transition from traditional practice to private pay model ... 15/john shim track c 6.15...

Transition From TraditionalPractice to Private Pay Model:

Why Brand Matters

The Traditional“Fast Food” Model

High volume

High stress

Poor patient satisfaction

Clinical Results Acceptable

Complete Private Pay “Fine Dining” Model

2013 - No Medicare.2015 - No Insurance

WARNING! Danger Ahead

Lose 85% of practice within 6 months

Practice in Florida. 45% medicare Population.

Had to learn Fast!

Understand PracticeUniqueness

Reason why patients would gladly pay for my services, even if they could not

use their insurance.

Traditional Branding DefinitionsProduct Company Service

Individual BrandingIt is YOU.

Brand or Bland/GenericIndividual or Commodity

Private Pay “Fine Dining” Requires Excellent Brand

Loyal following. Customers willing to wait, travel, pay, and support.

Fast Food is the Easy Route:You are the Commodity

Doctors worth the same. Lower cost.

“You get what you pay for”. Volume production.

Functional.

Yet, commodity medicine is asked to be consumer conscious.

Reimbursements tied to HCAHPS Your Individual Brand Still Counts

Your Brand Can Be Hijacked

For example:Anesthesiologist hired by CRNA’s.

Your Individual Brand is your Greatest Asset. Others Already Leveraging

Bi-Directional Relationships

The Building Blocks of an Individual Brand

REPUTATIONBackgroundExperience

OUTCOME

Not just clinical resultsTHE EFFECTS OF YOUR RELATIONSHIP WITH PATIENTS.

Patient Experience

PERSONALITYAdmit it. We are nerds.

Some IntrovertedLearn to Engage

Charm ≠ OUTCOMEUse Goodness to win relationship

PROJECTIONEvery interaction is important

You Are a Public FigureEvery Situation

Opportunity/Risk

DO YOU HAVE THE WILL TO CHANGE?

Only YOU can decide It takes ownership of the process

Willing to Invest Time, money, and relationships

Fast Food Model Still WorksNEED VOLUME

LOWER COSTS PER ENCOUNTERSo Do You think you want to open the nice Restaurant?

Having Will does not mean Ability To Handle the Truth

Those bad reviews are helpful. Not everyone is a troll!!

View criticisms objectively Determine what can be correctable.

Online Reviews Matter

Real feedback. “Letter of recommendation from your Wife?”

Need True Assessment of your Strengths and Weaknesses

You must find a team that also

believes in your BRAND

Changing those around you. This can be a lonely decision.

Develop a Fiscally sound Practice

Revenue

Business acumen.

Learn, read, find a mentor, etc.

It takes Time

Reputation Getting Fiscally Stable.

Understanding PersonalityPlaying to your Passions

Maturing to understand the ramifications of ALL your actions

Learn the “ABO’s”ALWAYS BE ON.

One moment may negate all your efforts. Must accept you are a public figure , even if employed.

Your Brand isWorth The Effort

Best Care - No InfluenceSpecialist Can Work Outside AlgorithmFreely Discuss Non Standard Pathway

Best Staff, Equipment, Location, and Patients

Fine DiningMenu Special

“Filet of Brand”Reputation

Patient OutcomesPersonality

Projection on your Brand. You will seek feedback.

Great StaffBusiness skills.

Understand that YOU are your Greatest ADVOCATE

Even as Physicians, we are in a competitive space. NO ONE will help IMPROVE your BRAND unless they are getting an ADVANTAGE doing it.

OTHERS will help your BRAND, but only for THEIR reasons, not yours.

There is also the aspect of being on the winning team.

E = MCBRANDING = BUSINESS

No One “Loves You”Must have Common Interests

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Develop your BRAND

It is Worth It!