Are You Engaged…To Your Business?

Did you know that seven of the ten most popular days to get engaged all fall in December? Perhaps not surprising given the pandemic’s impact on practically everything in our lives, the traditional engagement season (Thanksgiving to New Year’s) looked a little different last year. In fact, Valentine’s Day dethroned Christmas as the most popular day to pop the question in 2020 (most likely because it took place pre-COVID).

So, what does this mean to your business? Did you get engaged there as well? Do you have plans or are you alone? Are you feeling stressed or uncommitted? For the unattached or unengaged, the future can seem lonely. That’s why below, we outline the steps you can take to get engaged, plan the perfect spring wedding, then ultimately marry your plan for success!

Step 1: Meet someone.

Are you lonely? Can you meaningfully discuss your profit and loss statement (P&L) with your employee(s)? Office “romances” don’t work – find someone outside of your practice. A trusted business advisor like your Consult Account Manager brings perspective from the industry, shares what similar practices are doing right (and wrong), and minimizes the trial-and-error method of running a business. This was particularly true during the COVID crisis. Many of our members have reported that the sense of belonging and knowing someone cared—about them, their staff, and their business—were some of the most appreciated services of 2020. Talking to yourself in the mirror, brainstorming ideas, and trying to convince yourself everything was going to be “ok” probably did little to actually relieve any of the loneliness or confusion you may have been feeling. Fortunately, you don’t need to be alone.

Step 2: Pick out your ring.

A clear sign that you’re getting engaged soon is the conversation about what the ring will look like – the shape, the style, the size, and, of course, the price tag? Have you picked out your business’ “ring” yet? Think about the following:
  • Will you sell more private hearing aids or participate in more third-party administrator plans?
  • Are you expanding your business or selling it?
  • Do you have enough space?
  • Are you fully staffed?
  • Do you have the right employees in the right positions?
  • Do you want to be a low-cost/low-value or high-cost/high-value provider or emphasize diagnostic care?
  • Do you have a revenue goal for 2021, 2022, 2023, and beyond?
  • If someone came in and offered to buy your practice tomorrow, do you have a price in mind?
Asking yourself these questions will help you define the kind of business you have, the kind you want to run, and what you want its future to look like.

Step 3: Make a plan.

Did you look at your calendar on February 13th and realize you didn’t have plans for Valentine’s Day? Do you operate your business each day without plans for the next day? Despite the many industry changes, too many practice owners fail to adjust accordingly. For example:
  • Have you seen your marketing become less effective? Make plans to adjust your marketing budget and strategy to focus on more effective messaging and mediums.
  • Tired of shifting piles of paper charts off your desk? Make plans to convert to a practice management system (PMS).
Don’t just sit in your office hoping tomorrow will look different—decide to actually do something today! Define a goal then list out the steps required to make it a reality. Resolve that the stress of doing nothing can only be ameliorated by acting. Why sit idle watching other businesses marry their plans for success? Set a date and start planning!

Step 4: Commit.

An engagement is a commitment, so treat it accordingly. Define your business lifecycle. Make plans to attain any goals you set. Work with someone outside the business but commit to the people in your business as well. Are they being developed? Are they reaching their goals? Review your business regularly—you should study your financials monthly, not just at tax time. Spend time understanding the relationship with your business and make it work. Successful marriages don’t just happen—they take a continuous, concerted effort.

Don’t wait for the next engagement season—
get engaged today!

About the Author

Scott Berger joined Consult YHN in 2010 and currently serves as our Regional Sales Manager - Inside Sales/Hospital. Previously, he spent nine years leading our Sales Analytics department. Scott holds an MBA in finance from Hofstra University and has several years of experience working in operations, analytics, and supply chain in the medical device industry. He is passionate about working directly with customers in an entrepreneurial setting.

Patient Recall: The Key to a Successful Comeback Plan

During the COVID-19 shutdowns this spring, many practices struggled with finding the right way to communicate with patients. Overwhelmingly, practices that followed a plan and stayed connected to their database and/or used a service like Your Patient Contact Center (YPCC) to make calls to patients realized two great benefits.

First, those practices reassured patients that they were still there for them and would continue to serve their hearing healthcare needs moving forward. As business returned to normal, those practices kept patients informed about the additional safety procedures they put in place as well as any changes to their hours and services. A remarkably large percentage of practices were quick to implement curbside service and offer remote care options to patients who couldn’t come into the office.

Second, but equally important, it was their existing customers who felt most comfortable coming back into their clinics and purchasing new devices. Whether it was a result of pent up demand or increased family interaction placing a greater value on hearing healthcare in general, it was these patients and their purchases that led to the recovery of many practices.

Of course, this didn’t just happen overnight—it was the practices that put a concerted effort into patient recall that saw the quickest recovery to their business. These practices strengthened their patient relationships and stayed top-of-mind because they took the time to pick up the phone and call their patients. They checked to see if their patient’s existing devices were working optimally or upgraded them to newer technology.

In addition to being a smart business strategy, patient recall is and always has been founded in good healthcare. You need to remain in contact with patients—before, during, and after each sale—to maintain a loyal database. Now, more than ever, it’s vital to invest in patient recall. Not only is new customer acquisition expensive, but the industry is becoming more competitive every year. Leveraging your relationships with existing patients is simply the most cost-effective way to build brand loyalty, drive awareness, and increase patient referrals.

Finally, let’s consider another challenge practices face in maintaining patient relationships: rechargeability. For many years, practices have relied on free or low-cost batteries to keep their patients coming back. While certainly a great innovation, rechargeable hearing aids have significantly reduced the number of office visits patients need to make. That’s why practices need to put greater emphasis on outbound calls to engage their database. At Consult YHN, our most successful Associates make patient outreach a priority and are rewarded because of it.

When it comes down to it, you have two choices: hire an additional staff member to handle your outbound dialing or outsource it to a service like YPCC. The good news is that we can help you with either decision. We hear a lot of practice owners express initial concern about the cost of patient recall. What many don’t realize is that it’s actually an incredible bargain when you consider the end result: a more loyal patient database, increased sales, and most importantly, better patient care.

Click here to learn more about Your Patient Contact Center or talk to your Account Manager today to get started!

About the Author

Bill Connerton is the National Vice President of Sales at Consult YHN. Bill has been with the company since 2011 and has worked extensively with some of the largest practices in the country. He has developed and lead a team of Account Managers that drive behavior change in practices, including the development of business owners who partner with Consult YHN.

Three Easy-to-Keep Resolutions for a Clean Database in 2021

How confident are you that your database is clean? Can you make accurate assessments about your business’s health with the data it contains? If you’re not sure, don’t worry—you’re not alone – not everyone enjoys data crunching, plus, Consult YHN has your back!

The importance of a clean database is that it allows your practice to operate more efficiently. As the leader of the practice, it allows you to set key business goals and effectively benchmark your progress towards achieving them. A clean database will support increased revenue by efficiently spending and/or saving money and improve patient satisfaction.

Think of quality data as the backbone of your business—it’s the central pillar that connects and supports all the facets of your business. With accurate data and reporting, you will confidently make decisions that will move your business forward.

What’s considered “data” within your database? These would be your appointment types, referral sources, revenue sources, etc. For example, are you running a Consult Database Program, Consult Upgrade event, or want to see how well your marketing campaigns are performing? Referral sources play a critical role in capturing your marketing ROI (Return on Investment) and identifying where your revenue-generating leads and sales are coming from. Referral sources should be labeled and updated properly so we can track your results and identify units sold and revenue generated per sale. If referral sources are not updated and tracked, you’re essentially throwing marketing dollars out the window.

There multiple benefits of tracking your marketing initiatives, but it is impossible without clean, consistent data. To run a productive and profitable practice, it’s vital to identify incorrect data, understand the root, fix it, and develop a plan for maintaining a healthy, more reliable database.

As we prepare for 2021, below are three resolutions for cleaning up your database, which will ensure it stays clean even after your other New Year’s resolutions have been forgotten:

1. Data Entry

Of course, it all starts with the data that’s being entered into the system. If there’s one takeaway from this blog post, it should be this: your data is only as good as the data you enter. As the leader, it’s up to you to ensure your employees are properly trained and understand the importance of entering accurate information into your Practice Management System (PMS). Everyone on your team needs to be on the same page when it comes to activities such as labeling opportunity sources and what each referral source represents. Once you have a process in place, don’t assume everyone is following it, day in and day out. Periodically poke around your database to ensure that it’s kept nice and tidy.

2. Data Audit

Second, audit your data to reveal any inconsistencies and/or errors. You might be surprised by the number of inconsistencies and how far they go back. If you and your staff are regularly inputting incorrect or bad data, this will cause a snowball effect—and no one wants a database full of duds! Once corrected, this will establish trust within your data. Our Sales Analytics team can help you get started by performing a PMS Analysis. This will help you get the most out of your PMS software by ensuring accurate tracking reports, patient lists, and QuickBooks integration.

3. Data Upkeep

The last step is upkeep. As previously noted, ultimately, you are accountable for monitoring the accuracy of your data. It’s not a ‘set-and-forget-it’ activity—consistency is key! Luckily, you don’t have to do it all alone. Working closely with your Account Manager, our Sales Analytics team will provide the insights and tools necessary to execute these steps and contribute to your business’s collective success rather than hindering it.

Remember: the more time you spend tracking and auditing your data today, the less you’ll spend correcting errors in the future. The reward for your hard work is a sparkling database that delivers better insights, better reporting, and sound business decisions.

Click here to learn more about Consult YHN’s Business Services and Financial Analyses or talk to your Account Manager today to get started!

About the Author

Laura Kegelman joined Consult YHN in 2018 and currently serves as a Strategic Planning Analyst. Her diverse professional background includes supply chain, forecasting, and marketing. Laura holds a degree in marketing from West Chester University in Pennsylvania. When she’s not working, Laura loves exploring the city she lives in (Philadelphia) as well as traveling to new cities and countries.

Top 5 Reasons a Business Plan is Key to Your Success in 2021

Exactly one year ago, my uncle decided to set out for an adventure of a lifetime. He rode his bicycle across the country from Astoria, Oregon to Astoria in Queens, New York. He took his time to research his route, his stops, the equipment he needed, and the different types of terrain he would face. He also enrolled in classes to learn skills in wilderness survival and bike repairs. Once he started his journey, he logged and documented everything, including mileage, and set daily goals for himself.

If he didn’t hit one of his goals, then he looked for alternate ways to make up that time. His path continuously changed and challenged him—he rode on highways, gravel, paved roads, trails, and even over an international bridge in Sarnia, Ontario. With his focus, perseverance, and well laid out plan, he accomplished his goal: he rode 3,410 miles in 48 days.

His journey inspires me in so many ways. His work ethic and methods show that with proper planning and execution, anything is possible. Additionally, we need to spend less time thinking and more time doing.

Running your practice without a business plan or Annual Strategic Action Plan (ASAP) is like bicycling cross-country without a map or GPS and wearing a blindfold—it’s silly, it’s reckless, and it’s probably going to take longer for you to get to your destination.

The purpose of a business plan is to lay out both a short and long-term strategy for growth. It serves as the roadmap from where you are to where you want to be, outlining the individual steps and tools you need along the way. What’s your mission? Where do you see yourself in five, ten, twenty years? Where do you see your business in that same time? A business plan can help you answer these questions by allowing you to take a step back from the day-to-day demands of running the practice and focus on the big picture.

As a Consult YHN Account Manager, I work with Associates across the nation and hear what’s consistently working in their practices. What I’ve found is practices that create and execute a business plan are more successful than those that don’t execute one. Studies show that business planning can help you grow your business as much as 30 percent faster!

There are several key benefits of executing a business plan, including:

#1: It allows you to prioritize and set achievable goals.

Business plans don’t need to be overly complicated, but they do need to be executable and draw a clear connection between your actions and the results you plan to achieve. Goals like increasing revenue by 50 percent won’t seem as daunting when you have a plan that breaks it down into smaller, achievable steps. More specifically, a good business plan outlines SMART goals:

Use your plan to guide your sales and marketing strategies. It will ensure you keep track of what needs to happen, when, and in what order. For example, scheduling marketing strategies to promote a new product launch.

#2: It minimizes your risk.

Establishing a business plan isn’t just about setting goals—it’s about consistently tracking your progress toward those goals and making changes as your business grows and evolves. This will give you peace of mind that your business is heading in the right direction. Or, you’ll know that you need to make adjustments or try a different route altogether. There are two key financial statements you should build and regularly review as part of your business plan: Cash-Flow Analysis and Profit & Loss (P&L) Analysis. These help you to closely monitor the overall financial health of your practice and identify any potential cash flow challenges or opportunities.

There’s always a certain level of risk that comes with starting your own business. Some risks you can see coming from a mile away, but others are impossible to predict (like a global pandemic). Either way, it’s easier to handle issues when you’re actively looking for them. And the sooner you catch them, the less likely they are to snowball into a crisis.

#3: It allows you to make spending decisions with greater confidence.

As your business grows, there are some important spending decisions you’ll need to make: when to hire a new employee, whether you can afford to upgrade your equipment, whether you should open another office, etc. If you have a firm understanding of your practice’s financial health, you will have the information you need to make sound business decisions. A business plan is also invaluable in devising and executing an effective marketing strategy. It will help you determine how much you can/should spend on marketing to achieve your revenue goals.

#4: It’s essential if you’re seeking a loan or investment or want to sell your practice.

Would you ever invest in a business without understanding its business model or financials? Hopefully, not. And, neither would any investor. If one day down the road you decide to sell your practice, it will likely be worth more if you have a plan that shows the business is in good fiscal standing and has the potential to grow.

#5: It can help motivate your team and increase efficiencies.

A business plan that clearly communicates your vision and goals is one of the best ways to ensure your entire team is on the same page. Rallying your staff behind a common goal can also increase your collective efficiency and lead to higher levels of engagement. Knowing how their daily duties and actions relate to the business’s bottom line gives employees a greater sense of purpose and pride in their work. Be sure to regularly review your progress with your team, either during your Daily Huddle or monthly or quarterly staff meetings. This way, everyone knows what’s expected of them and can be held accountable for contributing to the practice’s success.

 

With a solid business plan and the right guidance and resources, any practice can become a million-dollar practice. Let us help you get there! Consult YHN will be hosting several Virtual Managing Business Activities (MBA) workshops to kick off the 2021 business planning process. These workshops help our Associates define their financial and organizational goals through the creation of their Annual Strategic Action Plan (ASAP) and Annual Marketing Plan (AMP).

About the Author

Jessica Shah joined Consult YHN in 2017 and currently serves as an Account Manager in the company’s Inside Sales Division as part of the Account Activation Team (AAT). Her diverse professional background includes sales, marketing, and planning experience, having previously worked in the healthcare industry as well as for the hospitality giant, Marriott-Starwood International. When not working, Jessica enjoys spending time with her husband of 13 years and her two energetic boys. They love to travel, entertain, and spending time with family and friends.

Are You Empowering Your Front Office to Drive Revenue? Three Questions to Ask Yourself!

The Front Office Professional (FOP) is essential to an effective and efficient hearing healthcare office. Both in-person and over the phone, FOPs are key in establishing rapport with patients, creating a positive first impression, and helping to drive opportunities.
 
Many practice owners overlook that their front office staff can and should do more than answer phones and schedule appointments—they should help drive revenue every day.

Below are three questions to determine if you’re empowering your Front Office Professionals with the skills and knowledge they need to be a major player in the success of your business:

QUESTION #1: Does your FOP believe in the power of the Third Party and is she/he strongly encouraging patients to bring a loved one to appointments?

You’re most likely aware of the benefits connected to having a trusted family member or friend accompany patients to their appointments, including having a familiar voice during their evaluation and the added case history acquired.

As a Consult YHN member, you also know that increasing your practice’s Third Party rate results in greater patient satisfaction, a reduction in Tested Not Sold patients, and lower return rates. In some practices, it may also increase the closure rate by as much as 10-20 percent.

But is your FOP aware of these benefits? Can your FOP confidently convey to patients the value of having a significant other present for evaluations? To make this point more relatable, ask your FOP how long he/she spent with the doctor the last time he/she was sick? No one has ever answered an hour or more (the typical length of a hearing aid evaluation appointment)!

Source: The Hearing Review

It’s important to demonstrate that the companion is there for support and not because the patient can’t make their own decision. Studies show that 40-80 percent of what patients hear in a doctor’s office is forgotten, regardless of age. So, having two sets of ears is better than one, especially since one of those sets may be struggling to hear.

Lastly, let’s not overlook the potential referral opportunities: many active couples have combined friends and their own individual social networks. Your practice can potentially test the Third Party, or even seek recommendations from both parties, and grow your database – but only if your FOP is consistently emphasizing the need for a companion!

QUESTION #2: Does your Front Office believe that Calling is Caring?

What separates your practice from the competition is the world-class service you provide. The businesses that are most successful in retaining current patients and attracting new ones use a staff member (Patient Communication Specialist) or a service (Your Patient Contact Center) dedicated to making outbound calls to current patients and prospects. This function protects the practice’s most valuable patient resource—its database—and helps fill the schedule with opportunities. We know that 43 percent of patients buy their next set of aids from someone else. That’s why consistently contacting existing patients is vital to keeping your relationships warm and your practice top-of-mind.

However, this is the aspect of the job that more traditional front office employees (receptionists, schedulers) are not prepared for when they enter the hearing healthcare industry. Not only do a successful FOPs need to have computer, filing, customer service, and organization skills, but they also need to own the schedule, manage the provider’s time proactively, and take responsibility to create and enhance the patient experience. We advise FOPs to develop relationships with callers before they come to the office and continue to foster that connection once they become a patient. This way, a call from your practice isn’t an intrusion, but rather a chance to ensure continued patient satisfaction.

Source: Audiology Online

The recommended schedule and mix of patient contact methods may push some FOPs outside their comfort zone. To help reduce anxieties and increase skills and efficiencies, Consult conducts weekly tele-trainings with FOPs from practices across the country. During these trainings participants will learn about why these calls are so important and best practices for scripting to get the greatest results. They will also be encouraged to share their challenges and success stories, allowing them to reap the rewards of being part of a network of likeminded businesses.

QUESTION #3: Does your FOP know the value of each call generated by your marketing initiatives?

Based on the data that we have collected from our Associates, on average, each scheduled opportunity appointment is worth approximately $1,200 in profit for your practice. But how can FOPs understand the significance of each incoming phone call if practice owners don’t share this kind of information with them? Once they understand the value of each incoming call, they should be more motivated to improve their call conversion ratio. A great way to do so is to have them listen to recordings of how they have handled incoming calls. No one enjoys the sound of their own voice, but recording and replaying phone calls are one the best ways to improve the caller experience. A trained ear can easily identify if an FOP is unclear about information or unable to answer the caller’s questions. If you don’t have call tracking/recording in place, Consult’s training team will perform secret shopper calls. We can determine what training and guidance is needed, for example, properly scheduling appointment types, discussing the importance of the Third Party, or overusing technical terms and abbreviations (jargon) that the patient doesn’t understand.

Source: Harvard Business Review

Consult’s virtual Employee Development Program (EDP) workshops should be an essential component in your staff’s development plan. These online training events focus on building and developing your team’s skillset so they can actively contribute to driving opportunities and enhancing the patient experience.

Start empowering your front office staff today! Talk to your Account Manager to learn more about our EDP workshops and weekly tele-trainings!

About the Author

Miki Follin has been an Assistant Account Manager with the West Team at Consult YHN since October 2016. Miki brings retail store management, training, and customer service experience from her years with CVS/Pharmacy and Enterprise Rent-A-Car. When not helping Front Office staff learn and develop, you can find her cheering on Arizona’s sports teams, enjoying the sunshine!