Hi , I'm Dr TJ Ahn and today I want to talk to you about a crucial aspect of running a successful medical practice increasing your cash flow while regaining your time from a heavy volume-based model . Before we get to it , let's look at some facts to see what's really going on in healthcare in the United States .
Medicare physician payments have been consistently cut in recent years , with a 3.37% across the board cut taking effect in January 2024 . Now guess what ? The Center for Medicare , which is CMS , has proposed another further 2.9% cut to physician pay for 2025 . Cut to physician pay for 2025 .
Continuous pay cuts for physicians have significant long-term effects on morale , leading to several detrimental outcomes . Number one increased burnout and career dissatisfaction . So many doctors feel that their pay does not adequately reflect the admin burdens and the complexity of their work , leading to frustration and resentment .
Number two unfair compensation can push physicians to consider early retirement or leaving the medical profession altogether . This trend exacerbates the existing physician shortage and places additional strain on the healthcare system . 3 . Impact on patient care .
Physicians experiencing low morale due to inadequate compensation may deliver sub-par care , which can ultimately harm patient outcomes . The stress of financial instability can lead to reduced focus and energy for patient care .
This leads doctors to seek for alternative ways to sustain their practices as well as providing the best treatment options for their patients , not to mention to spend more quality time with each patient . You ask me , tj , is there a solution ? Yes , there is . This is almost the only solution at this time .
Answer is you need to start adding cash pay services or non-covered services that are beneficial to patients' outcomes , or you need to opt out of some bad insurance plans , which reimbursement doesn't make sense at all , in order to sustain the practice . However , here's the big problem .
Many doctors struggle with selling cash-based services , and I understand it can be a challenging shift , but if you're looking to transform your practice into a more profitable , patient-focused operation , it's a shift worth making . So today , I will share with you three key reasons why doctors have trouble selling cash pay services and how you can overcome these obstacles .
By the way , if you find this content valuable , don't forget to subscribe to my channel for more insights on building a successful medical practice . So let's dive in . Reason number one feeling sorry for patients . As healthcare providers , our instinct is to care for our patients , sometimes to our own detriment .
We often feel guilty about charging for services , especially when patients express financial concerns . But here's the truth when you offer high quality care , you're providing immense value . Your skills , knowledge and expertise are worth it . By offering cash-based services , you can often provide more personalized and higher quality care than insurance-based model allow .
It's about shifting your mindset from feeling guilty to feeling confident in the value you provide . Let me share a story from one of my clients , dr Helene . When she first joined my practice Growth with Hybrid Concierge Model Coaching Program several years ago , she definitely struggled with the idea of charging patients directly .
She felt guilty and was afraid it would push them away . But after working on her mindset and seeing the positive impact her specialized services had on patient outcomes , she realized her patients valued her expertise and they were willing to pay for it . Today she runs a thriving hybrid concierge model where both she and her patients are happier .
Yeah , I've been following TGS for a while and it's straight three years and it definitely is a transform , not just transform my practice , but also transform my mindset .
And this event this weekend is actually my company , because it's not a bunch of us get together bouncing off ideas , but it's really strategies and workshop and , you know know , have us exercise and that's actually be able to bring out more of the deeper issues that we have to deal with . Everything except how we try to avoid .
Uh , because we speak , are so easy with our offense and , you know , personal , like whatever , but right now , with the weight one way out and many of their children have very good focus .
Reason number two bad money mindset . Many doctors have a complicated relationship with money . This is actually true for everybody . We're taught to focus on patient care , not on the financial aspects of our practice . But having a healthy money mindset is essential for successful practice .
This means recognizing that it's okay to be compensated well for the valuable services you provide . Money is not a dirty word . It's a tool that allows you to improve your practice , invest in better equipment and ultimately , provide better care for patients .
Work on developing a positive relationship with money and understand that it's a vital part of running a successful practice . So let me give you another example , dr Alex . He's in my mastermind program and had a similar struggle . He always put his patients first , often at the expense of his own financial stability .
After working with him just for a few months , he transformed his approach to money . By valuing his time and expertise , he not only increased his revenue , but also had more resources to invest back into his practice , enhancing the care he could provide . So his story here is a testimony to how a positive money mindset can transform your practice .
Reason number three not knowing how to ethically sell . Selling doesn't have to be , again , a dirty kind of concept . In fact , when done ethically , it's about educating and empowering your patients to make the best decisions for their health .
Ethical selling means clearly explaining the benefits of your services , providing all the information they need and allowing them to make informed decisions . So it's about building trust and demonstrating the value of what you offer . So when you approach selling from this perspective , it becomes a natural and integral part of patient care . Take Dr Ibrahim , for example .
He was uncomfortable with the idea of selling to his patients . Through our program , he learned how to communicate the benefits of his services in a way that was transparent and patient-centered .
It makes you a new level of provider . You're talking differently , you are seeing things differently , you're approaching the patient differently . It makes you such a better provider . You know it's not only that you're closing deals and you're selling more , it's not even that . It's the level of provider you become , even to patient's eyes , is completely different .
And then you'll talk to other podiatrists and you'll realize you're in a different . You're a different animal . You're a different game . They're not at your level . You know they go in the office , do their thing , go home and they don't think that there's more into it . They don't realize how much they miss out by not following TJ's teachings .
I would highly recommend TJ to any podiatrist . Either you are fresh out of residency , you've been in practice for 40 years , even if you think you're doing good , you know we all have something to learn and what I love about TJ is that himself . I know him .
He is also investing in himself in other courses , so he's basically going out there getting high-level knowledge in sales and closing in podiatry businesses and he's bringing that to us , putting it on a spoon with a salt , a little pepper and feeding you . Very easy to learn from him . Highly recommend it and actually it's going to change your life .
The moment you start selling and following his teaching , you're going to realize how much you're missing out on before .
He built trust and saw a significant increase in a cash-based services . His patients appreciated the honesty and clarity leading to better health outcomes and more profitable practice . So there you have it , the three main reasons doctors struggle with selling cash pay services . Number one feeling sorry for patients . Number two , having a bad money mindset .
And number three not knowing how to ethically sell . By addressing these issues , you can create more profitable practice that provides exceptional care without you burning out . If you're ready to transform your practice and start seeing the benefits of adding cash pay services , stay tuned .
We'll be diving deeper into each of these topics in the future videos and providing actionable strategies to help you succeed . Make sure to subscribe to my channel for more tips and strategies on building a successful practice and if you have any questions or want to share your own experience , please leave a comment below .
Also , check out the description below for additional resources and ways to connect with me . Thank you for listening and I look forward to helping you create a thriving , patient-centered practice .