Profit by NOT Taking Your Patients’ Money

Patient Attraction Episode 205

Welcome back to the Patient Attraction Podcast. It’s Tuesday, September 2, 2014, and I am Colin Receveur. I hope you’re Labor Day was relaxing. Today we’re going to look how you can profit by taking less money. Stay tuned.

– Think about the last time you took your car to the mechanic. Whether you’re like me and you know a little about cars, or you asked friends or researched the problem on the Internet, you probably had some idea of what was wrong.

– It always impresses me when I walk into my mechanic and say, “I think that squeak may be my water pump going bad” (a very expensive repair) and he comes back after inspecting it and says, “Nope, it was just a belt (a much less-expensive repair).

– Has that mechanic cost himself money?

– In the short-term, yes.

– But in the long-term, he has kept me coming back and trusting that what he tells me is true.

– What would have happened if I decided not to repair the water pump and took it to another mechanic who told me it was just the belt?

– Think I would have ever gone back to the first mechanic?

– Anyone who will cost himself money shows they want long-term business more than short-term profit.

– There are ways you can put this into practice too.

– Reverse testimonials are a good example of this.

– Let patients say what their concerns were up front, because many of your potential patients are concerned about those same things:

– price

– pain

– fear

– was the procedure really necessary

– By addressing negatives right up front, you show that you are willing to talk honestly, and that builds respect.

– The same thing is true if a patient with terribly crooked teeth comes in wanting Invisalign because he is embarrassed by his smile but otherwise not having any bite problems.

– If you perform Six Month Smiles, you might recommend it instead.

– Same with veneers.

– If a patient comes in wanting veneers but has straight, well-shaped teeth, you might suggest teeth whitening instead.

– In both instances, a statement like, “I can give you want you want, but you really don’t need that. This other procedure is less expensive and will solve your problem” shows patients they can trust you (since you’ve cost yourself money in the short-term).

– Doing so also means you likely have a patient who will stay, pay and refer.

– And the “staying and referring” will both bring you more than you lost on the initial transaction.

– So you really are gaining long-term revenue by taking less short-term.

– Of course, if the patient insists on using a shotgun to kill a fly and insists on the more-expensive procedure, then so be it.

– But you have ethically not oversold that patient despite his or her willingness to be oversold.

– I want to give one caveat to this discussion tomorrow.

– Until then, keep moving forward.


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