Do you want to grow your practice into a million-dollar practice? Do you feel like your private practice is efficient and effective? Are there systems and processes in place?
In this podcast episode, Joe Sanok speaks with Kasey Compton on how to start a million dollar practice by setting up processes to scale.
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 three 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 insight into processes and what the difference between systems and processes are.
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.
Know what a process is. You don’t want your business to depend entirely on you, you want to be able to feel confident that if you want to go on vacation, you can without there being any disruption. Processes address the effectiveness of things, while systems address the efficiency.
Think about systems as being the overarching thing, while processes fall within these systems.
Six Important Processes to Scale
- Client call-ins (scripts)
- Intake & first-session
- Session documentation & quality control
- Billing & payments
- Office management & reporting
- Apply for the Million Dollar Practice Mastermind
- How to Start a Million Dollar Practice with Kasey Compton: Planning Phase 2 of 5 | PoP 302
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
PROCESSES TO SCALE 3 OF 5
[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 can 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 here to Traverse City with me to learn about marketing practice and a year of our teaching and walking you through exactly how to set it up so you can have a million-dollar practice. To apply to this mastermind group, head on over to practiceofthepractice.com/milliondollarpractice.]
Welcome back to the Practice of the Practice podcast. I’m Joe Sanok. We’re here with Kasey Compton.
How’s it going today, Kasey?
It’s great. How are you?
I’m doing well. I’m loving this series we’re doing together. You just so organized with it. It’s nice. I’m going to show up and I’m the goofy guy asking you questions.
I don’t feel very organized but it’s a lot of information condensed into a very short time frame.
Yeah, give someone a million-dollar practice in ten minutes or less.
Yeah, so what questions are you going to ask them? Oh, okay, good job!
Yeah, boom! So, we covered purpose and planning in the previous two podcasts. So, make sure you go back and listen to those because we’re really kind of going through the order of what Kasey is saying. This is how you can grow and scale quickly. Today I know that this is going to be around processes that this is going to be the big one that really helps people skill quickly. So how do you want to frame out processes and systems during this phase?
PROCESSES AND SYSTEMS
Okay. So probably a good to start is knowing what a process is. In your company as you scale, you have to have processes because ultimately that’s what takes you out of the system. And, you know, like Joe has said in a previous podcast, ultimately you don’t want the business to depend a hundred percent on you. You want to be able to feel confident that if you want to go on vacation for two weeks or a month then you’re going to come back and there’s going to be a very little disruption. And that’s kind of what I try to do is to make it where no one even knows I’m gone. And knowing what a process is and generally speaking about the process, they work to address the effectiveness of things and your systems are going to address your efficiency. So, there’s one website I was looking at and I had a really good analogy in it. It said if you’re doing the right thing slower than what could otherwise be done, then you need to work on your systems. If you’re working fast but not really getting anywhere, you want to address your process. I thought that was a really good…
Break that down for us a little bit.
Okay. So, let me start back with the systems. If you’re doing the right thing, but it’s going slower than it should go, then you may have a broken system.
Okay. So, you’re doing the right thing. You’re doing your progress notes. You’re doing your billing. You’re doing your insurance. But you’re not getting paid on time. Whatever it is then it is your system that you need to improve upon. Okay.
Exactly. Yes. So, you could kind of think of it like in the EMR if you’re doing everything you should be doing and you’re just getting paid very slowly then it’s probably an EMR issue. It’s probably a system issue. If you’re doing everything quickly but your claims are getting rejected, it’s probably a process issue. So, the person that’s seating there, working on your computer, entering in the data is probably messing up some of the numbers or something is wrong in the process. So that’s where you want to work on your process. And then as a default, if something is wrong and you just really don’t know if it’s a process or a system, it’s okay. You always go back and address your process. So that’s kind of why systems are important, but processes are more of a priority in…
Give us more of a definition of the two differences because, in my head, I usually think of a system and a process of almost being the same word. How do you separate those?
Well, in my mind, I think of the system being the larger component. The system being…
Like accounting in your practice? Or like…
Yeah. Yeah. Like an accounting system or the hiring system. Just the big, the umbrella. The big thing. And then the process is the steps that you take to reach your goal.
So, Jenna in accounting, when this happens, she hands this over to Phil in accounting.
Yeah, that would be a process. Accounting itself would be the system.
Gotcha. That’s helpful for people that maybe had to differentiate those two.
I mean it’s not like you have to know the difference between the two to be successful but just knowing what that is and one thing just being able to ask yourself. Okay, this is working for me now but if we triple our client load in the next 30 days then is this going to still work? And then if the answer is no, then that’s probably a process that you want to go ahead and modify early because our goal in consulting is to get you to this millionaire dollar or more practice. If so, we don’t want to address all of the processes as they become problems. Or else we’re going to be fixing problems all the time. So, we just kind of go ahead and try to pick processes that are already scaled and that will work well for a lot of growth.
Yeah. Yeah. So really if you were to double, triple, quadruple your number of referrals, can the system handle it? Almost like a stress test that banks do. What would break down? Wouldn’t have enough people that are answering phones. Okay, so maybe we get someone extra in there or we have someone that’s getting trained that then we can hump up their hours.
Exactly. Yes, it is very strategic and in terms of how you utilize your cash flow. How you utilize your staff, your people. And what I did was kind of break it down the processes into… I think I made six, yeah. Just six basic processes that I thought were the most important in a scalable, behavioral group. If you want me to go through it?
Yeah. Hit it. I would love that. That would be awesome.
6 PROCESSES FOR SCALABILITY
Okay. The first one would just be the referrals process. How those referrals come in. How they are handled. How they are worked. How they are followed up with. Just the whole breakdown. The second one would just be client calling. Just the phone ringing – general questions that people may have. That’s a big one. And that’s one where it can go haywire. Haywire quite often because you might have an in-office, receptionist, and she might have gone to use the restroom and a therapist just walking by answering the phone and you don’t know. They are not going to know the answers to the questions that the receptionist that already has. So just having some scripts, some very clear points on if a client wants this, this is what they do. They want this. This is where they go. Those things are very important. A process for your intake in your first session. I know that sounds like a small thing to have a whole process on, but that intake was really going to generate long-standing clients for your company. So, you want to make sure that your clinicians are trained in how to… I don’t want to use the word ‘sell’ but how to sell their service and feel confident about what they’re offering into these clients and feel supported. I have just found out that a lot of people still needs structure in that. So that would be one. A big one especially for scalable practices would be your session documentation and a quality control aspect of your company. That’s huge. Especially if you’re taking insurance.
Number five would just be your billing system and process in how you accept payments. I know that sounds like a pretty straightforward thing but when you are accepting fifteen different insurances and they are all paid differently. And some have to default paper claims and that’s just a lot of things that go into play there. Learning how to interpret your aging reports. What do you do with all the claims that are denied? How do you handle those denials? That would all fall into the billing and payments.
And then number six would be your office management and reporting. So how are you going to keep all of those components glued together. How are you going to manage all of them? What’s the process for accountability and just little things that you don’t realize – daily reporting logs, balance sheets at the end of the day, where do they put their deposits? Just simple things but things you don’t realize until you hit that point that you have your own little crap. What do I do with this?
Well, I probably should have mentioned this earlier than now but we’re going to have Sam, our marketing person, go through these podcasts and these videos. And put together a pdf that you can download that has all of these different systems that Kasey has been talking about. These six different processes that you need to do. Any of those you can get over at practiceofthepractice.com/resources. We have probably over 40 free downloads over there for infographics, checklist. This is just going to be housed there as well around the million-dollar practices. So, if you miss anything of these, if you’re out for a run, if you’re walking the dog, doing the dishes, your kids interrupted you and you missed the notes, those will all be over there and also in the show notes. Sorry if you took a whole bunch of notes and now ‘Dang it! I didn’t have to do that!”.
Kasey! Holy cow! Tons of information on processes. I know that you could do training for months on this which is why we’re doing that mastermind group. If you’re interested in joking the mastermind group that Kasey and I are kicking off, it’s going to be starting in July of 2018. We would love to have you be a part of that. We’re going to have two days of Kasey looking at her processes, her systems, all of that and her practice. Two days with me looking at your marketing, your branding. Each month you are going to get two 90-minute sessions with Kasey where she’s going to be teaching you for 45 minutes and then have two hot seats as well. I’m going to be doing a monthly Q&A as part of that with private Facebook group, text support, and you will also get Kasey’s everything packaged which is all to say that if you want a million-dollar practice and you want to grow and scale and do it right from the beginning, together, Kasey and I are going to help save you so much time in that process. You can apply for that over at practiceofthepractice.com/apply. Kasey, thank you so much for being in the Practice of the Practice podcast today.
[So, if you want to 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 would love to have you in that group. Also, thanks to the band Silence is Sexy for your intro music. And, this podcast is designed by an act toward the information with regard to a subject matter covered is given to the understanding that neither the host, the publisher, or the guests are rendering legal accounting clinic or other professional information. If you need a professional, you should find one.]