I just got off a call with a chiropractor who wants to make some changes in his practice. One big change would be to begin offering high-ticket, premium care program for cash… A good goal and one I personally recommend. But if this was a simple exercise in buying a script or procedure of what to say or do… Then everyone would be doing it, Right?
Though this process is not simple, it becomes easy when you have the right guidance and a clear process to follow.
His first comment was, “why should I pay good money just for advice on how to do this” …. And my first thought was… “You don’t”! I did it myself at first.
Though I spent years to perfect this process through trial and error, learning what kills the conversion process and what completes the process. Especially for those that are convinced that an insurance company is responsible for their health… Why wouldn’t my time and creative efforts have any value?
PLUS… when you can learn a step by step process… that works time after time, you haven’t just memorized a script… you have developed a “skill” that when implemented into your business can easily 5X your income! What is the value in that?
I feel coaching, being a doctor or rendering any professional service is a misunderstood mindset. Information, guidance or rendering a professional skill that is transformative in nature, will transform a life. The misunderstood mindset is that a service provider is NOT a provider of a commodity service. Yet most practitioners may see their work as a commodity.
As an example, going to see a chiropractor. The conversation will boil down to the care being seen as a commodity… How much and how many times do I have to come to treat this new pain I have…
That is classic commodity thinking, which is to go get something to solve an immediate need. i.e. take a pill, have a therapy, take or do something which is based on attending to a certain immediate need, and valuing the service based on the time it takes to deliver, and how good it works! AKA, trading time for dollars.
Looking at food as a commodity, one can be hungry and the immediate need is to solve their hunger quickly, i.e. fast food! The quality of that food or its value long term, may not be part of the decision, just get the needs met! Even though fast food has been proven to negatively affect people’s health, right? But it is cheap and quick… a commodity; immediate needs met service.
Paying someone for advice or as in the case of a doctor… their service is the mechanism for a person to attain a needed benefit. If it is a quick pain relief service, it may solve an immediate need… If the doctor takes the time and effort to discover a root cause then addressing the cause of the problem can result in a transformation of one’s health… Not temporary band-aid care but a real transformation in ones life.
Look at diabetes, there is the commodity approach, take pills and injections, continue to live the life that helped create the diabetes, maybe prevent a leg amputation but still die of complications of diabetes… the commodity approach.
Or how about getting to the cause and addressing what caused their type II diabetes and make recommendations for a lifestyle change, nutritional supplements, eliminate nerve interference and recommend foods that over time will reverse their diabetes and rebuild their bodies health, and keep them accountable for their responsibilities… That is transformation and carries a much higher value of benefit than just getting more drugs, Right? And since that comprehensive service carries a much higher value, it will also command a much higher price!
Studies have shown that to the extent someone invests in a service will dictate the benefit they will receive.
As an example, people who pay cash for a service, will have what I call, “skin in the game” and that personal exchange of money for a service is actually an investment in their achieving a desired benefit; This is not just an idea, it is a fact that has been proven to me over my past 50 years in chiropractic, as a patient, a practitioner and as a chiropractic business coach.
Cash paying patients get the best results, are less problematic to manage, and are the highest referring category of patients in any practice I have ever managed… Because they like, trust and have invested in you!
Compare the compliance and engagement you get from most any third party pay patients? Missing appointments, not doing their personal work at home i.e. exercises or other things you ask of them, not coming to in office presentations; just not being engaged, is what I found, and they will quit care as soon as insurance is exhausted. For me third party patients really do take the fun out of practice. Because they see you as a commodity service, not as their guide to a better life!
My culture in practice evolved over the years to become only transformational care, rather than temporary pain care. I found the higher priced programs I called premium care programs, were attractive to many of those seeking my care, yet still most were a bit surprised about how much deeper my approach was.
Some people even commented; “finally, someone is going to get the bottom of this” … What I experienced was my patient compliance and engagement they had for their care was so good, most all the patients achieved a very high percentage of the benefits they came to resolve. I was finally delivering my promise of how chiropractic saves lives!
Additionally, or maybe strangely, patient satisfaction was so high that one of my patients who was a nurse, came to me one day and apologized for not getting better, like the majority of the others she had talked with in the reception room.
She told me that she knew she was in the right place because so many of the patients she had spoken with had similar problems, some even greater than hers, and she heard so many patients praising their care. To the point she felt she was doing something wrong and letting me down… her query to me was;
“Dr Parker I am so sorry I am not doing as well the others who are under your care… All I ask is that you don’t give up on me, and you will continue to work with me so I too can hopefully have the amazing results your other patients are having.
This woman had skin in the game and had invested in the care because she trusted me… she never once complained abut the fees I charged or blamed me for her not having the same results as the others. Only apologized for not getting better as the others were, saying she must be doing something wrong, maybe it was her strenuous work in the hospital? Now, how’s that for a twist on patient satisfaction?
Eventually I refused to wait for insurance reimbursement and only offered premium transformational care, the patient would agree to personally pay in cash to receive.
I also specialized in primarily helping those suffering with disk problems, sciatica, failed back surgery… and that’s when practice became the most gratifying and the most fun.
All my patients were engaged in their care and doing their part to achieve the amazing outcomes I became known for. The patients invested in the program, we had no insurance adjuster trying to stop their care, and I was being paid my worth and became the “go to guy” known for getting peoples life back!
So, having developed a proven premium care culture, with the finances and patient outcomes to back it up… What is the value someone could attain if they simply circumvented my learning curves; and the thousands of dollars I spent and lost, over the years while creating the process, actually worth?
I mean a chiropractor has usually spent over 150, 000 for the education they received to be able to take and pass state board exams, plus the next 100K in setting up their practice… what is the value of learning how to put it all together, faster and do it right the first time in a business that will provide income for their family for the rest of their life?
Coaching should be transformational, and never be looked at as an expense; but instead, as an investment with a measurable ROI! That is why I have had clients for over 14 years… Because my fees have proven to continually increase the bottom line as this business has grown. Coaching doesn’t cost it pays!
So, obviously I believe in coaching…I myself have coaches and are involved in masterminds. I feel it is smart, saves time, and is an integral part of many super successful entrepreneurs and doctorpreneurs business plan. Especially since most doctors had never developed, owned, marketed, managed a team, managed finances, or managed real life patients while providing patient care… Having a business coach is just a smart thing to do, IMHO.
Mind you, I never try to sell anyone into a management program, I simply asked, “Wouldn’t it make sense to invest in someone who knows how to do this skill and has it all laid out and has already compressed the time for you… instead of your seeking bits & pieces of info on your own and trying to slap it all together”?
So, if making an investment to learn a skill that can take you to a million-dollar income in record time, seems to be out of the question for you; you’ll most likely be challenged to develop a creative means on your own, that will give you that level of success.
Be mindful that you’ll attract what you yourself believe at your inner core and your behaviors. You will manifest your most dominate thots, negative and positive.
i.e. if you aren’t willing to invest in yourself to have greater success, it will be close to impossible to ask another to invest in you to help them have greater health!
If you don’t see the benefit of paying for transformational advice, and do the work that is asked from you… It will be very hard to ask another to invest in your advice and follow you?
This is where you find yourself believing in your client’s excuses as to why they can’t pay you, because you use the same excuse yourself. So, you may skirt the subject by relying on insurance to be the payor rather than ask the one you are doing the work for. Which will inhibit the value of exchange.
One of my mentors told me over 40 years ago to take the income I was making and invest over half of that in learning how to scale. So, at the time I was young and wanted to drive exotic cars and at the time it killed me to invest in knowledge rather than buying a Porsche.
As it worked out that knowledge and coaching financed a whole life time of my car “obsession”, plus my racing obsession… An action that I thought at the time to be a sacrifice, resulted as being an investment in my ability live my life in the promised land!
If you are not challenged by the idea of routinely recommending premium care programs from 3K – 8K cash, and you are only struggling on how to do it, then how many 3-8 k programs would it take for you to make sense out of investing 5K in a program that will help you stop the struggle and learn to routinely do it? … 1 or 2?
If you don’t see MORE upside to investing in a mentor and realizing the results, they can lead you to, and therefore being creative in creating the investment required…
…then chances are you’ll have a hard time holding space with your potential patients that give you that same story you use to not invest in yourself.
The ONLY short cut to having the results you want… is employing a mentor who has had the very same results you want and can help you predictably get them.
That’s it. Sometimes there may be a little luck involved, but I don’t recommend depending on luck when it comes to designing your life!
Otherwise, everyone who is having great success and got there because of the long and arduous journey of figuring it all out will be seen as just having good luck and did not earn their success!
Do you feel
So, knowing not to rely on luck, why not skip the arduous journey and invest, but know WHY you’re doing it.
I had a client that had been in practice for 15 years and was having a great deal of success. Although he was pretty much chained to the office and when he wanted to get away to do a little camping with the family, that week off, would cost him big time. New patients that came to the office were put directly into insurance only programs, and patients that showed any sign of improving would be released. (there were specific reasons for that I later uncovered). PLUS… he didn’t know how to transition his regular clients to be seen by his associate in his absence… most saying they will see him when he returns. (You can’t scale with that system).
So, besides the cost of the trip he had at least double those costs in his loss of business. Making his weeks off cost him 10K to 15K a week in lost business plus the cost of the trip.
Plus… for some reason the TEAM would start a small mutiny, as to how unfair, demanding and unreasonable the practice owner was, and he returned to negative drama… He was living in HELL when it came to his practice satisfaction. But he looked successful on the outside, driving that new Lexus, to his big house!
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When this chiropractor hired me, he stated, he didn’t really need to build the practice he was very satisfied with his already high 6 figure income… he just wanted to stop feeling like he was in hell when it came to ownership… Was it too much to ask he be able to take a week here and there, enjoy a little freedom. And come back to the thriving non-dramatic practice he left?
So, beside recovering the thousands of dollars he was losing; The mentorship actually added 300K to his income that year, PLUS… he achieved his primary reason for investing in mentorship… He now had the freedom he was so desperately looking for.
So what do you feel that transformation in his business was worth to him?
Needless to say, he was thrilled and is now FREE! The value = Priceless.
Plus… the act of investing in mentoring will energetically support you to attract more of what you want…
If you want to attract people who are WILLING to invest into a high-ticket transformational program to solve their health problems… instead of just seeking a quick band-aid approach to their problem, then you must BECOME that person you want to attract.
I can confidently say this because I DID begin that long and arduous journey and had some degree of success. But when I was introduced to mentorship is when I became addicted to investing into myself. It seemed the more I invested the better things got, and the less stress I had… A real win-win!
I put myself around other colleagues and mentors who were vibrating at a HIGH level of Energy and were getting stuff DONE. The systems, and the community made all the difference… PLUS I began volunteering for James W Parker’s seminars as Team Teacher teaching, and it seemed the more I gave, my success skyrocketed even faster!
Warning… Just because you DO invest doesn’t guarantee your results… Implementation is how it all comes together, and that is when your coach helps you get it done!
…One thing mentorship does do for you, is support you in being congruent in your own high dollar offer. And to me… congruence is demonstrating integrity. I would love to hear your feedback on different perspectives…