In this episode, Cameron discusses shares his ultimate playbook on how to make more money in your medical practice. He emphasizes the importance of getting your mindset right and waking up early to beat the competition. He discusses the significance of knowing your numbers and investing in tools to increase productivity and efficiency. He also highlights the importance of creating a strong team culture and providing an exceptional patient experience to drive loyalty and referrals.

Transcript:

This is Medical Millionaire, the podcast helping your medspa increase in status, visibility and profitability. Join your host as he dispels miss shares trends, and gives you actionable steps today that will take your medical practice to the next level. Here’s your host, expert marketer and founder of Growth ninety nine, Cameron Hemphill. Hey, what’s up everybody.

Cameron hemp Pill here your host for Medical Millionaire. Hey, guys, thank you so much for taking the time to tune into the podcast. Our goal is to give incredible value and insight for practice owners. So if you guys own a MEDSPA you are thinking about becoming a provider in the esthetic space, this podcast it’s one hundred percent design for you and to help you take your practice to the next level.

My goal for you is to help give you information so you can achieve results. So please tune in to the previous episodes where we interview a tremendous amount of key opinion leaders practice owners and talk about how they have had success, share their journey, and how we can help you wherever you’re at within your life cycle of becoming a practice owner or accelerating your practice growth. I want to talk about something that is super passionate today that I am passionate about. As being an entrepreneur for as long as I have been, I can tell you that it’s painful, it’s challenging, it comes with dark moments, it comes with being like the feeling of you being alone.

There’s a reason why they make sports cars with two seats right, because it’s lonely at the top. So what I want to give you guys today is a clear message. I haven’t done a personal podcast in a little while. I’ve had a tremendous amount of inquiries of people that have wanted to be on the podcast, and so this time that we are going to spend today together, I want to take you through the ultimate playbook on how to make more money in your practice.

And you can apply this to any aspect. I don’t care if you’ve had your practice for zero days, if you’re looking to open up your practice, if you’ve had your practice for one year, three years, five years. Shoot. I was on the phone with the provider the other day that I’ve had their practice for sixteen years, which is a tremendous amount of time, and they’re still looking at ways that they can grow and achieve results.

So that being said, I want to jump into it again. This is the ultimate playbook on how to make money in your practice. The first thing I want to talk about, and I’ve talked a little bit about this my previous episodes and some of the social channels that we push out, but please the number one thing, get your head right. Beat the sun up.

What do I mean by that? Maybe some of you have heard Cameron say before, like, hey, beat the sun up? Like what does that mean? Does that mean like I need to wake up early? Like I already wake up pretty early, But it’s it goes much deeper than that. Beating the sun up means, yes, being an early riser. Data shows that people that wake up early tend to have more success. They tend to make more income, they tend to achieve results, they tend to be affluent.

I’m sure you guys have heard the term the early bird gets the worm right, and that applies to like every aspect in life. But again, it goes deeper than that. Yes, beat the sun up. So for me, I get up at four thirty am.

I like the quiet mornings. It’s peace. It gives me that sense of understanding that I am doing something challenging right when the alarm goes off. I mean there is app like almost every day it’s like, oh my gosh, I am not ready.

I need more sleep. But I get excited even if I’m not feeling it. I tell myself, I convince myself, Hey, you’re excited. You have something to give.

You have a message that needs to be put out there for people to excel. So what I want you guys to do is I want you to reframe your entire mindset. I want you guys to take the time and just evaluate what time are you waking up? Can you wake up a half hour early? Can you wake up twenty minutes early? Can you make up an hour earlier every single day? And trust me, I believe in all the benefits of sleep, I totally get it. But for those that understand the value of compounding your time, they’re the ones that leap the competition.

That competition can be other practices out there. That competition can be yourself. Right, And so what I want to say is, if you wake up an hour earlier every day and you compound that over a year, you just gained three hundred and sixty five hours. Now, what can you do with an extra three hundred and sixty five hours of time, what can you achieve? Kobe Bryant one of the greatest NBA players of all time.

I wouldn’t say he’s my favorite player of all time. I actually don’t even really follow NBA sports. I’m too busy doing everything that I’m doing. But I did have the opportunity to learn about how he achieved success or results.

And one of the biggest things was he was always a individual of that pursuit success in compounding time and so as he would just continuously practice in the gym, practice in the gym, he was always like the first one there. And what it did it was it created leadership. It obviously combat at the time, but it created leadership. Like his team started to notice, he started to notice, and what happened was he was able to achieve amazing results.

Okay, so Number one, wake up early. Definitely change your mindset, guys. The other thing I want to jump into is wake up correctly. Please don’t wake up and the first thing you do is grab your phone and pull up social media and start scrolling.

I know that people that are tuning into this right now are absolutely guilty of this, please challenge yourself to stop doing that. Wake up with no distractions, no phone, and then have a plan and be disciplined about that plan and go execute time and time and time again. So let’s look at what an early rising discipline morning looks like. What I’d love for people to do.

Wake up early, no phone, and plant out your goals. Plan out your goals, review your goals. And the way that I’d go through all your goals is I would go through what is important to you and what do you want to achieve personally, financially, spiritually, around your families, around you as a practice owner, like where you at. Truly evaluate where you’re at and where you’re trying to go, and then give timelines on those goals and hold yourself accountable.

There truly is something to be said to individuals that look at their goals every single day, because it’s the first thing you look at in the morning and you’re reminded about what matters most and your purpose to find the next best version of you. The next thing I am a huge, huge fan of is some sort of breath work, Like some sort of breath work like get the oxygen inside your system, get the oxygen in your brain, get the blood flowing, like oxygen is the only way that we survive right until your last breath, right, So fill your body up with oxygen. Like there’s a there’s YouTube videos out there, there’s so much research behind how important is even the way you breathe. And I don’t want to go down that rabbit hole, but breath work is a huge way to start getting your body moving, feeling good, and it’s tremendously impactful on your health, your mental health and everything to help your body.

Just getting going and being prepared. Okay, make sure to stretch, like as we get older and as we age, especially for the audience here, like you guys are constantly trying to work with your patience to anti age them while they’re still aging. Right, you may give them a service or a treatment to help anti age, but tomorrow the next day, like we’re all still aging. We’re all there today than we were yesterday, even if we had some sort of treatment.

And that’s the challenge that you guys have, right. It’s interesting when you really really break it down and think about it. Do some sort of physical fitness, whether it’s yoga, a walk, a run, weight training, something to build muscle, something to keep you active. Like it’s super important to build skeletal muscle as an entrepreneur, as a human being, Like, there is so much research out there on how important it is to build muscle within your body and really like it turns on your brain and it makes you feel confident.

It makes you feel good. So when you go to the practice, you show up with intention, You show up as a leader. You show up feeling good. You are the leader, and you need people in your practice to follow you as the example.

They have to see you as the leader. So if you are the one that’s walking into the practice, maybe you’re a little bit late. You got the Starbucks in your hand, you know, like you’re hoping that the team is kind of running things while you just kind of like roll on in, like be the first one to the practice. Why aren’t you? And you know, like this is just a moment where I’m saying, hey, guys, I know that there is practice owners out there that are letting providers front desk admin like run the ship, which is which like, hey, you have to have good synergy, you have to rely on your team.

I totally get it. But if you are in work mode and you are at the practice and you are conducting treatments, and you are an entrepreneur, and you want to run your practice like a true business owner, be a leader. Show up and beat everybody there, Like it’s super important. When they see that, they are going to start showing up with more intention.

They are going to start following your shoes. They are going to want to help elevate themselves as an employee, as a team member, and ultimately give your patients the best experience possible because they showed up to play, They showed up with intention, They showed up the right way. Right. The other thing that I’m a big fan of is doing some sort of like sauna sweat, like get the inflammation out of your body.

Cold plunge is like a super hot topic something that I’ve actually dove into pretty recently. My goodness, I’m a big runner. So it’s like changed my life completely what it does for my knees, in my back and oh my gosh, like I feel this amazing jolt of excitement when I cold plunge. That’s something else.

And then of course all the anti aging supplements. We all know about that stuff, right, whether it’s semi glue, Titcher’s eppetide, if you guys are taking like whatever vitamins they are, like you know, samorol in hormone replacement therapy, like all the type of supplements that we sell to our patients, Like we should be users of what we sell so we can actually give really good feedback and also feel extremely well. Right, it’s not all about just supplying the patients with the opportunity, but really supplying ourselves elves with the opportunity as well. The other thing that I’m a big fan of, guys, is really like putting positive affirmations out there, putting positive affirmations out there and then visualizing those affirmations and visualizing things coming true in your life that you expect.

Visualizing your goal is actually happening. Visualizing is is putting things out in the universe that are positive They’re going to come to you. And I’m telling you, I have followed so many successful entrepreneurs. I’ve read books, I have freaking followed them on Instagram, I have followed them on solcial, I’ve dove into their youtubes.

I have listened to their stories, their bios, and they all I always see, you know, common trends I always see patterns, and the patterns are they all do these things. They wake up early, they take supplements anti aging, they all work out, they’re all physically They’re not all but for the most part, right, they all try to put the phone aside. The intention. They invest in anti aging, they invest in their health, they invest in their mind.

They listen to some sort of audiobook. Right. They are trying to educate themselves. Right.

They’re always looking for the next best way to like to become better, to just get like one inch one percent better. Right, And so you can see these patterns within people that have had a tremendous amount of success, and I would encourage you to mimic those patterns. I have seen things come true to me that I never thought were possible. And I know that there’s practice owners that actually do this objective and just have the discipline to do this.

And my gosh, have I seen their practices completely transform. Ones that take it serious. And you have to be consistent. You can’t just do it once a week, twice a week.

You have to do it every single day. Right. You can’t go to the gym once and then get fit. They go to the gym for every single day for a year and then take them before and afters Right, you’re gonna see results unless you have just like a horrible diet.

And that’s another point, like maintain a great diet, good proteins, those types of things. So beat the sun up, wake up early, you guys, get it. Thank you for listening to Medical Millionaire. I wanted to take just a few short moments and tell you all about Growth ninety nine University.

Naturally, if you’re listening to Medical Millionaire, the success of your MEDSPA is extremely important to you, and as it should be. And if you’re listening to Medical Millionaire, you are obviously looking for the best, most effective ways to take your medspot to the next level in both profit and customer success. Enter Growth ninety nine University. Ranging from online education courses all the way to the full suite of marketing and web services.

Growth ninety nine has your MEDSPA covered. No matter the challenges that you’re facing, we are ready and able to help you achieve your next level in business, profit and freedom. To inquire about all of our support services and products, please visit Growth ninety nine dot com and while you’re there, click the university link and check out the companion course to this very podcast, back to the show. The next thing I want to go through you guys, is if you’re an entrepreneur, like you’re a practice owner, what’s interesting, Like this is what’s crazy.

I have so much respect for practice owners the longer that I am in this specialty, in this industry, this space, I have so much respect for you because you, guys, you spend so much time on education, and most of that education is everything that has to do with clinical I would encourage you to really dive into understanding business. Like when I really break it down, you take all the schooling, you receive all of these you know, the documentation that gives you the ability to conduct treatment service safety, treat patients right, you’re certified, and then all of a sudden, you’re going to go open up a practice and this is a business right, and most people do it with zero business background. And like, practice owners just have to learn the hard way, and they have to learn marketing, and they have to learn about tech and tools and CRM and EMR systems and finance and they have to learn it the hard way. So what I would encourage you to do, whether you’re a new practice owner you’re a seasoned practice owner, know your numbers, like it is your duty and obligation as an entrepreneur and business owner to know your numbers, like and you have to learn finance.

You could say, right now, I hate numbers. I just pass it to my CPA. I pass it to my bookkeeper, they handle it. Are you You’re really going to let your bookkeeper and your CPA drive the life blood of your business? Like this is crazy? Right? So know your numbers? And I know like a lot of people throw that out, like know your numbers.

You’re like, okay, well what numbers? Right? What numbers? Like? You could go to YouTube and I know that even QuickBooks has courses on this if you don’t want to, or you could you find a coach on freakin Instagram if you want to, or referral word of mouth. Shoot, go to amspat and know that they have a resource like on their website. Right, So know your numbers, like, go through a financial education course like this is one of the biggest things that I see practice owners miss. Go through a course.

Understand what a p and L is, a profit and laws statement, Understand how one is supposed to look where you have all of your income come in your cogs, right, your costs of goods sold and then broken down by each specific service, understand the margin on those service and so you can really understand what your net operating income is. Like, I see so many practice owners that are driving around sales are great, and they honestly have no idea where all of their revenue is coming from. And they think it’s from injectibles. But when you look about injectibles, injectables are great, like, shoot every like it’s the most sold product in aesthetic still to this day.

However, it comes with the highest costs. It comes with the lowest margin. Right, So I’ve seen like body contouring carries a tremendous amount of tremendous amount of profit because the margins are bigger. Right, So when you’re analyzing your practice, like look at opportunities in ways to where you can look at services and treatments that have fantastic margins and are almost like predictable and repeatable.

That’s why you see everybody hopping on like the weight loss train right now, because for one, it’s a good product. Like the products are great, they’re achieving results, people are happy. Who knows what’s going to come of it in the future. I think there’s so much studies on it, but I don’t want to go down that rabbit.

What I’m saying is it’s good for business, right because it’s reoccurring. It’s great margin. Right. The margins are juicy, right, they’re high.

That means that the profit is big, right, high margins, high profit? Right, low margins low profit? Okay, and then make sure like to build a marketing plan around all that stuff, So please know your margins. The biggest thing, too, is understand how much you make per hour. If you haven’t done the exercise and understanding how much you make per hour, make sure to do so. It’s a pretty simple equation, right.

All you have to do like how many days or how many hours in the month did you work, right, and what services did you provide during those hours? And what was the total revenue from those hours that you worked? Find out do the math, and then take that a step further. If you have providers that work for you, what are they making per hour? They should be making over one thousand dollars an hour, right, Like that’s the benchmark. So if you’re not there, like, it’s time to do evaluation, Okay. The other thing, guys invest in tools.

I’m not seeing practice owners do this enough. Tools tools, tools, tools, tools, right, Like, who who wants another freaking subscription for a software or a tool? Nobody? Right, I totally get it. Like we spend a lot of money on subscriptions these days, whether it’s Netflix for example, your audible account, Spotify account. I’m just going through some of the ones that I have, right, or the ones that are in your business.

Let’s say you pay Canva monthly fee, cap cut a monthly fee, an EHR and e m R, a booking system, a CRM system, your website guy, your SEO guy. You know, like there’s subscriptions everywhere, right, your your membership service, shoot, your bookkeeper, your your attorney, your CPA. Right, Like, those are even tools that I’m just talking about, like a monthly recurring revenue and some capacity there. Right.

But I’m telling you right now, when you look at the fee associated like imagine like QuickBooks for example, I know they have different packages, but let’s just look at quick Books and we’ll just take like, hey, it’s fifty bucks a month. I think they have lower plans, higher plans whatever, fifty bucks a month to organize your numbers like, that’s pretty damn cheap. Like, throw a body at that. It’s probably going to cost you like two to three to four to five thousand dollars a month, right, invest in a tool like an EMR system that’s going to cost you two three, four, six, seven hundred dollars a month.

It holds your freaking patients in there, You’re charting all the communication records with your patients. Invest in a CRM system. CRM system is going to help you achieve new bookings. If you’re spending money on marketing and you don’t have a CRM system that is automatically following up with leads for you, and you haven’t taken the time to build out like your triggers for funnel automation, do that.

Invest in the tools, and I want to take it a step further. Not only invest in the tools because it’s cheaper than people, it’s way cheaper than people. It also increases productivity, it increases efficiency, it’s predictable, it’s low cost. But where I see practice owners really fail guys, is I see them go get a shiny object, a shiny new tool, and they like, okay, Cam, I invest it in the tool, but then they don’t implement it correctly.

They don’t even take the time to implement all of its features. They don’t take the time to invest in the implementation. Train the team on it, have the team go through training, and I mean deep training. You know, there’s a stata out there that shows that most people that use CRM systems, they only use twenty percent of the capacity.

And then I see them throw up their hands and say, you know what, this CRM doesn’t work. I saw this. I went to this one presentation, or I went to this one conference or so, and so it says that this crm’s better, So I switched to that CRM. Do you know how expensive it is to switch CRM systems or EMR systems or booking systems.

It’s so expensive. Before you do that, guys, call up who you’re currently working with and ask them these questions. What is your roadmap? Do you have these features? Do you have a webinar I can take? Who can I talk to on training? Do you have an FAQ base? Do you have like a video area, like learn the tools that you have. Become an expert in your tools, because chances are you could switch an EMR system to another EMR system when you already have that feature in your system.

Now, whether you like that feature or not, do the analysis. Is it more expensive to have like a feature that you may like better because of user experience user interface, or is it cheaper to keep the one that you have and invest in what you already have, like changeing tools as expensive extremely expensive. The other thing I want to talk about, guys, is culture, and I’m talking about team culture here. When people go to a practice as team members, they want to be excited.

If they’re not as excited as you, it’s time to work on team culture. You need to have your prior, your provide, be motivated. They need to be successful. You need to have your front desk.

Whoever’s taking those phone calls, like with patients or leads, they need to be like your freaking best employee. If they are not trained on sales and know how to talk about all of your treatments and why you are the best. When that phone rings and they answer that phone call, they need to know every single answer and be able to get that person in the door. I see all the time where people invest in marketing leads.

Phone calls come in and the person that are taking those phone calls are not qualified and they will answer the phone, they won’t ask the right questions, they won’t bring them in, they won’t give them value, they won’t explain things. They won’t tell you why you are the best around, Like they don’t have a sales background, they have a front office admin background. That should be an area where you are always focused on taking those phone calls, knowing how to get patients in the door. Like if you guys haven’t invested in that, like shoot, go to Terry Ross’s her consulting course her.

She is one of the best I’ve ever seen at training people how to become sales leaders, true sales leaders in the area of medical aesthetics and bringing patients in the door and pushing them through to a treatment plan where your patients become like super super loyal because you are advising them, they trust you right. So again, create culture from a provider standpoint. Mark out your benchmarks. What is your KPIs? What do you want them to be making per hour? And hold them accountable, make them hold themselves accountable.

So when you’re having your guys’s weekly meetings, have an agenda. Don’t just show up with like coffee and food and drinks and whatever, and everybody gets around like have a really good agenda. Make it fun, but also make it professional. Hold everybody accountable to the account to the benchmarks that you guys have.

Everybody should be accountable to the goal. So create like a north Star metric, right like your north Star metric. For example, how many new patients do we want to bring in month over month? How many patients should we be tracking month over month in terms of their results? How many reviews that we receive this month? Has our net profit grown from last month versus this month? What are the benchmarks? Know what those are, Know where you want to go, create the culture around them. Mission statements values.

Review your values in mission statements. Don’t just do it once and put it on the fricking you know, in the handbook or put it in your practice on the wall or something in your office where you guys have the trainings. Reinforce it, reinforce the culture, reinforce the vision, reinforce the dream. Reinforcement consistently train your team, come up with new ideas.

Have them tune in to the same content that you’re consuming. You have to create amazing culture because if you do these providers, these team members, they will be loyal and it is so expensive to lose a team member, so expensive to lose a provider. I’ve seen providers that are million dollar producers where they are not felt the love, the culture understanding each team member. Have one on ones with these providers, one on one with your team members, build relationships with them, know about their personal lives, like get integrated with them.

They become family. I’ve seen million dollar producers, like I was saying, I’ve seen them go. You imagine like helping building up a provider that brings in a million dollars a year year of practice and them they just bail and go open up their own practice, like it happens all the time. Okay, The last thing I want to leave you guys with, and this is like the most important we all of them are super important.

But embrace patient experience like that is why they are here. Patients come to you for an experience. They want to feel good, they want to look good, they want to get out of their day to day like you know, daily routine, and they want to come to you for an experience. So from the moment that they call you, they book an appointment.

What does that experience? Break it down, go through it yourself, secret shop yourself. Right, how are they greeted when they’re walked in? What does that experience look like? How do you elevate it? What are people doing that is so amazing? Like get creative? Here are you texting them reminders about their appointment? Can they book online easily if they like to call? Do you have systems where you can pick up the phone and answer them by name? Then when they come in, like know what they look like like? Greedom? Make them feel welcome, Welcome to our experience. Right, it’s super important once you go through that, guys, give them the experience of a lifetime. Ask them questions in the consultation, ask them questions in the treatment journey.

Ask them what they are looking for. What does success look like to them? They are here for results, guys. They’re buying confidence, Like that is what they’re buying. They’re buying confidence, They’re buying results, and they’re looking to you as the expert, to give it to them.

So give them the base best experience possible and don’t shortcut them. Right, if they can only afford a certain amount because of whatever reason, be honest with them, be upfront with them about their timelines, Be upfront with them about all the treatments that they are going to need to achieve these results, and build out that patient journey for them, that treatment journey so they can achieve results, and they continuously come back and they give you referrals, They tell talk about you at all the events they go to, they talk about you on social media, they talk about you, tell o their friends, their family, like, their colleagues, whatever, that’s like the most important thing that you could possibly do. And then when they are leaving, what does that look like? When they’re leaving the practice? What does that look like? Do you have a process to bring them back? Do you have a process to get them on a membership plan? Do you have a process to upsell them, rebook them. Do you have a process to introduce a treatment journey and a treatment plan.

Do you have the process to sell them a product in the way out the door? Do you have a process to get a review? Do you get a review on Google, Yelp, Facebook? Do you have a process to connect with them on social media and have them tag you and tell their story? They go pull it up, talk about how great you are, and then they tag you and all of their followers see it like this stuff. That’s like, that’s what you get from a great patient experience. You give them the patient experience that they’re looking for the result that they’re looking for, and they cannot wait to talk about you. They can’t wait because they’re excited, they feel good, and they want others to experience it.

It’s like seeing a great movie. Oh my gosh, you have to go see what you know. So and so it’s like the latest hit on Netflix. Oh you haven’t seen that yet.

You got to see it, right. It’s a good experience. It’s a fun experience. It was exciting, all right, guys, I’ll leave it at that.

So again, beat the sun up, know your numbers, invest in tools, create culture, and most importantly, embrace patient experience. Thank you guys so much. Please do me a favor. If you found this content valuable, found this episode valuable, please share it, Please share it, please like it, give us a review.

I do all this stuff for free. I’d just like to put it out there just to help anybody just get to that next level of what they’re looking for to achieve success. Until next time, Happy injecting,.