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How much value has your practice generated this year? How do you ensure that you’re on top of the collection part of your business? What are some strategies you can employ to capture critical metrics for your business or practice? Dr. Pete and Dr. Stephen continue their series of discussions on the four domains of your practice by taking a deep dive into collections. They discuss the importance of exchanging value and understanding the value sequence that your business operates under. Ultimately, money is a crucial success metric for your practice, and it is interconnected within nearly every facet of your business.
00:38 – Dr. Pete and Dr. Stephen read some listener reviews and testimonials
05:56 – The importance of documenting testimonials
07:53 – Dr. Pete and Dr. Stephen introduce today’s topic, Collections
13:28 – What you should actually be measuring in your business or practice
18:40 – Breaking down marketing and payroll costs
25:36 – Strategies for capturing these critical metrics
29:26 – The importance of understanding that metrics are all connected in your business
31:11 – The sensitive yet vital subject of money
EPISODE QUOTES
“Testimonials are the nitrous oxide of purpose.” (05:56) (Dr. Stephen)
“The purpose of a business is to add value by solving a problem for another person.” (10:22) (Dr. Stephen)
“One number is a fact. Two numbers is a story.” (14:45) (Dr. Pete)
“As you grow, growth sucks cash.” (18:10) (Dr. Pete)
“When you become a CEO, you stop just running your business on emotions and gut feelings and instinct. And we like to say it’s one part gut, two parts data. And you need that data.” (28:05) (Dr. Stephen)
LINKS MENTIONED
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
