A dermatology practice in business for over 17 years called upon Frederick Mountain Group to help their business reverse declining revenues after the recession that began in 2008.
The company went from losing money and experiencing high patient dissatisfaction, to adding $100k to $150k in gross revenue annually in the initial three years of the project. This practice is still with FMG 10 years later.
Background
Our work with this practice began in 2011.
They are a single location practice that has enjoyed steady annual growth over the years with us. They approached us after losing money for several years as a result of the 2008 recession, and we helped them get back in the black, grossing an additional $150k to $200k per year.
They have seen a 238% Annual Return-on-Investment since year one.
Challenges
- Employees didn’t have clear goals, roles, and expectations
- Low patient satisfaction
- Inconsistent enforcement of existing company rules
- Lack of teamwork among the employees
- High payroll cost due to unauthorized overtime
- Declining revenue
- Growing accounts receivable from uncollected insurance payments
This private medical practice needed clear staff policies and systems to keep the team accountable to one another.
The Solution – Part 1
We decided that we would give everyone a fresh start, a chance to shine with new leadership and new systems and procedures.
We worked with the office manager and the managing physician and created a simple , 7-page employee manual that set forth the expectations and goals of the organization.
We then presented the new employee manual and the goals to the staff alongside the office manager. We wanted the whole team to see this was an opportunity to start over and focus on providing exceptional patient care. We made it clear that no one was “at fault” for the state of the practice, rather, we wanted everyone to work together for the patient.
Everyone had a week to review the document and then sign that they acknowledged the contents.
After establishing the employee manual, FMG worked closely with the physician and the office manager to help uphold and enforce the new policies fairly.
Results
- Overtime expenditures dropped immediately, payroll cost stabilized
- Employee job satisfaction started to increase
- Patient satisfaction started to increase
- A key hire in Billing Department reduced accounts receivable backlog from 6 months to 30 days
- A key hire increased monthly revenue 67% from cosmetic products and procedure sales
- The practice went from a $200,000 annual deficit to a $100,000 surplus
What We Did
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Brand Development
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Website Design
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Social Media Marketing
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Email Marketing
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Website Content Creation – Blogs & Articles
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Search Engine Advertising
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Social Media Advertising
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Print Marketing
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Website Management
The Solution – Part 2
The practice needed to market itself to continue to grow and effectively compete with the 3 new practices that had entered into the market in recent years.
After 2 years, we had the right team in place to capitalize on the increased demand that would come from a more formal and professional marketing program. FMG uses a process called 360-Degree Marketing with all clients. We know every dollar counts and we have to show value quickly. What makes us unique in the marketing space is that we define success as additional revenue generated through our work.
We worked with the office manager and managing physician to create a monthly focus for the whole year. We picked up to 5 products, devices, and/or procedures each month as the focus. It is a manageable number for the front-line staff which will have to convert leads.
Using the marketing ecosystem, we created features and content to push across marketing platforms.
