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Do you want to grow your practice into a million-dollar practice? Have you done sufficient market research in your area? Do you know how to plan?
In this podcast episode, Joe Sanok speaks with Kasey Compton on how to start a million dollar practice, the planning phase.
This might not be for everybody. But, some of you out there want to start a million-dollar practice. You know inside of you that you could scale huge, you could impact your community, you could make a lot of money, but, even more importantly, you could be able to serve so many more people.
If you want to start a million-dollar practice. If you want to grow, know the systems, and have us help you, Kasey Compton and I are launching a brand new Mastermind starting soon. It’s called: How to Start a Million-Dollar Practice.
It’s going to include:
- Having time at Kasey’s office learning directly from her
- Coming to Traverse City with me to learn about marketing a practice
- A year of us teaching and walking you through exactly how to set it up so you can have a million-dollar practice
To apply for this Mastermind Group, head on over to practiceofthepractice.com/milliondollarpractice.
Meet Kasey Compton
My area of specialization is in anxiety and panic disorders. I work with clients from early childhood to ages 65+. I use a very successful treatment program to reduce and/or eliminate the anxiety and panic that you are experiencing in your life. All of my clients who have completed this program have experienced significant results. I look for people who are dedicated and willing to commit to the treatment process. These clients are always the most successful!
- Website: https://www.mindsightbehavioral.com/
- Facebook: https://www.facebook.com/mindsightbehavioral/
Kasey Compton’s Story
In This Podcast
In this episode, part two of five in the podcast series, ‘How to Start a Million-Dollar Practice’, Kasey Compton provides an overview of the five phases of starting a million-dollar practice. These include purpose, planning, process, profit, and people. In this podcast episode, Kasey provides more details into what the planning phase entails.
5 Phases of Starting a Million-Dollar Practice
- Purpose – knowing what your purpose / passion is & how you choose to impact your community. Define your ‘why’.
- Planning – market research, knowing reimbursement rates etc. if you’re insurance-based, cost of living, what insurance do most people have?
- Process – in order to make your private practice scalable and effective, you need to have processes and systems in place.
- Profit – looking at your numbers, i.e.: top-line revenue versus profit margins, looking at your profit and loss statements – seeing everything from a percentage-based point of view.
- People – finding people that support your other 4 ‘P’s’, that support your purpose, that are team-players and that are willing and excited to be participants in your process. People that are hungry for growth and share your perspective in the field.
The culture in your company is going to be a result on your ‘why’. Don’t underestimate the importance of developing a healthy company culture that incorporates your why.
Determine what kind of model you’re going to use in your company, i.e.: agency model versus pay-per-performance model, etc.
Questions to ask yourself:
- What insurances do most people have in your community?
- Where do most people go to the doctor?
- What are your financials?
- What are your non-negotiables?
It is imperative to know your market.
- Apply for the Million Dollar Practice Mastermind
- How to Start a Million Dollar Practice with Kasey Compton: Start with Purpose 1 of 5 | PoP 301
Meet Joe Sanok
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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HOW TO START A MILLION DOLLAR PRACTICE WITH KASEY COMPTON
PLANING PHASE 2 OF 5
This is The Practice of the Practice Podcast with Joe Sanok – Session Number 302. We are back at The Practice of the Practice Podcast here with Kasey Compton.
INTRODUCTION[JOE] How are you doing today, Kasey?
[KASEY] I’m great. How are you?
[JOE] I’m doing great. We’re doing this Million Dollar Practice series here. Yesterday, we covered your purpose and we’ve got kind of 5 pieces that you’ve developed: Purpose, Planning, Process, Profit, and People. So, if you missed it yesterday, make sure you go back and listen to that, an awesome interview with Kasey.
Today we’re diving into the planning phase. Where shall we start, Kasey?
[KASEY] Well, I guess we could start with your favorite word which is ‘culture.’
[JOE] Yesterday… I’ll say for those who didn’t hear yesterday. Culture often gets overused but it’s probably the best word we have for culture. So, my favorite word is culture.
[KASEY] Just picking up for the purpose, your culture in your company is really going to be a result of your way. And so, whatever you’re why is, your culture needs to reflect that. I know that this sounds so silly and you’re thinking, “Why am I wasting my time listening to someone tell me that I actually have a good culture?” But sometimes, we make the mistake of not being aware of our culture and we separate ourselves because we are so busy that we don’t even really see things that are going on that can affect our company negatively.
I think the first step of the planning phase is just evaluated your why and make sure that your culture is evident. They route every aspect of your company.
BULLET POINTS ON PLANNING PHASE[JOE] And when you’re planning, another kind of bullet points that you want to make sure that people hit on when they’re on that planning phase?
[KASEY] Oh yeah.
[JOE] Oh yeah. Brilliant always, Kasey.
[KASEY] Yeah. Oh yeah. So, I guess going back just a little bit to culture. Knowing that there’s not a right way or there’s not a wrong way. I mean, personally, I’ve worked for several different companies. They each have a totally different culture. One is not good. One is not bad. They’re just different. So, wherever you decide to be. Just embrace that.
I think the next most important thing there is just learning what kind of model you’re going to use in your company. Are you going to have more of an agency model, paying people an hourly wage, whether they see clients or not? Are you going to have more pay per performance start model? Are you going to have a split model? There’s just lots of options. So, just determining the pros and the cons of both models and what’s going to work well for you in what your goals are in your company.
[JOE] Awesome. And then, what else would the planning phase need to make sure need to make sure kind of on your checklist?
[KASEY] Well, okay. Just some simple questions that you want to ask yourself. One just… Gosh, there’s a bunch. Talking about your community, that’s a good place to start. If you’re an insurance-based practice, what insurances do most people have in your community? What’s the percentage of Medicaid versus commercial? Where do the most people go to the doctor? That’s a good place to start. What’s the largest physicians group that you have? What insurances do they accept? What kind of clients did those doctors attract?
Knowing your market is a huge deal especially if you’re looking to scale a practice. And I say that because with me in Somerset, the last time I check I think we had 11,193 people here. I told you I think there were 21 behavioral health groups the last time, but I was wrong. There are 43.
[JOE] Which are just nuts? That small town has 43 different practices and you’ve been able to scale through the size that you have.
[KASEY] I think just… You know, I knew that there were not 43 when I started but there was a lot. So, just knowing what’s out there, knowing what those practices take, knowing what there why is, what are they focusing on. Looking at financials, when I started months I literally had $600 and that was it. I had nothing. So, I had to figure out how to do it myself. I’m thankful for that now but you know, I was just thinking yesterday evening, if I would I have a Joe, or somebody, or an Allison that I could have access to, it would have saved me a ton of time and a ton of a headache. But, just knowing what your finances are and knowing where you’re willing to spend money and where you’re going to just get your hands dirty and figure out yourself. That’s a good place to start in the planning.
TIME MANAGEMENT[JOE] Do you recommend people set aside a certain amount of time each week when they’re in the planning phase to really get things done or how do you recommend they do their time management around the planning phase?
[KASEY] Yeah. I think that’s a really good idea. I think the trying to take on too much too quickly can be very overwhelming and discouraging. So, setting aside some time. And really, not just time but energy. I had one group practice owner Aimee Park. She was asking me, “How do you determine what to spend your energy on? What do you do?” How do you determine that? And, I think it’s just looking at what your passion is about especially scheduling the time to address the areas that you are not passionate about. Because the areas that you are passionate about usually come out in more creative free flowing ways. So, scheduling time to do the things that you don’t really love to do I think is probably a good idea.
[JOE] Yeah. Yeah. I mean think about how you went from $600 to million-dollar-plus-practice in 3 years, what’s the realistic amount of time someone should put in each week to work in on the practice if they want to pay some selves similar to you?
[KASEY] For the planning phase, I really feel like knowing the right questions that you need to be looking at. I think someone could get through a planning phase in less than 30 days easily if they just knew what they were supposed to be looking at.
QUESTIONS PEOPLE NEED TO ASK THEMSELVES[JOE] Okay. So, if we do the mastermind group, it’s going to be kind of give those questions that people can work on it. Come back and check in. Cool. What are a couple of those questions that for sure people need to ask themselves?
[KASEY] I’ll just go over my list really quickly. Looking at models and at that point in the planning phase, you might not really know what model that you want your company to have. You might not be happy with the model that you currently have but knowing how you want to do that. Knowing what your target population would be and your target client I think is huge. What are your companies’ non-negotiables? What will you not change? Those are really important not only for me to know in the consultant role but just for you to know as a practice owner because you have to know what those are and be very, very clear on what those are. Those are a couple.
Looking at the scaling side, just knowing what’s out there, knowing what insurances you can get on, getting those phase schedules, just having that basic information so that we can then move on to running numbers and making sure that your plans are going to match the million-dollar or whatever financial goal that you have.
[JOE] Awesome. I think we didn’t cover from the planning phase that you want to make sure we hit on?
[KASEY] No. The rest of it is just really more of supportive, follow-up questions, and details. That’s just of it.
[JOE] Well, in tomorrow’s podcast, we’re going to cover process, all those systems. We already covered purpose, planning into tomorrow’s process. Again, if you want to join me and Kasey in our million-dollar practice mastermind group, if you’ve got your insurance setup, if you’ve got your NPI going in, and you’ve got a little bit of traction, and you’re ready to really scale quickly, we would love to have you. It’s going to include a 2-day visit to Kasey’s practice, 2 days with me here in Traverse City, Michigan. Each month you’re going to get two 90-minute mastermind calls where Kasey’s going to cover some content for 45 minutes and then we’re going to have 2 hot seats. We’re going to have an hour with me once a month. We’re going to have only 12 people in this. We have the Facebook group, the texting, phone support with Kasey, and then, I’ve got to tell them last time that if you’re everything packaged, which is going to be all the systems that Kasey uses for her practice so that you’re able to just have everything packaged.
If you want to apply for that, head on over practiceofthepractice.com/apply. We’re taking applications now and it’s going to kick off in early July. It’s going to be in the second, third, and fourth Tuesdays of the month.
So, we’re really excited to be doing this together. Thanks for letting us into your ears and into your brain. Have a great day. [So if you want to join this mastermind with me and Kasey, and you want to build a million-dollar practice, head on over to practiceofthepractice.com/milliondollarpractice to learn more and to apply. We’d love to have you in that group. Also, takes for the band Silence is Sexy for your intro music and this podcast is designed by the act toward the information with regard to the subject matter covered is given with the understanding that neither the host, the publisher, the guests are rendering legal, accounting, clinic or other professional information. If you need a professional, you should find one.]