Stage Two for 1st-2nd Year Physiotherapy Graduates
In my book "The Health Practitioner's Journey," I outline four stages in a health professional's career. The second stage is Commercial Success. This entails maintaining a patient list consistently over 80% full, with referrals coming from various sources, including word of mouth. Through diligent efforts in achieving clinical excellence, this stage yields commercial success as patient lists and referrers grow.
Owning your patient list
Stage two is an ongoing process that can set the groundwork for starting your own business. At this point, I discuss a practitioner "owning" their patient list, a figurative term signifying patient loyalty, where they would follow you if you moved from your current practice. This loyalty is established through advocacy, as patients recommend you to others, as detailed in the ladder of loyalty in my book.
During this stage, you become more aware of the conditions and patients you wish to treat, possibly developing a unique selling proposition. For example, targeting specific referrers, like a sports club, can help you focus on treating athletes.
The journey to commercial success
Working towards commercial success is a rewarding part of a practitioner’s journey. Treating more patients, enhancing clinical skills through courses and mentorship, and staying informed through reading all contribute to your success. You may find yourself sought after for specific niches or invited to speak at events, reflecting your professional development. It's crucial not to become complacent; hence, developing strategic plans to nurture existing referrers and attract new ones becomes vital in this stage. While seeking new referrers is important, understanding the associated risks and benefits for the referrer is equally crucial, this allows you to establish trust and a strong relationship. I dedicate a portion of my book to discussing managing the benefits and risks associated with gaining referrers. These are integral aspects of becoming a commercially successful healthcare practitioner.
Methods for improvement
I have mentored numerous practitioners on achieving commercial success. After collaborating with my colleague Jon Ford to implement a clinical mentoring program during our tenure at LifeCare, we shifted our focus to enhancing practitioners' commercial awareness. The process primarily involved gaining buy-in and understanding meaningful key performance indicators (KPIs).
Jon and I developed what we believed would be useful measures, including:
The average revenue generated per practitioner hour.
The average number of patients seen per hour.
The average revenue per consultation or the average fee charged.
The introduction of these KPIs provided practitioners with a baseline from which to work. A managing director of the listed company network at that time advised me that creating meaningful KPIs and actively monitoring them would lead to improvement. This is precisely what we observed. We ensured that the KPIs were easily accessible for practitioners to review monthly, leading to increased engagement. We witnessed their commercial improvement, and the enhanced KPIs became a proxy for growth.
We combined the KPI approach with a planning document titled "Achieving Your Career Objectives," which I have included in the appendix of my book 'The Health Practitioner's Journey'. This document helped practitioners plan their quarterly objectives for improvement. Goal-setting and planning encompassed not only clinical aspects but also their referrer base and targets for increasing referrers. Teaching them to utilise their time more productively in both clinical and non-clinical aspects further boosted their productivity.
To illustrate the impact of these activities, we devised a league table for the network, highlighting those who generated the highest dollars per hour KPI. We realised that those with the highest numbers were also among the acknowledged best clinically. While not entirely surprising, this revelation served as motivation for all and confirmed that clinical excellence leads to commercial success.
I trust this glimpse provides a taste of the comprehensive details in my book about this stage of your journey.
My book is available on my website, www.michaelkenihan.com.au or from Amazon.
M.A.Kenihan
