transition from traditional practice to private pay model ... 15/john shim track c 6.15...
TRANSCRIPT
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Transition From TraditionalPractice to Private Pay Model:
Why Brand Matters
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The Traditional“Fast Food” Model
High volume
High stress
Poor patient satisfaction
Clinical Results Acceptable
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Complete Private Pay “Fine Dining” Model
2013 - No Medicare.2015 - No Insurance
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WARNING! Danger Ahead
Lose 85% of practice within 6 months
Practice in Florida. 45% medicare Population.
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Had to learn Fast!
Understand PracticeUniqueness
Reason why patients would gladly pay for my services, even if they could not
use their insurance.
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Traditional Branding DefinitionsProduct Company Service
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Individual BrandingIt is YOU.
Brand or Bland/GenericIndividual or Commodity
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Private Pay “Fine Dining” Requires Excellent Brand
Loyal following. Customers willing to wait, travel, pay, and support.
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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.
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Yet, commodity medicine is asked to be consumer conscious.
Reimbursements tied to HCAHPS Your Individual Brand Still Counts
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Your Brand Can Be Hijacked
For example:Anesthesiologist hired by CRNA’s.
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Your Individual Brand is your Greatest Asset. Others Already Leveraging
Bi-Directional Relationships
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The Building Blocks of an Individual Brand
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REPUTATIONBackgroundExperience
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OUTCOME
Not just clinical resultsTHE EFFECTS OF YOUR RELATIONSHIP WITH PATIENTS.
Patient Experience
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PERSONALITYAdmit it. We are nerds.
Some IntrovertedLearn to Engage
Charm ≠ OUTCOMEUse Goodness to win relationship
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PROJECTIONEvery interaction is important
You Are a Public FigureEvery Situation
Opportunity/Risk
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DO YOU HAVE THE WILL TO CHANGE?
Only YOU can decide It takes ownership of the process
Willing to Invest Time, money, and relationships
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Fast Food Model Still WorksNEED VOLUME
LOWER COSTS PER ENCOUNTERSo Do You think you want to open the nice Restaurant?
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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
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Real feedback. “Letter of recommendation from your Wife?”
Need True Assessment of your Strengths and Weaknesses
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You must find a team that also
believes in your BRAND
Changing those around you. This can be a lonely decision.
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Develop a Fiscally sound Practice
Revenue
Business acumen.
Learn, read, find a mentor, etc.
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It takes Time
Reputation Getting Fiscally Stable.
Understanding PersonalityPlaying to your Passions
Maturing to understand the ramifications of ALL your actions
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Learn the “ABO’s”ALWAYS BE ON.
One moment may negate all your efforts. Must accept you are a public figure , even if employed.
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Your Brand isWorth The Effort
Best Care - No InfluenceSpecialist Can Work Outside AlgorithmFreely Discuss Non Standard Pathway
Best Staff, Equipment, Location, and Patients
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Fine DiningMenu Special
“Filet of Brand”Reputation
Patient OutcomesPersonality
Projection on your Brand. You will seek feedback.
Great StaffBusiness skills.
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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.
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E = MCBRANDING = BUSINESS
No One “Loves You”Must have Common Interests
2
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Develop your BRAND
It is Worth It!