If I Wanted to 7x My Profit, I'd Add One Upsell — Transcript

Full transcript

1. 0:00other value added things like videos and
2. 0:01things that are proven strategies that
3. 0:03are really going to help people beyond
4. 0:05medications to help them get better as
5. 0:07part of a subscription. So, they get
6. 0:08that information after the visit as a
7. 0:10care plan information tailored to them.
8. 0:12>> What's the subscription like why is it
9. 0:14consumable? Cuz I'm going to get a plan,
10. 0:16right?
11. 0:17>> Yeah.
12. 0:17>> So, why do I need to get another plan?
13. 0:21>> Well, because most of the time when
14. 0:23people see a provider they're just
15. 0:24talking about what they're going to do.
16. 0:25They're talking about the problem. It's
17. 0:27very clinically based, but it doesn't
18. 0:28really get at the root cause. It doesn't
19. 0:30get at the outcome. It's not outcome
20. 0:32based. Health care is not
21. 0:33>> Yeah.
22. 0:34I get that. But
23. 0:37I go I'm going to I'm going to say the
24. 0:39customer journey. I go to a therapist.
25. 0:41>> Yeah.
26. 0:41>> Therapist says, you need drugs.
27. 0:44I go to you. And then you say, here's
28. 0:46how we balance these drugs.
29. 0:47>> Yes.
30. 0:48>> And then
31. 0:50you get paid for insurance to do that
32. 0:52and then I go back to my therapist to
33. 0:53keep doing my therapy.
34. 0:54>> Mhm.
35. 0:55>> Wouldn't the therapist feel like you're
36. 0:56inter- you're interfering with their
37. 0:58plan that they have for the the the
38. 0:59patient?
39. 1:00>> Uh no, because the therapist often times
40. 1:03will be the one that tells the patient
41. 1:05about 80% of time that they need
42. 1:07medications anyway. So, the therapist is
43. 1:09mostly on board because most of our
44. 1:11patients that come to us are already
45. 1:12seeing a therapist and the therapist
46. 1:14wanted them to come to us for medication
47. 1:16management. So, when we provide
48. 1:17supportive therapy to them, we're
49. 1:20integrating in with what they're already
50. 1:21doing in therapy. So, they're not
51. 1:22siloed.
52. 1:28Cuz why do they have to be separate?
53. 1:29That's
54. 1:29>> I I I I understand what the problem that
55. 1:32you're trying to solve. Um
56. 1:33>> Yeah. Okay.
57. 1:35>> It
58. 1:36I I I'm I'm I'm it's not it doesn't have
59. 1:39It's like it doesn't have a lot of
60. 1:40teeth.
61. 1:42Right? I'm Like I think that
62. 1:45if you like basically if you just said,
63. 1:46"Hey,
64. 1:47you need more help than your therapist.
65. 1:50Here's a very low cost version of this,
66. 1:52which is we'll send you a video every
67. 1:53day, which will give you a practice that
68. 1:54you can do in addition to the
69. 1:55medications and it'll decrease and it's
70. 1:57towards these specific outcomes in the
71. 1:59AI just sending the videos. I don't
72. 2:01think you're going to get like how many
73. 2:02patients a week are you are you bringing
74. 2:03on?
75. 2:04>> Uh we're bringing on well, let's see 155
76. 2:08new patients
77. 2:10uh a month. So, divide by four,
78. 2:13essentially that's what we're we're
79. 2:14getting and then um per month we're
80. 2:16getting around total patients around
81. 2:195 100 5 to 600.
82. 2:22>> What was the new patients again?
83. 2:23>> One About 155. I spend about 6,000 on
84. 2:27ads a month.
85. 2:28>> Okay, so 155 new patients a month.
86. 2:31Um
87. 2:31>> Yeah.
88. 2:32>> What you're going to want to do cuz
89. 2:33you're 1.5 million a month, so it's like
90. 2:35what 120-ish a month somewhere in there.
91. 2:37>> Yeah.
92. 2:38Yeah.
93. 2:38>> Yeah, so 120-ish. So, it's like if we
94. 2:40can get an extra
95. 2:43you know, for every every every $100 we
96. 2:46get from there gives you another 10%
97. 2:48increase in revenue.
98. 2:50>> Mhm.
99. 2:50>> Um [clears throat]
100. 2:53Honestly, I would rather instead of
101. 2:55selling a subscription, I think you'll
102. 2:56have a better bet just selling to the
103. 2:59goal.
104. 3:00>> Okay.
105. 3:02>> And just saying I mean you could test
106. 3:03it, but like my bet would be
107. 3:06something in the I was probably around
108. 3:08five or $600 is what I would want as my
109. 3:10price point cuz that's a that's a
110. 3:11impulse purchase for consumers
111. 3:13um typically in that in that range.
112. 3:15>> Mhm.
113. 3:16>> call it 3 to 600.
114. 3:18>> Mhm.
115. 3:18>> Uh and so I would I would say like your
116. 3:20you know, your your plan's going to take
117. 3:2116 weeks. We'll we'll basically sell you
118. 3:23this automated personalized plan.
119. 3:26Uh which is $300 or $600. If we can do
120. 3:29that, you could probably I mean every
121. 3:3110% for you is like a 7x in profit. So,
122. 3:33like if we get So, I just want to keep
123. 3:36this simple because the way you
124. 3:37explained it, I think would drive anyone
125. 3:39insane.
126. 3:40Uh and so like way too much.
127. 3:42>> [laughter]
128. 3:43>> Uh it's just it's two things that you
129. 3:45do. Number one, sorting question. Are
130. 3:47you here for the best outcome or just
131. 3:48what insurance covers? If they say best
132. 3:50outcome, then you say cool, most people
133. 3:52don't want to be on medication forever.
134. 3:54And so what we're going to do is try and
135. 3:56help you like you're not here to take
136. 3:57medication, you're here to get an
137. 3:58outcome, right? Right. Okay, cool. And
138. 3:59so we found there's tons of research to
139. 4:01support this is that these practices
140. 4:02support these outcomes. And so it's a
141. 4:04one-time thing, we plan it, and if you
142. 4:06can track this would be helpful for you,
143. 4:09the people who buy our plan versus the
144. 4:10people who don't have slightly better
145. 4:11outcomes or they decrease their
146. 4:12medicine, whatever thing that you can
147. 4:13track
148. 4:14um would then make that like then what
149. 4:17ends up happening is that the the value
150. 4:18exchange becomes I'm going to pay $500
151. 4:21to take 20% less medications in 6 months
152. 4:23from now.
153. 4:24>> Okay.
154. 4:24>> And I think that's and as soon as you
155. 4:26can just make that equivalency um within
156. 4:28compliance and all that,
157. 4:30uh that would be the pinch. And so I
158. 4:31think if you could just do that, that
159. 4:33probably will
160. 4:35help.
161. 4:36>> So you would you offer two two tracks
162. 4:38for people people who want more
163. 4:39interaction that want to use their
164. 4:41insurance still and will apply the
165. 4:42visits towards their insurance and then
166. 4:44the second one is people who want less
167. 4:45visits but more information and kind of
168. 4:47just strike a balance between consumer
169. 4:49mindsets.
170. 4:51>> I want to max out insurance and then I
171. 4:53want to have something that's on top of
172. 4:54that.
173. 4:55>> Okay, so it's
174. 4:57But we want to increase the number of
175. 4:58people percentage that are cash pay pay
176. 5:00because they're only 11% right now that
177. 5:02>> Yeah, it's it's less about like
178. 5:03increasing the percentage of cash pay
179. 5:05and just saying like you come in, you've
180. 5:06got insurance, insurance covers you for
181. 5:08$100, I'm making it up, 100 bucks. Uh my
182. 5:11thing is $200. The first 100 is going to
183. 5:13go towards we're going to do the
184. 5:15insurance deliverable. And then we're
185. 5:17also going to add this on top.
186. 5:19>> Got it. And you think I'm constrained as
187. 5:20far as the what I pay the providers
188. 5:23because I know the market rate and the
189. 5:24the split. I don't and I did the math, I
190. 5:26could do it in a tiered fashion, but
191. 5:28then when I do when I looked at the
192. 5:29gains given my operating expenses, it
193. 5:31didn't really make sense to do it that
194. 5:33way. I was constrained at 50% I think.
195. 5:35>> Well, I mean you have a cost driven
196. 5:37business because you have insurance
197. 5:39which means you cannot control price
198. 5:40which means you can only control costs
199. 5:41and you're saying you can't go go above
200. 5:4350%. And so the only way that you can do
201. 5:45that is that we either get way more out
202. 5:47of them or we find a way for them to do
203. 5:48it cheaper. Like that's it. Okay.
204. 5:51>> Yeah, that makes sense.
205. 5:51>> Like I'm taking what you're saying at
206. 5:52face value that like there's no way. I
207. 5:54think that's false. So I would just stop
208. 5:56saying that cuz it's not true. Like
209. 5:58you're running 1% margins. There's no
210. 5:59way that like cuz I've seen other
211. 6:01businesses that are insurance, you know,
212. 6:03in the space and they don't run 1%
213. 6:04margins. So like
214. 6:05>> Yes.
215. 6:05>> you for sure can save more money than
216. 6:07you currently are, but in terms of ease
217. 6:10of getting into a world where you don't
218. 6:12have to purely be subject to the
219. 6:14regulations and the pricing of insurance
220. 6:15companies.
221. 6:17Sure in question and then one plan that
222. 6:19you can sell to those people that's on
223. 6:20top that's low operational drag.
224. 6:22>> Got it.
225. 6:23Thank you. That's very helpful.
226. 6:25Appreciate your time.
227. 6:26>> for having me. Appreciate you. If you
228. 6:27like this video and you're a business
229. 6:28owner who wants to break through your
230. 6:29current revenue ceiling, I just sold
231. 6:31every lesson from scaling 10 businesses
232. 6:32past 10 million and three businesses
233. 6:34past 100 million into a completely free
234. 6:36scaling roadmap that I've used to go
235. 6:38from zero to one, zero to 10, and zero
236. 6:40to 100 plus. And so you can click here
237. 6:42and you can check it out. Again,
238. 6:43absolutely free and since you're
239. 6:44business owner, I appreciate you and uh
240. 6:46enjoy it.