Converting Your Job into a Business and Your Patients into Clients with James Neilson-Watt | POP 801

A photo of James Neilson-Watt is captured. He is the CEO of Patients & Profit. James is featured on the Practice of the Practice.

Are you struggling to retain patients? What differentiates a business from a job? When was the last time you leveled up your practice systems?

In this podcast episode, Joe Sanok speaks with James Neilson-Watt about leveling up your practice systems and fostering client retention.

Podcast Sponsor: Heard

An image of the Practice of the Practice podcast sponsor, Heard, is captured. Heard offers affordable bookkeeping services, personalized financial reporting, and tax assistance.

It’s never too early to start thinking about tax season.

Heard is the financial back-office built specifically for therapists in private practice. They combine smart software with real humans to help you manage your bookkeeping, taxes, and payroll.

Regardless of whether you’re a seasoned clinician or are in the first year of your practice, Heard will identify areas for growth and streamline best financial practices for your business.

When you sign up with Heard, you’ll connect your bank accounts so your transactions will be automatically pulled in and categorized. My favorite thing about Heard is their “allocation guide,” which helps you decide how much to pay yourself each month and how much to set aside for taxes.

You’ll also receive financial insights, such as profit and loss statements and personalized monthly reports.

You can say goodbye to poring over spreadsheets and guessing your tax deductions or quarterly payments. Focus on your clients, and Heard will take care of the rest.

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The deadline to sign up for 2022 tax services is December 31, 2022.

Meet James Neilson-Watt

A photo of James Neilson-Watt is captured. He is the CEO of Patients & Profit. James is featured on the Practice of the Practice.

Chiropractor James Neilson-Watt has run his own practice for over seven years and is the CEO of Patients & Profit. He’s been featured in Entrepreneur, Yahoo Finance, and NY Weekly, having worked with over 400 practices in 15 countries since 2019, increasing revenue by over $54,000,000 collectively.

Visit James Neilson-Watt’s website, listen to his podcast, and connect on Facebook, Instagram, Twitter, and LinkedIn.

In This Podcast

  • Moving from a Job to a Business
  • Leveling Up Your Practice Systems
  • Managing Patient Retention
  • James Neilson-Watt’s advice to private practitioners

Moving from a Job to a Business

There were five pillars that we needed to cover in the practice in order for it to make sense.

James Neilson-Watt

The Fundamentals of Business Structure:

  • Have a way to consistently attract clients: Don’t just rely on referrals. To grow your practice, you need to go out there and find clients.
  • Know How to Convert Patients into Clients: Patients arrive with a once-off problem, but clients trust you to consistently help them.
  • Patient Retention: Helping your clients to feel better about their life as a result of their treatment is key to keeping them coming back.

We talk about Euphoric Progress… We obviously want to create an outcome for a person – that’s why they start. But why they continue, is that they’re feeling good as they’re going through the process.

James Neilson-Watt
  • Have operational systems in place: Rather than have your business management system be purely theoretical, document your process, and automate as many systems as you can.
  • Build Your Team: Don’t throw people at problems. Instead, hire someone that can operate the systems you’ve built.

Leveling Up Your Practice Systems

  • Increase your capacity to free up spare time, rather than trying to do everything by yourself, and doing it inefficiently. Often this means hiring a new employee.
  • Free up time to train new employees. Rather than onboarding people to simply increase your practice capacity, consider training your new employees to fulfill a particular role within the business structure.

Where I see people struggle is that they’ll bring in a practitioner, but they haven’t thought about it more than, “Well, I’ll get somebody and they’ll do a good job.”

James Neilson-Watt
  • Ensure that your employees understand the business system: This ensures that your clients receive the same quality of service across any of your practitioners.

Managing Client Retention

Oftentimes, clients give up on therapy or treatment after a few sessions because the reality of the challenge of becoming better begins to set in.

Set realistic expectations and outcomes for your clients as ways of helping them to “win” as they progress. Support your clients by breaking down their long-term goals into short-term actionable goals.

People are more likely to come back to your business if they can see and enjoy the progress they’re making from your service.

James Neilson-Watt’s advice to private practitioners

If you want to have success, go back to your basics and understand how to be a business person.

Useful Links mentioned in this episode:

Check out these additional resources:

Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

Thanks For Listening!

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