Trent Lowenstein
Appearances
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
That's like your education fees and all the other stuff.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Now, but is $140,000 for a doctor as a podiatrist a salary that's desirable?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
It's not very competitive. What's the competitive rate?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
So everybody else gets paid. The entrepreneur goes home and goes like, what do I do? It's just like you're working for everybody else. So when when there is an element of profit sharing or equity or or any of those options, the employees feel a different sense of ownership that they're also pushing the wagon forward.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Well, then you have your choice to work with them or not.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
But if you want to recruit A players that want to push the wagon forward, that's who you want on your team. Like Dr. Tim, your husband, shout out Dr. Tim. What up? He does a great, he does a phenomenal job of getting referral businesses, right? He's always going out into the market. He's talking to doctors and he's getting those referrals.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Those referrals have almost no customer acquisition cost other than coffee or bagels or whatever Dr. Tim is bringing. The other locations are not going out to do the referral business at that capacity and you're leaning heavily on a higher customer acquisition cost through traditional marketing channels, traditional digital, social, etc.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
So if there was nothing else except that the doctors at the other locations had a different mindset to go acquire inexpensive leads through their referral business and bring patients in and they got to reap the benefits of profit sharing, it's a different, again, it's a different mindset and it's the path to yes. It's the path to how are we going to make this work?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
So that's the cool place that you're at. As long as you protect your 25% net profit, you have creativity to build up these step up programs that he's talking about. You know what your cogs are, right? You know what your expenses are. If the 25 is protected, like let it be creative, let it be art. And then once you find out what art works, let it become science.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Got it. Got it. That was one of the metrics that we wanted to dial in because she's spending an enormous amount of money on marketing and you're getting all these referral businesses and then the calls aren't being booked for whatever reason. You can't move it forward.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
$50.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
And as long as when the person picks up the phone, they don't say, yeah, the doctor can't see you for three weeks. We'll call you back. Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I mean, that's just money wasted.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I was super stoked. You got 40 calls.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
And it doesn't always happen that way.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I've been telling you that. You're spending 5% on marketing.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
$0.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
The other thing that's important for your business is that it's a repeat business. So your customer acquisition cost is offset by the amount of visits that the patient comes to see you. So that $62 customer acquisition on the second visit is zero.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Now it's $31.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right. And then continuously offset. Yes. Oh, I see. Okay, I get it. So if a patient is going to come see you, let's say four times, it's $62 divided by four. And then on the next one, you make money on the patient.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
434?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
One of the scary pieces for you, I think, early on, like February, March timeline was that you're like, if I spent an enormous amount of money on marketing, but I'm not booking calls.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
People are saying they're dodging calls and A, B and C. I could see why you'd be afraid because, of course, you're spending money without the back end infrastructure. Having said that, you've done and I just want to say to you and to everybody who's listening, you're an amazing operator. You've gone in there and really changed the way that the infrastructure of the company operates.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
You are doing one-on-ones with your teams. There's clear expectations. There's accountability. So now that the infrastructure is right, now it's time to invest more into marketing.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
The operations can handle it.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
He's like that in Vegas, too. He's got to see all the numbers.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
That was another piece of the infrastructure that was broken early on where it should be doing all these jobs, but the money wouldn't come in for 180 days when it should have come in in 90. And we identified one of the problems was that the information in the system wasn't inputted correctly. Right. So then the insurance company bounces it back, says you need to redo this.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
You redo it with the proper information and it starts the clock back at 90 days. Now you've solved that to a great extent. So this is with the billing codes?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
correct, then... Or if you collect it correct and don't put the right information in.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
That was another piece early on where we're like, Everybody was busy, but nobody ever knew what they were busy with. People were just generally busy. And the question I asked you to ask your team was, if I was to ask you, how do I know if you're doing a good job? Or how do I know if I'm doing a good job? What would they say?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
And now you can say, hey, I know I'm doing a good job because I have a 80 percent booking rate. I have a 92 percent accuracy on A, B and C. And we ask for reviews and we get this many views per per month. And so there's those metrics empower your employees because they know they have fulfillment. They know if they're doing a good job or not. They know how to win. They know how to win. Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
And then as the architect of the game, that gives you clarity and peace of mind that the infrastructure, the game that you put into place is going to work.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Absolutely.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I got a guy for that.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Right.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
The interesting piece, to use Chris's example of his special appointment that he's waiting on surgery for, if that CSR were to continuously call him, right, if that was the metric, like, hey, these missed calls or missed opportunities, and they were reaching out to him, he would, of course, say yes.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
He's still shopping for it.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Yes, done. So that's the downtime that they have because, again, we've established that you're not at capacity. We know that there is sitting time here. If it was a metric for outbounding, for either patients that they've seen in the last couple months that, hey, are you interested in coming in for A, B, and C?
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Or for patients that wanted the service that it couldn't be fulfilled for whatever reason, to call them out again.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
That's what I was going to add. Sorry. That's okay.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I mean, good for the front desk lady to, when you come in, do your intake. Right. Hey, here's a pamphlet while you wait on orthotics. It's really popular for 90% of our patients. Just ask the doctor if you're interested in it.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I was going to say you should find all the CrossFit locations and put up big billboards right outside of those.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Yeah.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
We'll take a great guy when you want to do that.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
I got a great guy.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
Yeah, I'll tell you about offline. Okay. He's great.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
We always said like, if you could measure it, then you could control it. So her issue was she couldn't measure it and she couldn't control it. There was no visibility. And now that you have your chart of accounts dialed in, you're in a lot better position.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
So Trent, when you say chart of accounts, can you explain to the viewers more of what that means? Yeah, so on your profit and loss statement, you have descriptions usually on the left-hand side or almost always on the left-hand side that are the actual items that you are, the descriptions of the items that you're spending.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
So like materials, direct labor, your insurance, your rent, your operational expenses, and having a clean chart of accounts where you can clearly identify sections where you should be spending a certain amount, like marketing as an example, what's the marketing spend here? help you gain clarity in your business so that you can protect that 25% net profit of your business.
Next Level Pros
#147: Losing $50,000 Every Month to $23,000 Profit in 60 Days / Increase Profits / Next Level Pros Podcast
What's the average time that you expect the doctor to spend with the patient?