Building a Profitable Private Practice Part 3 - Membership Programs

Transcript YouTube English auto-captions. Hey guys this is Dr Mike Wang welcome to another edition of bootstrap MD the podcast for phys and healthc Care entrepreneurs if you've been following along we've had our good friend and practice expert Dr an trong uh she has a very successful uh eight figure sexual medicine practice in Virginia and in the last few weeks she's been sharing us great information about finding your Niche for your cash based medical practice we talked about how to attract new patients or recurring patients Or older patients using social media media how she does it and how she does that tremendously well and today we're going to be talking one of my favorite subject is recurring income using memberships you know it's great having a patient come in for a one-time thing but how about them coming in where you get paid every single month uh and even then it doesn't really have to be your own patient she might she'll be talking about how she uses uh and Attracts prospective patients who are paying her income and they're not even her patient she can talk about how she does that on today's podcast and if you like the information we've got a challenge that's coming up uh rather very quickly called our Medical Practice Prov Challenge three days with us on how to transform your practice into a cash practice machine but I want to introduce to the program Dr Anne trong an how are you doing today I'm doing great I'm glad To be here and uh to talk about uh membership and how to make money while you sleep now that that that is um I think a phrase that Warren Buffett used to say right and as physician we're like well I don't make money unless I see patient we're we're gonna break that uh uh that boundary right now and say yes you can and uh we figure it out for you so you want me to dive in and Kind of talk about that let's let's let's Dive Right In let's let's talk about memberships today right well I want review a little bit and the first uh we talked about last week we talked about uh niching down meaning narrow down the customer and the service you do and then we talk about how to attract them because they have to know what you do to know like and trust you to buy from you but now That I uh let you know they haven't maybe they haven't bought from you yet and we talked about being on YouTube uh and and producing the content that they are looking for and they now start to see oh Dr Mike oh so he does need pain and remember whatever it is in the customer mind is what's in it for me why should I listen to you what's in it for me right and so Um you you want to say if you're producing the content you what you want to do you want to get that customer information you want to get their email so you say okay I have a free ebook or free guide uh to help you with uh the knee pain so you go on the link and you know in my profile or in the description you'll get so they go to that link they give you their email and Then you get their email and uh you give them a free uh book and then you start talking to them you write email to them to tell you uh to tell them about what you do and and and tell and to also deliver value as well now where I'm heading with this is that let's say uh um Dr Mike uh do knee pain well What do people would knee pain have problem with they have problem walking maybe they're overweight they have arthritis they can't play Pickleball right so what so you think about that you go well my uh my uh my coach you know I've had a coaching uh 2018 uh it said when you solve a problem you create another problem so it's so interesting because you know uh uh when when you solve a problem another problem occurs so Let's say say you help somebody with their knee pain well now they're they they're going to they're going to want to lose weight they want to get stronger they want to play Pickleball well what other thing can you give them to solve the next problem and that's what I think about membership because when you create a membership you can do one you can make money one to many instead of one to one when you see a patient in the office it's One to one It dependent upon how many hours in a day can you work and that's it it's you unless you have other providers right but it's oneto one how about if Mike and I can show you how to make money for one to many and I'm talking about one to 100,000 one to a million one to 1,000 well that's what I did I created a membership where uh they don't even have to be my patient where somebody watches a a YouTube video of mine and I tell them about a membership that I created to help them uh um with sexual dysfunction they joined that membership uh and uh once they join that uh membership they uh um they pay me a monthly fee of $97 uh a month uh and then I in that membership I created material that uh like um five module that they can listen to with some actionable item because you got to give them you got to give them Something actionable that they have uh um that they can get value from that they can see result you don't deliver result they're not going to stay with you TR I give them uh actionable item they can do to see result and then I go in there live to coach them on uh on how to execute and how to implement and you can put other bonuses in there uh as well too so The key is to create uh a source of income that you can go from one to many and that's membership and that membership ship could be let's say for me is as where I coach men on how to restore uh functioning again through diet exercise sleep and uh stress reduction that's really it but you can also use the same thing for someone with knee pain you can create a membership uh uh with someone with knee pain how do you do that Stretching that you need to do for knee pain uh exercise you can do uh at home when you have knee pain what type of braids right what type of equipment maybe you need to do functional electrical stimulation maybe you do a massager uh with that and then sleeping position and diet right what type of diet should you be uh uh eating if you have arthritis uh and What type of exercises should you avoid if you have uh knee pain what type of exercise can you do all that information can be lump into your membership where you deliver that value and then you go live uh twice a month or maybe weekly to uh coach them to answer their question imple so that way they can implement it to get result right think of membership like uh Netflix or Amazon Prime right wh why why are we so Addicted to Amazon Prime I I'm addicted to Amazon Prime right because it's so easy I pay uh I don't even know what the annual do is it $99 now a year uh I pay uh a d but I what I don't have to pay for shipping and I can order it uh uh tonight and get it you know even tomorrow within two days right and I and so it it deliver a value for me and I'm all I've been an Amazon Prime member for at least a decade as long they uh have it it's sticky but that's what you want to do with your membership it deliver value and that way they pay you monthly so I just created a membership for somebody that treat knee pain because you know if you do that because you're always updating information people want to be in the membership because they want to learn and they have a problem and They want a community they want a community where they can bounce ideas off they want a community that they can access the expert so that way they they it can answer um you can answer their question and guide them to uh uh to a success uh path so think of a membership and it doesn't even have to be your patient it could be from somebody online that goes straight to your membership but You can even have a patient that you just treated the knee pain on and they can join that membership so they can continue their uh Improvement uh over time and you can you so that mean that you can have an in office uh practice treatment that would you know uh uh and then you can have a a membership with people that are not your patient yet with your customer and then also your but That membership live in forever because you because you're always going to be adding uh people into that and it's reoccurring income reoccurring income mean uh mean that you know I have right now about 500 uh uh people in my membership at $97 that's about $48,000 that I get every month that's said if I keep the same amount of members but if I add in a um you know 50 members a month that increase it and Uh that increas it to to another 10,000 and if I add 50 members every month that increases as well not bad good amount of uh uh of money that you know doesn't require a lot of time from you and you can do one too many in my membership I have members all the way from New Zealand Nigeria and United uh uh Kingdom and in Vietnam uh as well T I love the International Community but I love the aspect of one to many because when as pH when we figure out how we make money for one too many then you know you will never have to worry about your your bank account uh again uh because once you figure that out and figure out what your customer want H and you um you know um that this guy is uh the limit and and I I I this is the the part that I'm most excited about my business is to create uh the membership and helping uh doctors um create the membership too because often times that's definitely thinking out of the box right we're always trained during med school residency Fellowship training and you know onetoone treatment like this when we start thinking about one to many we're like oh how do I do that well it's teaching it's what we do we teach our patient right You do a treatment when they come back for followup you teach them what to avoid what they need to be doing right it's the same thing you're teaching uh your customers some of them are they're not your patient as well but you can have a wide uh impact imagine if you're uh if you're uh um um endocrinologist you teach somebody how to live with thyroid and You teach somebody how to manage their diabetes matter oh my God God yeah doctors are you're listening to this whether you're endocrinologist whether you're a GI doc imagine GI doc teaching U uh uh teaching patient how to live with IBS or live with crohn's oh my God I mean I I would sign up in a minute if I have IBS and I have a a GI doctor that teaching me how to live with IBS I would sign up in 30 seconds Would right because patients are dying for information from credible a doctor that doctor that are um that they but right now we're not out there so they're following somebody that right now you see people that like oh I have this condition I figure it out myself and I'm going to teach you how to do it they're not even doctor they're not even in the medical field right so I feel that as physician you have a moral obligation to teach people uh the right way on how to live with the chronic diseases you know like IBS thyroid diabetes arthritis or even aging skin I have a dermatologist friend that I'm coaching her right now on how to go on social media and create a membership for younger skin after 50 how's that right like the Baby Boomers is by uh it's right now 58 uh it'll be by uh 20 uh 2050 will have 68 million Baby Boomers and it's a 47% increase from 2020 to 2050 baby boomers are people that are um that over 60 but they're living longer and longer so you know just think uh you know whatever specialty you are uh uh you can create a membership and what the impact that you make uh will be so powerful because you are helping people live uh uh better life and You are the best source for that or else somebody online that you know just figure it out themselves uh um are U making money and having the reach that you should be having uh that you could do uh as well too all you need is the road map and uh a mentor and a coach that can guide you there and Mike and I uh can help you build that membership uh in uh and It's consistent with your Niche consistent with your service and consistent uh make it so that uh you can attract uh customers online uh as well because I I I just talking about IBS I'm excited about it because I I hope that there's a GI doctors listening to this that you can build a community and buildi a financial uh uh um stability we're just creating a membership for uh IBS I was talking to an OBGYN doctor uh the other day and Um and I was coaching him and he's going to do uh a membership on bladder uh um uh issues in the continent uh as well you know bladder in continent how big of an issue is that everybody I know every woman get that after the age of 50 because of menopause right you can even create a membership for a menopause Ladi how to live better with uh uh during menopause so My membership is for uh for men with erectile dysfunction or even just sexual dysfunction and how to regain for performance against without medication uh and without uh surgery and I just launched it like less than uh a year ago and I'm gonna that is going to be my retirement my membership is going to be something that I'm going to nurture and probably do to the day I die uh because my medical knowledge is uh is with me to the day I Die and why should I thought so it really it really uh make my heart ache to think of of is totally leaving the medical field doing something that's unrelated because uh you know think of four four years of college four years of of medical school and you know the residency training and all the the the uh the sacrifice that you do and now you're just leaving medicine because of burnout because of of uh of how the Health Care system is our Healthcare System is not at the best right now for doctors but doesn't necessarily mean you have to live with it or deal with it there are ways that you can uh create uh a a steady Revenue uh income that it's online and creating membership that is consistent with your practice as a doctor I wasn't used to asking for help especially when it came to subjects outside of medicine but Then I found physician coaches.com in an instant I found hundreds of experts to help me in all aspects of Life on areas I was afraid to ask dealing with burnout starting a side gig money management even help with my marriage and the best part nearly all experts are Physicians themselves after reading their profile and a quick chat I knew I found the right Mentor for me at physician coaches.com help from professional want to stay up to-date with physician entrepreneurs join the Lounge to stay informed with physician insights and stories the latest physician investor and entrepreneur info emailed directly to you join the lounge at bootstrap mb.com the lounge amazing amazing stuff and again if if you miss it is is is like what an saying is it's Revenue after even after she starts you know wanting to see patients right now she's seeing lots of patients but She's also bringing in revenue from people who probably will never be your patients you mentioned you know from Africa and and from you know California and Florida and and and things like uh like that some do some do become patient but she's able to C recurring Revenue with that is it difficult to to start one of these things up I mean is it uh you know you what what are the kinds of things that that you're you're you're you're giving I Know you got information but you've also got products Etc maybe you want to well no it's actually not difficult at all because they are now software that uh it's essentially when you have a membership you just got to figure out what uh uh software you're going to use to store the information in uh and that could be kajabi that could be uh sey that could even you know uh we we even have the software the dror boss and You can even put the soft Dr boss is our marketing software you can even put a membership in there uh as well too you just want something that you can store the modules where they can go in and cons and um and consume the material and uh you can put a calendar in there to see when when the the live training is but the uh that's and It's up to you what it is it could be a worksheet in there it could also be uh material that you want them to read it's essentially think of it like like a storage place that they go into to get that and then you go live uh in Zoom like this and a zoom account like 20 bucks a month uh you can go live uh in Zoom to talk with uh your members find out what uh they need and now You have AI that you can get the zoom uh meeting transcribed uh H you can uh I I use f uh fathom uh uh f a t h o m I know you use something else right and it you can get the the zoom recorded and transcribed and then when it's transcribed you can make it into PDF and you email that to your members or you can store that in uh the uh the a platform that you have your membership at And the platform you know that doesn't cost that much probably Le than 100 bucks uh a month and you have the zoom account and uh so you want to figure out the the material that you want your members to have by mapping out a success uh path and um so in my membership I have a success path that I have recorded So what you do you record the videos uh and I record uh five videos and They're like 20 minutes each and what I tell them to do you know first you do this you do this and then the next one I tell tell them okay what progress have you have it's all recorded uh and then uh in there I also have a diet plan that they need to follow exercise uh plan and a list of supplements what's so good about membership is that you can insert in the supplement that you recommend and They either buy from you uh from your office directly you ship to them or you can get go on Amazon and get a an associate uh uh an associate U me U link so you don't have to be a big influence anybody can have an Amazon associate link by setting up uh an account with Amazon and what that mean is that let's say if you are recommending uh a supplement that uh uh your members uh take you can get like you Know range it from 2% to uh 10% and if you have a bigger following so I I now have a I'm now qualified to be an Amazon influencer store so I have a store on Amazon and I and I get between 15 to 20% of uh whatever the the price uh is uh so more so the larger following you have the more money you make as an affiliate so you can set up an Amazon associate account and Then if you recommend hey take this uh you know take this uh nitrous oxide here they go to Amazon with that link and you make a little bit of money from that so you can uh curate it in your membership to what you want the members to do to have success and um and uh figure out what you want to do monthly and then what a membership you got the thing that you got to get people in uh uh and How do you get people in with with the um what I said about uh doing niching down and getting leads in with the content uh creation from our last uh episode uh so it doesn't take that much work it doesn't take that much software it just zoom and then you know a a a platform to store it in where patient can uh uh where members can go in and Consume the material that the main thing is take action do not over complicate things do not think of the details just take action and learn from that and uh correct it as you go yeah this has been tremendous again this uh episode's going to conclude our series on transforming to a cash BAS medical practice but if you like this we've got something that's that's closing real quickly and That's our Medical Practice profits Challenge three days of how to run a successful cash based uh Medical Practice that's coming out very very quickly and you want to talk a little bit about it I know we're about to close the doors to this uh this might be one of the last times you can get in just talk about the medical practice profit challenge please right so I'm excited uh about this Challen it is a challenge a three-day challenge where we're Mike and I are going to show you the road map on how to decide how to Niche down what customer uh and then on day two we're going to talk about how to create content to attract your customer then day three we're going to Deep dive into how to uh create a membership and create uh an offer that is uh irresistible and That challenge start on uh April the 30th uh and um at at 8:30 uh p.m uh Eastern Standard Time or 5:30 uh p.m uh Pacific uh time and it's three days in a row the uh April 30th and then uh May 1st same time and then Thursday May 2nd at the same time and on the third day Mike and I will also take Q&A and we'll perhap do a hot seat as well Because what we want to do is to have you take action and to have you take some valuable information that we're going to teach you uh that you can insert right away into your practice um that uh that will hopefully you know um uh make more money for you or have help you have more clarity on what you need to do because Mike and I when we first started our casbas practice and With me with my online uh um digital uh marketing experience I had to figure it out myself I I had to reach out to different coaches to learn about online marketing but they weren't in the medical field they they were you know selling they were selling people how to Market they were tell telling uh showing people how to coach no one was in the medical field I had to figure it out how do I take this information and Inserted in a medical practice for doctors and and I made a lot of M mistake and and um and spent a lot of of money on those mistakes but we finally figured out we finally have the blueprint now to really fast track your uh to get your result and to Avid avoid to help you avoid all the uh pitfalls uh as well and uh so That's what we want to do in this three-day challenge to help you uh start thinking about a cash Bas practice and how you can leverage your uh expertise and credibility as a medical doctor to uh attract your best customer and create um a reoccurring income such as a membership awesome awesome okay guys this probably one of the last times you're going to be able to access to it once the doors are closed they're closed uh so You need to go to this website practice profits challenge that's profits within s practice profits challenge.com all the details in there again starting at April 30th we hope to see you there uh and we're super excited to bring you this information look forward to adding more cash base Services because as we said in the past you can't rely on insurance as Anna said referrals referrals through other doctors is dying or even Dead uh it's up to us and It's up to us Physicians supporting other Physicians to build it uh we have been blessed to have uh successful practices and we hope to to see the same for you and any last minutes th before you end the call today uh yes so if you're a doctor that feel like you're burnt out you're not enjoying what you do you feel like you're on the hamster wheel there is a solution even if you just come and Listen I I we want to to input some ideas into you and start you having you think outside the box and you as a doctor you are you have the expertise and The credibility and there are many things that you can do outside side of the medical practice as in online to impact and still help many many many people there are there are millions hundreds of millions of people out there dying to uh learn from uh your knowledge and Dying uh for you to help them you just have to get in front of them to tell them what you do it is that easy but they need to know who you are they need to know what what you do and they need to know what message you are delivering to them and we can help you get there attend this Challenge and once you do that you will learn the um the road and the blueprint to um really Financial Independence and Freedom because the end of the day we all want our freedom and we want our financial stability and our health as well all right and now starts uh now it's the practice profits challenge go to practice profits challenge uh.com uh we look forward to seeing you there and sharing uh our details and knowledge with you and as always guys thank you for listening to the boot trub MD podcast you're going to ups and Downs in your business do everything a little each day to keep you closer to your goals and move you keep moving you