The “$40 Copay” Issue (…And Dealing With It)

by · 5th October 2015

5/5 - (1 vote)

So I’m almost through with my trip to North Carolina…

(..and YES, it is as wet as they’re saying on the news!) I spent the first few days working along side Dean Volk (of Volk PT) and his brilliant staff.

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Dean asked me to go to his clinic in Charlotte to give him a fresh perspective on the way he is currently doing things… and ideas to make them better.

And in a conversation we had over dinner one night I revealed to him the “3” things that I believe will make the difference to whether or not PT clinics survive in this new economy.

(Not the fiscal economy since the recession or Obama care – I’m talking about the “connection” economy that we’re in).

And here they are:

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1.) Having a clear & consistent, ideal client focused on, solution to problem Marketing Message (…that doesn’t stop after one advert that didn’t work)

2.) The ability to create an EXPERIENCE for your patients that they can’t get anywhere else (…this has nothing to do with PT skills)

And, drum roll…

3.) The ability to overcome “objections”

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And it’s the latter that is the where the big profit boosts come form.

For every patient who tells you “I’m not paying $40 copay”…

…There are about 8 out of 10 of those people who WOULD, if you just take the time to ask them WHY?

Ever done that?… 

Actually confronted the issue to find out why they won’t?

Or, do you just do as most PT’s do and TELL them that they should come because it’s their health and the doctor said so?

Now, the REAL answer is RARELY that “they’ve got no money”. 

And nor do they want to hear “but your doctor said”…

Understanding this is a game changer for your practice.

Want some proof?

Ok…

So in three hours of being in Deans clinic in Concord on Monday I heard that same “copay” objection from two different patients who were waiting not so happily in reception after being told how much they’d have to pay EVERY TIME! … 

I walked over to the therapist about to begin the evaluation – and talked with her for less than two minutes about the exact way the conversation with the patient should go, to ensure that she would WANT to come back for more than one session.

The result?

Both clients agreed to schedule 4 further visits after the eval.

Now this sent shock waves around Volk PT as every member of staff PT in there assumed that there was NO WAY these patients would re-book.

But they did.

And with it, almost $1000 made in just three hours, simply by figuring out how to handle an objection.

I’ve been out of Deans clinic for two days now… and I reckon it’s likely to have happened at least a couple of times sinc.

Do that Math…

In just three days, he’s now about $3-4000 wealthier just as a result of his staff knowing how to handle objections.

And that’ll happen most every week from now as long as his staff continue to deal with objections in the step-by-step, question by question way that I showed them.

The problem most PT’s have?

1.) They don’t know how to handle objections (…or actually believe they can!)

And,

2.) They won’t pay someone to find out how they should handle those objections currently costing them money (…like Dean did).

Anyhoo.

Lesson over.

I’m off for another days learning about Marketing and Sales at my Mastermind Event in a very pretty, but very wet, Asheville.

(Paid a LOT of money to be here).

Alas…

If you want some help to boost profits at your practice, maybe we should talk.

Sincerely,

Paul Gough

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About Paul Gough

PAUL GOUGH is one of the top Marketing and Business Coaches in the physical therapy industry and his Systems are helping clinic owners all across America run more profitable clinics. He is a published Author, Newspaper Columnist and before his stunning success in business was hired by top professional soccer teams. HIS SUCCESS STORY is one that inspires many pt's around the world - at the age of 26 Paul QUIT a high profile job in professional soccer to begin his own clinic. He had NO money, NO business or marketing skills and NO experience - and yet now owns and runs 4 pt clinics and has a proven track record of growing a physical therapy business from 0 - $2m in record time.
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