Why a Full Calendar Still Makes You No Money — Transcript

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