A quick note from Gary… Some Transparency to Start the New Year
In general, clinicians make lousy business people. We tend to occupy ourselves with patients care and spend way too little time taking care of finances.
Part of my approach to business comes from my father, an engineer by trade, who literally wrote the book on frugality (what most people refer to as “utter cheapness”). I just don’t waste money on things that aren’t necessary, like fancy office space, expensive marketing campaigns, and frivolous technology. I’d rather invest in people, because having skilled, friendly people means everything to a successful business. I firmly believe that if you have the right people offering the right service, you just don’t need the other stuff
In 2018, 68% of our total operating expenses went towards our staff’s salaries and benefits. I’m proud of that. Because our patients don’t benefit from office supplies and rent. They benefit from our people.
On the revenue side, it might surprise you to learn that only 46% of our revenues came directly from patients (appointments, retainers, etc…). The remainder came from various forms of consulting work, writing/presentations, products sold through our online store, classes taught at local hospitals, and courses viewed at type1university.com.
Nevertheless, patient care remains the “bread and butter” of our practice, so we take it very, very seriously.
Now here’s where my lack of business savvy rears its ugly head. We have a standard set of fees for individual appointments and retainer services, but we are always willing to be flexible. We will NEVER turn anyone away if they are unable to afford our usual rates. In such cases, we will accept whatever the patient considers fair and affordable. We may never get (money) rich doing this, but richness comes in many other forms.
May 2019 be a rich year for you and yours, in more ways than one!