Good Month, Bad Month! Why Every Month Can Be A Good Month

Harmonizing Your Cash flow And Business Levels In 2012

 

It has struck me in recent conversations that Practice managers do not realize the power of the data that they are sitting on. The thing that really brought it home to me was the question of seasonality and cash flow. I do realize that there is an element of seasonality in our business. However I do not believe it is nearly as stark as many think.

There have been steeper peaks and lower troughs of late in many people’s business. They complain to me regularly that this is the case. One month is a whopper month, break out the champagne. Then the next month is a disaster. When I question people closely about their activities, it appears that there is actually little strategy applied other than traditional marketing.

The power for a long term business to harmonize cash flow is within their existing database. That is a truism, a fact, the sooner the better people realize it. Because when you realize it, you can then set out a strategy to harmonies your cash flow and business levels. Regular communication with your database will keep a Practice busy. Will give the opportunity to a Practice to boost ancillary revenue through the sales of tubes and tips, drying capsules and washing capsules, air blowers and all of the other consumables that you should be pushing.

It will also encourage your Patients to come back at year four or year five to replace their instruments with you. This constant flow of return visits enforces a Patient’s perception of your Practice and will help towards Patient referrals. It is entirely up to you, sit around waiting for them to come through your door enticed by your marketing. Or actively manage your existing database with a good CRM and drive your business.

 

Regards

 

Geoff

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About Geoffrey Cooling

my name is Geoffrey Cooling and I am the author here at Just Audiology Stuff. I have been involved in the Hearing Healthcare Profession for several years now. I initially worked as a Hearing Healthcare Professional for a large national retailer in Ireland. After several years in Practice I was approached to work for a manufacturer, where I was employed for five years. I am now the Co Founder of a business called Audiology Engine. We design websites, undertake content marketing and generally look after everything digital for audiological practices. I am also a contributor to many hearing profession periodicals and websites. I have written two commercially available books, The Little Book of Hearing Aids which is written for hearing aid consumers and Audiology Marketing in a Digital World which is written for Audiology Practice Owners. They are both available in Paperback and Kindle versions on Amazon. I also write for consumers on the website Hearing Aid Know, which is a website with the mission of demystifying hearing aids, their types and their technology. I have a great interest in commercial strategy as it applies to Healthcare in general and specifically to Hearing Healthcare. I also have a great interest in the psychology of sales and human interaction. I have been involved with social media for some time, both personally and professionally. I find the engagement and discourse on some social media channels fascinating. I instituted social media strategy for the company I worked for as an experiment. That experiment soon spread throughout the company and I am proud to say that the company is probably one of the most active in the industry. I would like to point out that all views, opinions and thoughts here are mine own. Unless of course they have been planted by the pod people, you just can’t take your eyes off the pod people. Those views do not necessarily reflect upon any views or opinions held by my employer, if I ever get another one. I think that our industry is in the middle of a time of huge change, I think that the change will be forced by both internal and external pressure. I think that private Independent Healthcare Practices will have to be smart and lithe of feet in order to meet these changes. I hope that some of my blatherings are of benefit to those Practices, Independent Hearing Healthcare Practices need to survive. I believe that if that occurs it will be of real benefit to Patients. I hope that I, and my writings will play a small part in their continued success.

2 Comments

  1. Not only is it good for business, but its wonderful care for the patient. if you are seeing your patients on a regular basis, there hopefully shouldn’t be complaints of “hearing aids in the drawer!”

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