Stop Selling by the Session. Start Selling the Outcome. — Transcript

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1. 0:00Hey Alex, my name is Ryan Stern and I
2. 0:03have um two physical therapy clinics.
3. 0:06And we roughly do 1.2 million currently.
4. 0:09>> Total or per?
5. 0:10>> Uh total. Yeah.
6. 0:12>> Margin?
7. 0:13>> So very low.
8. 0:15>> Okay.
9. 0:15>> Yeah, it's like 10%.
10. 0:16>> Okay.
11. 0:17>> So I'm trying to figure out what
12. 0:19>> practicing or are you
13. 0:20>> Um no. No, I'm I'm out. I'm in
14. 0:22temporarily, yes, for right now, but
15. 0:24overall no. Kind of out of the picture
16. 0:26for that.
17. 0:28So I'm trying to figure out what's the
18. 0:29biggest lever to pull if I
19. 0:32Cuz right now I feel like cuz we don't
20. 0:33really do any marketing. We don't have
21. 0:35to. We have plenty of patients.
22. 0:37>> Okay.
23. 0:38>> But we don't have enough providers to
24. 0:39provide care.
25. 0:40So right, it's a manpower thing, but
26. 0:44the low margin, so I'm trying to figure
27. 0:45out
28. 0:46>> I literally went through earlier.
29. 0:47>> I know. Well, I'm like I got my
30. 0:48questions lined up and you already kind
31. 0:49of answered them, but I'm I'm still
32. 0:50trying to figure this out. I mean
33. 0:52cuz there are things that we can do on
34. 0:54the profit margin wise. I could work on
35. 0:57that.
36. 0:57>> Work on your sales process.
37. 0:58>> Okay.
38. 0:59>> I'm just trying to get to the heart of
39. 1:00the issue. Work on your sales process.
40. 1:01>> Okay.
41. 1:02Um
42. 1:03the sales process? There really isn't
43. 1:05any.
44. 1:05>> Pe- I mean pe- literally
45. 1:07>> [laughter]
46. 1:07>> Yatzee, right?
47. 1:10>> People call me and they're like, "Hey, I
48. 1:11need help." I'm like, "All right, let me
49. 1:12see if I can fit you in. We can get you
50. 1:14in in a month, maybe two." You know,
51. 1:16this person we can do
52. 1:17>> And they're like, "I'm in pain." And
53. 1:18you're like
54. 1:19>> deal with it. Kind of, yeah.
55. 1:21>> Okay. So this is what I want you to do.
56. 1:23So you pick up the phone, right?
57. 1:25>> Mhm.
58. 1:25>> And before they come in
59. 1:28I want you to send them a VSL. So video
60. 1:30sales letter that is mostly telling them
61. 1:33uh promise, proof, pain. So basically
62. 1:36like, "Hey, in this video we're going to
63. 1:37show you our unique method of how we get
64. 1:39people from oop you know, boo-boo to
65. 1:42yay-yay, right? And and we do it in less
66. 1:45time um than you're probably used to."
67. 1:47>> And then it's going to be me doing that,
68. 1:48right?
69. 1:48>> Yes. And so if you're tired of insert
70. 1:50pain one, insert pain two, insert pain
71. 1:51three, then this is definitely for you.
72. 1:54And just to give you an idea of what's
73. 1:55possible, here's Angie and she had pain
74. 1:57most common pain number one, and in
75. 1:59however much time, she got to way less
76. 2:01pain number two. And this is Avatar,
77. 2:03second most common Avatar, and she dealt
78. 2:04with pain number two, and this is what
79. 2:06happened. Then here's three and three.
80. 2:08And I'm only sharing that to share like
81. 2:09you don't have to be stuck this way,
82. 2:10things can change. From there, I'm going
83. 2:12to lay out our four-step plan of how we
84. 2:14actually attack this. So, one thing is
85. 2:16old way, new way. So, the way that most
86. 2:17people are accustomed to care is the
87. 2:19run-of-the-mill model, they just bill
88. 2:20insurance, or blah blah blah. And our
89. 2:22way of doing is more integrated because
90. 2:24this is actually we get out of pain long
91. 2:25term. And this is my special, you know,
92. 2:27Ryan Stern process. And so, that's the
93. 2:29big idea. Now, the question that comes
94. 2:30up a lot of people's minds is
95. 2:33what they think is incorrect, why it's
96. 2:35wrong, what's right, proof. And the
97. 2:37second thing that people worry about is
98. 2:38what they think, why it's wrong, proof,
99. 2:41>> [laughter]
100. 2:41>> right? And you do that for all the
101. 2:42questions, and you're like, "Awesome."
102. 2:43That's what this VSL is.
103. 2:45Then, when they show up in person,
104. 2:47you're going to ask them for their ID.
105. 2:49First thing they walk in the door. Hey,
106. 2:51awesome, you're here for an appointment?
107. 2:52Great, do you have your ID on you? They
108. 2:53pull it out. Right? We put it in. We
109. 2:56say, "Okay, cool. Can I charge you for
110. 2:57whatever card you want to use? It's just
111. 2:59so we can complete the patient profile."
112. 3:00Great. Now we have card on file before
113. 3:02we even ask for money.
114. 3:04So, now we get the credit card. Now,
115. 3:06at this point, you probably have them
116. 3:08fill out the paper stuff of
117. 3:10whatever, right?
118. 3:12Make sure that the form they actually
119. 3:13fill out has pain-based questions on it.
120. 3:15So, we want to ask the same question 10
121. 3:16different ways of like, "How shitty is
122. 3:18your life as a result of this pain?"
123. 3:20Right? I don't like the circle here that
124. 3:22like that doesn't matter. It's what
125. 3:23things can you not do as a result of
126. 3:24this pain? Okay? So, we have our
127. 3:26pain-based cues.
128. 3:31Then, they go into the [sighs] they go
129. 3:32and get their assessment of some kind,
130. 3:34right?
131. 3:35Okay. Now,
132. 3:37they get their assessment, let's just
133. 3:38say the exam.
134. 3:40And then, here, what do we do? Another
135. 3:43VSL. Crazy, I know, right?
136. 3:45We have them watch a VSL, which looks
137. 3:47just like this one, except it's
138. 3:48different examples. That's basically it.
139. 3:51And then, they meet with the patient
140. 3:53care coordinator, your closer, whatever
141. 3:54you want to say,
142. 3:56and you close. Now, right now, are you
143. 3:58selling sessions? What are you selling
144. 3:59as your packages?
145. 4:01>> Uh no packages.
146. 4:02>> Right. So, what we need to do is you
147. 4:04need to switch to selling to goal rather
148. 4:06than selling the feature, right? You're
149. 4:08selling a commodity, which is a session.
150. 4:11>> Yeah. So, a bit of context, we are
151. 4:12insurance-based.
152. 4:13>> Okay. Understood.
153. 4:14>> Just so you know that.
154. 4:15>> Now,
155. 4:16So, [clears throat]
156. 4:18everybody's cash practice how you do it.
157. 4:19Um
158. 4:20>> [laughter]
159. 4:20>> There you go. I answered your question.
160. 4:22>> me on that.
161. 4:22>> Yeah. Now, um
162. 4:26The reality is this. If you're in the
163. 4:28insurance like if you're in the Are you
164. 4:29pure insurance? Everything's insurance?
165. 4:31>> We do a little bit of cash, but not
166. 4:32much, yeah.
167. 4:32>> Um
168. 4:34Dude, when you get into the cash
169. 4:34business, you'll be like, I can't
170. 4:36believe I did insurance ever. Um
171. 4:40When you're in a fixed payment business,
172. 4:43a fixed It's price fixing, right? Like
173. 4:45you get paid this.
174. 4:46>> Right.
175. 4:47>> So, the only game that you can play is
176. 4:49the bottom-up approach, which means that
177. 4:51you have to, for the business, cut all
178. 4:54costs and build it like Walmart. I'm
179. 4:56just saying that's the If you can't
180. 4:58control price, then you have to control
181. 5:00ops and costs. And so, you have to
182. 5:01create your margin from a cost basis
183. 5:03rather than a value basis, which I hate,
184. 5:06but that's the game.
185. 5:07>> So, cutting costs.
186. 5:08>> Yes.
187. 5:09>> Yeah.
188. 5:09>> Unfortunately, which means it's way more
189. 5:11about efficiencies and like your entire
190. 5:13ethos as a business means we run this
191. 5:15lean as
192. 5:16>> Mhm.
193. 5:17>> That's what you have to do. And a lot of
194. 5:19practitioners who are insurance only
195. 5:21have a lot of emotional struggles with
196. 5:22that because they're like, I didn't get
197. 5:24in this to become a pill mill or a, you
198. 5:26know, this you know, just a a mill of
199. 5:27people coming in and out. It's
200. 5:29completely destroyed medicine. That is
201. 5:31the game you have chosen to play.
202. 5:32>> Mhm.
203. 5:33>> And so, if you stay in it, one, you can
204. 5:36choose to win,
205. 5:37or two, the person who acquires you in
206. 5:39the future will then immediately do that
207. 5:41to your business, and then it will
208. 5:42happen anyways.
209. 5:43>> Mhm.
210. 5:43>> Or the business will You'll eventually
211. 5:45burn out, and want to do it anymore.
212. 5:47>> Right.
213. 5:47>> One of these three things will happen.
214. 5:49Now,
215. 5:50door number four is we learn how to
216. 5:52acquire customers in a way because you
217. 5:54can sell $3,000, $5,000 packages all day
218. 5:57long
219. 5:58if you follow this process.
220. 6:00>> So, do
221. 6:01cash.
222. 6:02>> Yeah.
223. 6:02>> Not doing insurance, is the way you're
224. 6:03getting at.
225. 6:04>> You can You can stay in insurance.
226. 6:05>> Yeah.
227. 6:06>> But just understand that that's the
228. 6:07business you're going to be in and those
229. 6:09are the rules of the game that you have
230. 6:10to play.
231. 6:10>> Yeah.
232. 6:12So, then my goal for 5 million probably
233. 6:14isn't going to happen with that model.
234. 6:17>> It's not that it So,
235. 6:19you
236. 6:20don't have a an issue getting insurance
237. 6:22customers, correct?
238. 6:23>> Correct. Yes.
239. 6:24>> Right. You have an issue getting
240. 6:25providers.
241. 6:26>> Yeah.
242. 6:26>> Which means that you have to remove
243. 6:27literally all cost besides providers
244. 6:30since they are the bottleneck of the
245. 6:32business. And so, then you have to
246. 6:34create
247. 6:35um
248. 6:36Basically, you need to have as much
249. 6:37buying power on the scarcest resource.
250. 6:39>> Yeah, that's what I'm been trying to
251. 6:40figure out how to do that.
252. 6:41>> Right. And so, it's basically you have
253. 6:42to suck all of the the the the cost
254. 6:45spaces out of the business Mhm. and then
255. 6:46you have to push that towards the
256. 6:48providers so that you can attract more
257. 6:50providers and that's what's going to
258. 6:51scale revenue. But you might be at 5
259. 6:53million with 500,000 or maybe, you know,
260. 6:566-750,000 dollars in profit. And at that
261. 6:58point you'll have five locations and be
262. 7:00like, "Why am I doing this?" Which is
263. 7:02why a lot of people get tired of it.
264. 7:03>> Yeah.
265. 7:04>> Right. Because they price at the So,
266. 7:05like insurance companies price at the
267. 7:07point of break even.
268. 7:09>> Mhm.
269. 7:10>> Like they price it just enough for
270. 7:12providers to get their heads barely
271. 7:13above water and feel like the navy seal
272. 7:15test where you just bounce at the bottom
273. 7:16and engulf air, right? And that's what
274. 7:19you're doing every day.
275. 7:20>> For sure.
276. 7:20>> And so,
277. 7:21we either need to play that game
278. 7:23hardcore and basically be ruthless about
279. 7:25the numbers and the math behind the
280. 7:27business, which is probably not why you
281. 7:28get into it, but that is the game.
282. 7:29>> Mhm.
283. 7:30>> Or you just have to learn one skill cuz
284. 7:32this is a process that we can show you
285. 7:34how to do.
286. 7:34>> Yeah.
287. 7:35>> You just have to get leads that are not
288. 7:37insurance.
289. 7:38Now, I'll give you a hybrid bridge. Is
290. 7:40Is okay?
291. 7:41>> Absolutely.
292. 7:42>> So, when people come in I want you to
293. 7:43run them through this process.
294. 7:46But you're going to ask them
295. 7:49do you want the best care possible or do
296. 7:51you just want what your insurance
297. 7:52covers?
298. 7:54>> I actually wrote that down a little
299. 7:56while ago.
300. 7:57>> [laughter]
301. 7:58[clears throat]
302. 7:59>> And then take them through the process
303. 8:00and say, "Hey, your insurance is going
304. 8:01to cover this, but it's my duty to tell
305. 8:03you that this is what's actually going
306. 8:04to get you better."
307. 8:06>> Okay.
308. 8:07>> And if you just did that, that'll
309. 8:09probably create the margin you need to
310. 8:10get the people you need.
311. 8:11>> And then just kind of when that starts
312. 8:12working just double down on that
313. 8:14basically. [snorts] Build that side.
314. 8:16>> Do you think you can do that?
315. 8:17>> Yeah, I can do that. Cool. Thank you.
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