Let’s take a look first why it’s a good idea to build or transition to a Fee-For-Service private practice…
Did you ever wonder why your doctor’s office no longer participates with certain insurance plans or insurance at all? I’ll give you an example. We had a claim that the insurance company pended and requested notes. The request came more than 2 weeks after the claim was received and for some reason, it took 10 days from the date of the letter for it to get to us. The notes were sent and a follow-up call was made to make sure they were received and get a reference and document number as proof of receipt. Fast forward another 2 weeks and the claim is denied because they said they never received the requested documentation. So, now we have to waste more time calling them and giving them their own document number so they can look up that they did, in fact, receive the requested notes. We will get eventually get paid for the claim but we won’t get back the lost productivity and wasted time.
This isn’t the first or last story private practice practitioners will share on social media. Some of them will just use social media to rant about their frustration, some will take drastic measures such as selling their practice, others will insist that a Fee-For-Service practice is ONLY beneficial for the doctor NOT for the patient – which is far from the truth – and you’ll see why.
I get it. You are doing this work because you’re passionate about your expertise, you love helping people and you want to make a difference. But is that enough to build sustainable business success? It’s a great start. However, if you want to make sure you have a consistent flow of clients rolling in like I did without losing your sleep because you aren’t generating enough revenue then it’s time to step up.
How do I know this? As a health & wellness coach, I ran a Fee-For-Service private practice. And today I help other practitioners do the same. Here is what I learned right off the bet
#1) we are really marketers who have an expertise
#2) I needed to learn how to get the word about my services (and it was up to ME!)
#3) I had to THINK outside the box.
As a result, strategies like the ones below helped me attract ideal premium clients, get paid $330h only 6 months after I open my practice while my colleagues were getting $75h.
Since the insurance reimbursement getting lower, insurance-based practices max out at about $85,000 per year (serving 30 clients a week). Most practitioners soon realize it’s hard to build a comfortable lifestyle on this budget. That’s why my clients prefer to run a Fee-For-Service private practice.
Here are some of the marketing strategies for you to build a Fee-For-Service practice:
Market Differently: If you are like me, soon after you got your diploma you realized the basic marketing strategies provided to us (if any) wasn’t going to cut it. Why? Because it wasn’t a marketing training. It was a health & wellness training! Marketing differently doesn’t mean you are going to have to put a red rubber nose on, dress up like a clown and holding a sign on the streets. It means sharing your expertise in a way that is natural to you.
Have a Niche:
Why would people want to pay you cash versus paying you using their insurance? The shortest answer is this: Privacy, Availability, Access to Alternative Treatments and Copay cost vs benefits. In another word, premium patients, clients and customers want c-
There is a high number of patients and clients out there who prefer to pay cash because they don’t want their employer to know what kind of professionals they seek out for help. They are busy people, don’t have to waste, they prefer to pay than wait. Unfortunately, most insurance companies don’t cover the cost of alternative treatments. For someone who has been misdiagnosed by a traditional approach, it is worth the investment. Let’s also remember nowadays copay cost is getting higher and higher.
Create a Movement: What do you stand for? This is an important question to answer in order to build a successful practice. It will not only keep you motivated, on track and focused but also help with your marketing message. In my recent coaching session with a client who is a Reiki master, I took her through my positioning the process. As a result, now she is NOT a reiki master, she is NOW the “Creator of JoyFul Heart Movement.” My other client is NOT an interior designer, she is the author of “Love Where Your Love: Dream Homes Made Real.”
Craft A Compelling Marketing Message: What pressing issue do you solve? People don’t really care about your titles, the location of your office and how many years you’ve been in practice.
People care more about how quickly can you help them solve a pressing problem and reach a desirable outcome. Make sure your website, social media presence, email marketing, etc includes a compelling message about how you can help them get from A to Z.
Develop Your Proprietary System: Here is where you can stand out from the crowd. This is a powerful brand positioning strategy because it places you as an authority in your field. Your brand magically becomes unique, different and command premium value.
Let’s face it, there are a lot of other professionals doing what you do. However, they don’t deliver the same way as you do. I must know about 20 different chiropractors, they all have a unique work style which set them apart.
Create Irresistible Packages: If you are cash-only practice people might feel uneasy because they don’t know how much the investment will be. You can easily get this frequent objection out of the way by creating irresistible packages.
Why do I say packages? Well, people don’t like to be sold but they love to buy. When you offer 3 different packages let’s say basic, intermediate and total support gives them the power to choose what is in their budget. Clients LOVE that! Most of my clients pick my “all inclusive” top packages.
Diversify Your Marketing Channels: It’s not enough to have a website, brochure and business cards. People know you mean business when they seem to find you in every turn they make. The good news is you can tap into the power of repurposing your marketing content.
For instance, you write a 500 words article that can be added to your blog or guest post on someone else’s blog, email blasted to your list, shared as a social media post, distributed on article submission sites, turned into a press release, printed to share in your networking meetings just to name a few.
Make It Easy For Them To Pay:
If you are a cash-only practice people might be confused about how they are going to pay you. You can get the confusion out of the way by adding a credit card authorization sheet to the enrollment process.
My clients get that as a template in their programs and report back that their own clients appreciate how easy it is to pay for their services – win-win!
Most importantly remember how much value you add to someone’s quality of life. Understand this, no one knows your expertise, can share and talk about it as YOU do. Marketing your business is – YOUR business. Remember, you are a marketer who has an expertise.
Implement a Referral Program: It is costly to bring in new clients. Why not help those who already know, like and trust you to introduce your services to their family, friends, and colleagues? I’ve lost track of how many referrals I’ve sent to my amazing Reiki Master, Chiropractor, and Life Coach.
People who prefer to pay using their insurance hangout with other people who have similar preferences. As you become more established, you’ll notice that premium patients and clients also hang out with other premium patients and clients. When working with clients we make sure to implement a referral program to keep those red-hot referrals coming in.
Which one is the most compelling strategy for you to implement right now?
P.S. Want to maximize the power of referral marketing in your business? Then click here and apply for a consultation today.
P.P.S. Did you like what you learned in this article? Do you know a private practice practitioner who wants to grow their practice? Be a good friend and forward this article to them…they will thank you later.