacher in practice management, and it just felt like a fire hose. All of that information when it came to budgeting around each of these steps. So what happens sometimes is we get really fixated on one of these little puzzle pieces around strategy, and we completely forget that all of these things fit together and that you cannot even begin to develop a strategy.

First, having clarity on what you’re doing. And then prior to that, are you in the right state of mind? And how do you get there to make sure that you can consistently grow? So we have to keep our mind so that we can effectively help our patients. . So those are the three. I want you guys to just keep that in mind.

And what’s also really important about these three is that you do them at each level of growth. This is not something that, okay, I opened my practice doors for the first time and I’ve thought about mindset. I am clear on what I’m going to do and I have a strategy of what I want to accomplish. This is a constant check-in.

This is something that you can do monthly and make sure you’re on point. I like to set up little wellness checks for myself, mentally as well as physically to make sure that everything is on point when you’re growing your business. And so this is a constant check-in, just like checking in with your business plan.

Again, don’t miss that show that we did as well. And you’re gonna go through these things every time you decide to grow, not just checking in on a regular basis. Anytime you wanna bring on an additional team member, anytime you wanna bring in a new product or a new offering, or you wanna make changes to your fee schedule, these are three things that you wanna check in so that you can have that very consistent growth when it comes to your practice.

So we got through that nice and quick, I like to keep it efficient for you all. If you have any more questions, always feel free to reach out. We do these shows quite often, and don’t forget that next week there’ll be another episode of To the Point. Tune in and don’t miss it.