Episode 142 - Building Wealth Through The Recurring Revenue Model

Recap

The purpose of a business is to solve a problem – for a profit.

The bigger the problem – the bigger the profit. The bigger the problem – the greater the value…And money follows value. The ultimate value of your business is determined by the quality of the revenue – and the highest quality revenue is Recurring Revenue.

Most importantly, show me the way the money works in a business, and I will show you the culture of that business. We want to have a culture of RETENTION. Let’s keep Ideal Patients. Recurring Revenue drives greater retention. Everybody wins.

Let’s dig into an important discussion on what we at TRP call The 5th Domain: The Money.

Episode Highlights

03:29 – Money follows value. Focus on delivering value and you will have an abundance of money.

5:31 – Your financial plans must be purpose-driven possible and profitable

8:00 – Creating value is about having your patients understand how their body works and heals, as well as both their role and your role in the experience

10:28 – Three components of a quick audit of your business. What questions should you ask yourself?

15:55 – The quality of revenue can be different between the multiple different types of practices

18:29 – The four agreements are a conversion formula and a reconversion formula

22:25 – Understand the difference between empathy (connection) and leadership (empowerment) when it comes to healthcare

27:35 – A brief overview of structuring your financial plan.

33:05 – The outcome of the recurring revenue model should have two things – peace of mind and abundance

35:11 – A calculation exercise on possibility vs. probability. Are you capturing all the value that you are delivering?

39:56 – Stay tuned for Dr. Stephen’s conversation with Jonathan McAlees of Fortis Payment Systems. Discover what his drive was to create this platform, the overall functionality of their system as it is integrated with most Chiro EHRs, and its simplicity of use to save both time and manpower.