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How Do You Speak to Persuade?

12/27/2023

 
I had the honor of delivering the keynote address for Ed Slott last week, and you can click here to see what Ed had to say about my presentation. 

Many participants said, “This is the BEST presentation I’ve ever heard!”  
 
Believe me, this is not what audiences said when I started speaking professionally about two decades ago. I did not get great evaluations. Few people sitting in the audience invited me to give the same talk at their meetings.
 
But I had a message I wanted to get out there, so I invested in my speaking skills. I spent hours listening to great speakers. I joined the National Speaker’s Association and hired coaches and mentors. I became a serious student of the fine art of verbal persuasion. 

Here are just a few lessons I’ve collected over the years. Hopefully they will serve you, too!

Know your purpose. Why are you speaking? What do you want your audience members to do differently as a result of hearing you speak? 

Think of your presentation as a first date. Usually the goal of the talk is to inspire your ideal prospects to go out on a second date with you.

Have a main point. Imagine you’re at a meeting and you overhear two participants in the bathroom as they wash their hands. One says to the other, “Hey I missed Dr. Vicki’s presentation. What was it about?”

Ideally you have communicated your main point so clearly that your sound bites roll off of participants’ tongues.

Your audience members give you the gift of their most precious assets—their time and their attention. What will they get in return?

Join the conversations in your audience members’ heads.  Financial advisors come to my presentations with beliefs about working with doctors. Many had bad experiences. They make up stories about why they got their results, and they’re usually wrong. I can show them what the real problem is.  

Unless I address those specific objections, they won’t believe me.

How well do you understand the conversations about wealth-building happening in doctors’ heads?

Build a bridge. In most cases when I speak, I show audience members how they can make a transition from their current undesired state to their desired state. The content and flow of the talk builds a bridge that crosses the divide. 

You can begin with that image as you craft your talk.

Ask yourself, "What do my audience members need to know to take that next step with me?"

Tell stories. I attended what I call “media charm school” to become a better guest on radio shows. Again and again, hosts of these shows said the same thing, “Thanks for bringing such great stories!”

We are wired to learn through stories. Story telling is your single most powerful tool of persuasion. 

I was helping a financial advisor craft a presentation for a large group of doctors. He showed me the presentation he had delivered many times. His slide deck was filled with words and numbers that were so small you couldn’t read them--even from the front row.  

I said, “You have some great ideas in this talk. Let’s mix it up. What is your main point?” It took him a while to come up with it. 

Then I asked, “What are the three most important things I need to know that support your main point?” Again, after some work we came up with them.

Then I asked this advisor to do some homework, and find three stories that illustrated each of the three points. Then we worked on the stories.

His talk was like a string of pearls-- and each pearl was a beautifully polished story.

He got stellar reviews. Many of the physicians commented on his stories.

As you think about your presentations, imagine your audience members whispering to you, “Tell me a story about when that happened—or didn’t happen.”

I like telling stories from my personal life. I usually write the events of the story on a 3X5 card. That’s just the beginning. I keep working them until they shine.
 
Don’t talk about suture material. When I treated patients with breast cancer, I helped them make tough decisions. I shared the information they needed to know to make informed choices. 

My goal was not to groom them to be breast surgeons; that was my job. They didn’t need to know what kind of suture material I used.  

As you communicate to your prospects and clients, are you relating the things they need to know to make good choices, or are you talking about the suture material?

“You had me at the cartoon.” Use pictures to illustrate your points. Paint word pictures.

I often use my very limited artist talents to draw cartoons. I usually include my “Navigating to Wealth” drawing in my slide deck. One participant said to me at this meeting, “You had me at the cartoon.”

Do you have a main point or a catch phrase that captures your value? If you were to draw a cartoon, how would you illustrate it?
 
Make the talk about the audience—not about you. Of course you want to further your business goals when you speak. You are more likely to do that when you serve your audience more effectively. See the world through their eyes.

These are all ideas that have served me whether I’m speaking to 100 people or 1000 people or one person.

The ability to persuade with your words is a critical skill that can always be taken to the next level.

What about you? What tricks have you learned that inspire people to take action?

As a medical billing services professional, you have a chance to help physicians take control of their financial destiny. You can enjoy many rewards when you help doctors make their dreams come true.

I'm here to support you if you do!

My best,
Dr. Vicki

A Quick Guide to Launching Your Business as an Immigrant Entrepreneur

11/28/2023

 
Picture
Photo by Unsplash


Venturing into entrepreneurship as an immigrant can be an exciting yet intricate undertaking. The journey presents multiple layers of challenges, from navigating bureaucratic red tape to understanding new cultural norms. Today, the Medical Revenue Management Association of America offers this short guide to facilitate each stage of your business startup journey, setting you up for well-rounded success.

Start with Your Target Market

Before you dive headfirst into business operations, a deep understanding of your target market is vital. Study your potential customers, their habits, and their unmet needs to position your product or service effectively. Further, take the time to analyze competitors and current market trends. Gaining a thorough understanding of your market landscape not only guides your business decisions but also helps you carve out a unique niche.

Create a Strategic Business Plan

No enterprise succeeds without a well-thought-out business plan. This document should articulate your business vision, define your target market, and provide a detailed description of your products or services. Include a financial model projecting your income, expenditures, and profitability. This plan will serve as your enterprise's guiding star and becomes essential when you're pitching to investors.

Select the Right Business Structure

Selecting the appropriate business structure is a pivotal step for immigrant entrepreneurs embarking on a business journey in a new country. Common choices include sole proprietorships, partnerships, LLCs, and corporations. Sole proprietorships offer simplicity but come with personal liability, while partnerships provide collaboration but share liability. LLCs strike a balance between liability protection and ease of management, and corporations offer maximum liability protection and investment opportunities but entail greater administrative complexities. The choice should align with your business goals, resources, and risk tolerance. 

Carefully Navigate the Financial Side

Sound financial management is the lifeblood of any successful startup, dictating its long-term viability. Creating a well-structured budget, accurately assessing your initial capital needs, and implementing a reliable expense-tracking system are essential first steps. Various funding options exist, ranging from traditional bank loans to more modern venture capital investments, so choose the one that aligns with your business objectives and growth plan. Effective financial oversight is not just about survival, but about laying the groundwork for sustained success.

Look Into Grant and Investor Opportunities

In the US, immigrant entrepreneurs can tap into a range of business grants and financial support programs designed to help them kickstart their entrepreneurial dreams. These grants serve as a crucial lifeline for immigrants looking to establish businesses and contribute to their local economies. Some notable resources include the Small Business Administration (SBA) grants, which provide assistance to diverse business owners, and local chambers of commerce that may offer grants and resources tailored to immigrant entrepreneurs. 

You could also think about approaching potential investors. A word of caution first, though: check your credit report to make sure there aren’t any unpleasant surprises waiting for you. That way, you can dispute any fraudulent charges and work to raise your credit score, in case potential investors want to know more about your finances before committing.

Amplifying Your Online Presence

In our digital age, an online presence isn't a luxury, it's a necessity. Start by constructing a professional website that encapsulates your brand identity and offers an insight into your product or service line. Strengthen your digital footprint further by maintaining dynamic social media profiles, enabling you to interact with customers globally and build brand credibility.

Find a Mentor

Navigating the world of entrepreneurship becomes more manageable with the insights of mentors who've walked the path before you. Establishing relationships with veteran business owners, consulting with industry advisors, and participating in workshops led by academic experts can provide you with a rich tapestry of knowledge. 

These mentors offer targeted advice to help you overcome specific challenges, refine your business strategies, and can even open doors to valuable networking opportunities. This expert guidance is a cornerstone for sustainable business growth and resilience.

Stay Resilient, Adaptable

Entrepreneurship is a roller coaster of experiences, particularly for immigrants facing additional logistical or cultural hurdles. To navigate this landscape successfully, you must develop resilience, problem-solving abilities, and a positive outlook. These qualities will not only help you tackle challenges head-on but will also equip you with the emotional fortitude required to bounce back from setbacks.

Venturing into entrepreneurship as an immigrant is an extraordinary journey filled with both hurdles and triumphs. The key to transforming challenges into stepping stones lies in meticulous planning, relentless dedication, searching for grants and investor opportunities, and fostering a strong network of support. Every setback you encounter isn't a roadblock but a launchpad for a fresh start, each imbued with a lesson that enriches your entrepreneurial acumen. 

The Medical Revenue Management Association of America is here to support private practices. Questions? Feel free to email [email protected].

Guest Author:
Patrick Young
[email protected] 

How Well Do You See Others?

11/22/2023

 
Last night I went to hear David Brooks share some of the highlights from his new book How to Know a Person: The Art of Seeing Others Deeply and Being Deeply Seen. I highly recommend the book.

Mr. Brooks suggests that in every crowd there are Diminishers and Illuminators. Diminishers make people feel small and unseen. Illuminators master the craft of understanding others. 

He said to the audience, “I probably don’t know you personally, but I can make the following statement with a high degree of confidence: you’re not as good at reading people as you think you are.” 

He cited the research by William Ickes that shows people are accurate reading the thoughts of others about 20% of the time. With family members it rises to 35%. Ickes found that the longer people are married, the less accurate they are at reading each other. 
 
Yet, Mr. Brooks said that what people most long for is to be seen, be heard and be respected.

The book lays out the steps for becoming a more skilled Illuminator.

What does this mean for you?

See Others Your ability to see, hear and respect others contributes to your success in every part of your life. Your clients, partner, kids, parents and people standing in line at the grocery store all want to be around people who see them. Do you remember the movie Avatar in which the greeting--and sign of respect--  was, "I see you!" 

Build Skills You can develop and nurture skills to help you see others deeply. Read the book and find out how.

Be an Expert Read this book to see a master at expert positioning. Notice how David Brooks created a package of intellectual property that can be easily summarized and communicated: your ever-evolving skill at seeing others matters. He provided stories and data to support his hypothesis.  He created new words: Diminishers and Illuminators. What are your big ideas? What words can you “own”?  

Ask, “How well am I understood?” The message you deliver personally or professionally is not the message your communication partner receives. What if you knew that a prospect or client or colleague only heard a fraction of  your message? Is it worth exploring what the other person is taking away after listening to you? 

Make New Friends David Brooks joins others in drawing our attention to the growing epidemic of loneliness. You can make new friends at any stage of life. As I moved back to Seattle I set the intention of cultivating new friendships. In fact, I invited a woman I knew causally to attend last night’s event with me. Faith, an 80-year-old former Washington State Supreme Court Justice delighted me with her stories and perspectives. 

Leave the House!  Staying home has become a habit during the pandemic. I’ve already joined the livestream of three author presentation in the Seattle Arts and Lectures series from the comfort of my own home. Leaving the house requires extra effort. Faith and I both got in our cars, drove downtown and paid for parking. Plus, she dressed like a Hollywood movie star! But, oh, the delight of being in a beautiful venue and in the beauty of community.

Say Yes I flew back into town literally hours before the event, running on fumes from sleeping about 2 hours the night before. I pushed myself out of the house, looking longingly at my bed.  After the event, Faith suggested we grab a drink. Bed or drink? Bed or drink? I said yes to the drink. Faith recommended an elegant hotel her father frequented. Guess who we ran into in the lobby? Yes, David Brooks and his wife (we think)! We were able to thank him for the wonderful presentation, and shake his hand. His gracious response to us checked the boxes he shared in the talk.  

Enjoy Thanksgiving Dinner Set the intention to be an Illuminator. Get curious about how and why a person holds a belief—especially if it’s a belief you don’t share. Remember, behind every belief there’s a story. Find the story!

Thank You!  I see you sharing your gifts with the world. I see your commitment to excellence. I’m grateful that you choose to participate in this community.

Hope you have lovely Thanksgiving celebration!

 

To your success,
Dr. Vicki

How to Get More Doctors Talking about You

10/19/2023

 
Here’s a quick question.
 
What is the most effective way to persuade doctor prospects to work with you? 
  1. By telling prospects about your credentials.
  2. By sharing a carefully prepared financial summary document, filled with tables and numbers. 
  3. By one doctor telling another, “You should see Craig. He did a great job for me?”
As you speak with doctor prospects, you will have an understandable human propensity to offer evidence that proves how great you are. I don't mean to hurt your feelings, but here's a small dose of tough love. Doctors don't really care about you; they care about what you can do for them.

You may want to run the numbers and demonstrate mathematically that you offer a great wealth-building strategy. Math has its place in established relationships; however, doctors choose you based on their feelings about you. Numbers don't elicit feelings. 

Doctors care about what other doctors think.  One of the reasons doctors make great clients is that talk to each other. They share resources with each other and influence each others' decisions. 


Harness that magical power to engage and serve more doctor clients. 

What can doctors say when they talk about you?  How do you describe the way you improve doctors’ lives? 

You have your own ideas about the value you deliver. 

But, what do your doctor clients think?

Ask them!

Here’s a question you can pose to your doctor clients. “If you had to describe in a few sentences how I make a difference in your life, what would you say?”

Then give the doctor a few minutes to think. You will be tempted to fill in the silence. Resist that urge.

Write down what your doctor client says, word for word. Now you have a description of your value in your clients’ eyes.

My private coaching clients are often surprised when carry out this exercise. Their clients value something completely different than the advisor imagined. 

Let’s say the doctor says, “Before I met you I didn’t know if I could EVER retire. Now that we’re working together and I have a plan, I sleep like a baby.” 

These words are golden.

Here are three ways you can use the doctors’ description of your value:

1. When you meet with prospects and feel tempted to talk about how special you are, pause. Instead, say, “Here’s what some of my doctor clients said.”

2. You can coach your doctor clients to spread the word about your value with other doctors. Once the doctor gives you their words, say, “Thank you so much. If you’re ever on on the golf course, in the doctor’s dining room or surgeon’s lounge and you hear a doctor expressing uncertainty about retirement, tell them you were there. Tell them that through our work, you have a plan.”

3. You can use these words in marketing materials. After you get the doctor's permission--and a yes from your compliance department-- include doctors’ quotes in your email signature file, on your web site and on promotions for your educational events. Maybe you just use the doctor's initials, Like Dr. K.


Remember, the most influential person is a doctor’s life is another doctor. Learn how your doctor clients see you and your value. The only way you know is to ask.
 
Would you like to learn more about a software tool that is proven to increase clients' rate to up to 36%--without feeling deprived? Compare this to the national average savings rate of 4%. Join us for a guest presentation by partners Vince D’Addona and David Mozeika describing the result clients get with his new tool Currence.

When? Tuesday October 31st at Noon Eastern/ 11:00 AM Central/ 9:00 AM Pacific.

Click here to register.  

See you there!

My best,
Dr. Vicki

Another Medicare Update

10/3/2023

 
This week Medicare announced that premiums will go down by 3% next year.

This is highly unusual. The last premium reduction was in 2012.

The reason for the reduction? Lower prescription drug costs. Biogen, the manufacturer of the new Alzheimers' drug Adulheim, cut the drug cost in half. Further, Medicare will only pay when the patients are enrolled in approved clinical trials.

Prescription drug costs represent about 20% of Medicare spending.

Below you will find the email I sent several weeks ago. 

It's hard to describe the high level of frustration among physicians today. Many doctors are drowning in despair.

Here's the latest hit that reminds physicians about their lack of agency in their own lives--and their financial futures.

This month the Centers for Medicare & Medicaid Services released its proposed 2023 Medicare fee schedule. Physicians' compensation will be reduced by 4.42%. This is after the 2% Medicare payment cut that went into effect July 1. These cuts hurt more in our current economic climate of record-high inflation rates, the rising costs of delivering medical care and physicians' utter fatigue.

What would you do if congress legislated a 6% cut in your compensation? 

It is almost impossible to imagine a situation in which other professions would consider accepting compensation cuts right now. In fact, many professional groups are asking for raises or proposing strikes. And yet, despite being asked to do more with less resources, this is exactly what is routinely being asked and expected of physicians.

Why is congress cutting physician compensation? It's an effort to lower healthcare costs.

But math does not lie. This simply does not make sense. 

Physicians' salaries make up less than 8% of healthcare expenditures. Cutting their salaries by 4% eliminates only ~0.3% of healthcare costs.

Why not reduce payments to insurance and pharmaceutical companies, who are posting record-breaking profits? These corporate giants protect their financial interests with huge budgets to lobby congress and influence their choices.  

Physicians, on the other hand, are easy targets for salary cuts. They don’t strike, and they’re not able to unionize nationally. With <1 million practicing physicians in the US, their ability to lobby effectively through numbers or dollars is limited. In addition, physicians refuse to compromise patient care as a bargaining chip, and their altruism is used against them.

How much should physicians make? Everyone has a different idea.

However, we all have a sense of what it fair. Asking healthcare professionals--the people described as "healthcare heroes" for fighting tirelessly on the front lines for over two years--to accept pay cuts today does not say "thank you", build good will or foster resilience.

Here are a few consequences of the Medicare cuts:

  • Your parents might have a harder time finding doctors who accept them as patients as physicians limit their Medicare slots.

  • The doctor who cares for you and your family may be burned out. They might not even want to be in the clinic or hospital.

  • The doctor who cares for you and your family may be considering leaving medicine altogether.

As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can help them do more with what they have.

I'm here to support you if you do!

My best,
Dr. Vicki

If You Give Away Books, Here's How to Create and Use Custom Bookmarks

9/19/2023

 
The number one question I get from financial advisors who want to work with more doctors is this: "How do I get a doctor's attention?"

Giving the gift of a book might be the highest ROI campaign you can launch in the medical market. Click here to view an on-demand webinar about how to engage doctor prospects and clients with books. You can also download The 9 Money Mistakes Doctors Make and The Myth of the Rich Doctor from that page.

Here are three kinds of books you can distribute:
  • A book that you have written.

  • A book that someone else wrote that aligns with your own wealth-building beliefs and practices.  

  • A hybrid book in which your name goes on the cover. Do this in integrity. I recommend against getting involved in projects in which you're positioned as the book's author when someone else wrote the book. I give financial advisors the opportunity to write a foreword and afterwork for my books. The book's front cover says, "Foreword by ....(Your Name) ..." Your picture and bio go below mine on the back cover. The afterword's call to action shows doctors how they can take the next step with you. 
The most important consideration when choosing a book to distribute? Make sure doctors like it! A book that financial advisors love may not speak to doctors. Test your books before you launch huge campaigns.
 How do you make sure the doctor ties the value in the book to you?
 If your name is on the cover of the book, the book speaks for itself.

If your name is not on the cover, you can bridge the gap with a custom bookmark. The bookmark can display both a picture of the book and your own picture and contact information.
Here's what I recommend you include on your custom bookmark:

The Front
  • A picture of the book. You can create a picture from the book cover. 

  • A one-line statement about why the doctor should read the book.  For example, if you're distributing The 9 Money Mistakes Doctors Make, the text below it could say, "Doctor, don't let millions of dollars slip through your fingers."

  • A call to action. If you're distributing digital books, you can include language like, "Go to this URL for an immediate download of your digital book." The URL is the web address of your landing page where a doctor exchanges his/her name and email for access to the book. OR "Go here to watch our educational videos."

The Back
  • Your picture

  • Your logo (if you have one)

  • Your contact information

  • Your broker dealer may insist you include your disclosure somewhere on the bookmark.

  • Your positioning statement. The formula is "I help (...this kind of doctor .....) (a result you help doctors achieve).  Some examples:
I help doctors take control of their financial destiny. 

I help doctors in private practice legally and ethically reduce their tax bills.

I help doctors explore ways to move up retirement.

I help early career doctors both pay off their medical school debt and build wealth.



  • A second call to action. "Would you like to explore how to apply the ideas in this book to YOUR life? Call xxx-xxx-xxx or go here to set up a complimentary consultation."


Here are three ways to design your bookmark:

The design of your custom bookmark is important. You want a professionally-designed bookmark that looks like you, complete with your brand colors and fonts. Here are some options:
  • You can design your bookmark at Vistaprint. They even have a free design service!

  • Ask the person who designed your web site if they would be willing to design the bookmark for you.

  • You can hire a graphic artist on Fiverr .

Here are a few ways you can use the bookmarks:
  • Include 2 to 3 bookmarks with physical books. People hang onto bookmarks, so your name stays top of mind.

  • Make digital books more tangible. People pay attention to things they can hold in their hands. Your custom bookmark can be that bridge between digital and physical. Let's say you're going to a medical ​meeting and you're giving away digital books.  You can hand doctors bookmarks that can include instructions about how doctors get their digital books.

  • You can physically mail the bookmark to doctor prospects and clients, with an invitation to download the digital book.

  • You can include the bookmark in your "shock and awe package." 

  • If you're low on physical books, give the doctor a bookmark with a promise that you will send the physical book when they are in stock. 

When you're ordering bookmarks, you will find tremendous variations in price. Google "Order bookmarks" to see your options.

Think books! They're powerful marketing tools.

My best,

Dr. Vicki

Are Early Career Physicians a Good Fit for You?

9/8/2023

 
They key to success in the medical market is not trying to be all things to all doctors. You want to strategically focus, and there are many ways of slicing the doctor pie.


An easy and smart way to focus is by serving physicians just finishing their training and launching their careers.


What are the advantages of targeting early career physicians?
  • It’s a renewable resource. Every year there are new doctors finishing residency and launching their careers.

  • You can make a huge impact. Imagine if you could help early career physicians avoid purchasing the starter mansion and instead dig in and get started with wealth-building!

  • They have a problem that causes extreme pain. The Association of American Medical Colleges (AAMC) reported that the median medical school debt among the Class of 2021 was $200,000, not including their undergraduate debt. With a decrease in salary because of the current and impending Medicare cuts, this debt hurts even more.

  • You have a client for life. In general physicians are loyal clients. The first advisor with whom they build relationships will be their advisors for life. 


What are the disadvantages of targeting early career physicians?
  • They have lots of debt and few investable assets. However, with the right information—and your guidance—these early career physicians can quickly build assets. Remember, starting salaries are high.
How do you engage early career doctors?
As aways,  join a conversation your prospects are already having. 


Early career doctors are worried about how they will every pay off their medical school debt. Many describe it as a monkey on their back. They think of debt as inherently evil, and often make emotional decisions about money management. They often defer wealth-building until the loans are paid off.


If you can help early career doctors distribute their incomes between the “bucket of bucks” in a smart way, you now have a way to join  conversation they’re already having.


My best,
Dr. Vicki

A/R and bad debt are up for doctors. Staffing still an issue

8/11/2023

 
The rate at which your clients build wealth is tied to the rate at which they generate and keep revenue.

A recent report published by MGMA lays out benchmarks on expenses, charges and revenue physicians navigated in 2022.

Here are the highlights:

Physician-owned practices saw decreases in total medical revenue in 2022 across primary care, surgical and nonsurgical specialties.

Most practices — with the exception of independent surgical practices —have experienced a decrease in the number of unique patients.

Many practices reported increases in outstanding A/R in 2022 and subsequent bad debts.
 
How can this data help you engage more doctors?


1. Educate yourself. Click here to get your own copy of the report. Study it.

2. Focus on salient points in the report that address issues that arise un conversations with your doctor clients and prospects. Share them.

3. Offer to send this report to doctor prospects and clients. When you do, alway add value. Given your interpretation of the data, and make recommendations.

4. Ask your prospects and clients, "How does this data align with your experience?" Then follow up with the question, "As you think about your ability to retire, what are your top questions?"

What do you think?

To your success,
Dr. Vicki

The Emotional Temperature of Physicians Today

7/11/2023

 
We physicians are very fortunate to have a long history of being well-compensated for doing the work we love.

Further, we recognize that we have fared better as a group than many people who have lost lives, businesses and hope in the COVID pandemic.

So, the information I'm about to share with you is not intended as an exercise in whining or complaining; it's my effort to educate you about what it's like to be a physician practicing medicine today.  

It's hard to describe the high level of frustration among physicians today. Many doctors are drowning in despair.

Here's the latest hit that reminds physicians about their lack of agency in their own lives--and their financial futures.

This month the Centers for Medicare & Medicaid Services released its proposed 2023 Medicare fee schedule. Physicians' compensation will be reduced by 4.42%. This is after the 2% Medicare payment cut that went into effect July 1. These cuts hurt more in our current economic climate of record-high inflation rates, the rising costs of delivering medical care and physicians' utter fatigue.

What would you do if congress legislated a 6% cut in your compensation? 

It is almost impossible to imagine a situation in which other professions would consider accepting compensation cuts right now. In fact, many professional groups are asking for raises or proposing strikes. And yet, despite being asked to do more with less resources, this is exactly what is routinely being asked and expected of physicians.

Why is congress cutting physician compensation? It's an effort to lower healthcare costs.

But math does not lie. This simply does not make sense. 

Physicians' salaries make up less than 8% of healthcare expenditures. Cutting their salaries by 4% eliminates only ~0.3% of healthcare costs.

Why not reduce payments to insurance and pharmaceutical companies, who are posting record-breaking profits? These corporate giants protect their financial interests with huge budgets to lobby congress and influence their choices.  

Physicians, on the other hand, are easy targets for salary cuts. They don’t strike, and they’re not able to unionize nationally. With <1 million practicing physicians in the US, their ability to lobby effectively through numbers or dollars is limited. In addition, physicians refuse to compromise patient care as a bargaining chip, and their altruism is used against them.

How much should physicians make? Everyone has a different idea.

However, we all have a sense of what it fair. Asking healthcare professionals--the people described as "healthcare heroes" for fighting tirelessly on the front lines for over two years--to accept pay cuts today does not say "thank you", build good will or foster resilience.

Here are a few consequences of the Medicare cuts:
  • Your parents might have a harder time finding doctors who accept them as patients as physicians limit their Medicare slots.

  • The doctor who cares for you and your family may be burned out. They might not even want to be in the clinic or hospital.

  • The doctor who cares for you and your family may be considering leaving medicine altogether.

As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can help them do more with what they have.

I'm here to support you if you do!

My best,
Dr. Vicki

Don't Lose the Sale at Hello

5/16/2023

 

​How do you explain your business results--especially when a prospect says no?

I have a new side mission: empowering parents of college-aged kids with OCD. I know that I can build lists more quickly with paid traffic than with organic traffic. While I've had success with Facebook ads in the past, Facebook does not allow you to target by medical condition.

Then I clicked on a YouTube ad for company that creates and manages YouTube ads. I scheduled a call to learn more.

Here's how the sales rep lost a $6K sale at hello. Without asking anything about me, he opened the call by telling me all of the reasons Facebook ads don't work.

I felt like saying, "Yes they do!" However, I wanted to learn more about YouTube ads, so I asked lots of questions and listened to what he had to say. 

He might have thought the call was going well. He might have been surprised when I didn't buy. He might have told himself a story. "She thinks it's too expensive." "She's not committed." "She's indecisive."

Nope. None of those stories is true.

He lost the sale because he was more invested in proving himself right about Facebook ads-- that he was not even selling-- than in learning about my business goals.

He had nothing to gain by bashing Facebook ads. In fact, I could have told him why Facebook ads were not a good choice for me as I reached out to families trying to free themselves from OCD.

Don't bash your prospects' wealth-building beliefs or tell them that they are wrong. There are many ways to build wealth. Get curious about your prospects. What worked for them in the past? What didn't work?

A prospect might say, "I buy life insurance for the death benefit."  You could ask, "What is your plan for funding long term care? What if I could show you that you can use life insurance for that, too?"  

Here are two other reasons advisors who want to work with doctors lose the sale at hello. 

When you meet a doctor for the first time, use the doctor title. Don't default to the doctor's first name as is the custom in the business community. When you use the doctor's first name, you communicate that you do not understand how things work in the world of medicine. You will quickly be invited to us the doctor's first name. 

Second, make sure you're using the right words correctly. I frequently see the phrase, "we work with doctors and dentists" on advisors' web sites. Dentists ARE doctors. So are veterinarians, podiatrists and psychologists. So are Maya Angelou and Jill Biden.

Pay attention to all of the details all of the time. They all matter. They all contribute to your business results. 

To your success,
Dr. Vicki
Vicki Rackner MD FACS
​
Principal Engaging Doctors Helping financial advisors attract, engage and serve doctor clients
PS Thank you for your well-wishes for my father. This past week I spend time with him in his Florida home as he navigates his uneventful recovery.

PPS Do you have questions about working with doctors?  Click here to schedule brief conversation and laser coaching.
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