Category: Money

A fascinating dinner in Harpenden last night with European and UK Audiologist of the Year, Robert Bieny, founder of Hearing Healthcare Practice. In his 5th decade of serving patients, Robert has that calmness and wisdom of experience that has me mentally noting the individual phrases he uses in answer to my many questions. I’ve been…
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Numbers don’t get emotional about people. People get emotional about numbers. Associates get emotional when faced with a percentage pay-cut (perfectly understandable – who wants a pay cut?). An unemotional demonstration that a 5% drop in percentage can be recouped by an 11% increase in productivity often falls on deaf ears. The “loser” in this…
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Two similarly interesting experiences during our recent holiday, that illustrate an important message about how we set our prices. On 22nd January we moored off The Bitter End Yacht Club on Virgin Gorda, BVI. This is a thousand dollar a night resort close to Branson’s Necker Island, providing a host of water sports facilities free…
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What exactly is the economic value of a patient in your practice? In business that’s called the LTV – lifetime value. Let’s take the example of a small, independently-owned, private practice in a suburban area in which we have the following data available through analysis: average new patient spend (first year) – £1,750 average annual…
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Two conversations in the space of one hour. Conversation 1 – former client Caller: “Chris, we grossed £1.2m last year fully private in our market town and we have been approached by a new micro-corporate who have offered £2.04m for the goodwill and they will let us keep the property. Do you think this is…
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