This product is not for everyone.
We are selective in who we take on as clients, simply because we want the best for you. Our aim is to help our clients thrive by taking over the parts of their practice that are time-intensive, difficult and which can save you money every single month.
The purpose of this article is to assist you to make the decision on whether the KITRIN IsoForge product can work in your private practice. If this decision is based on the monthly cost of the product, then the article should assist by providing important information to show that this decision is not just determined by pricing.
The one thing that is clear in the world that we exist in is that we have infinite choices. There has never been a better time to live in – in terms of opportunity, (positive) change and just a general feeling that we can make a difference for ourselves, our families and those around us.
With this in mind, the IsoForge product (with it’s variations) will never be a fit for every healthcare practitioner in private practice. I get that. If it was, we will all be driving the same brand of cars. But we drive different brands of cars, since different things work for different people.
As I’ve mentioned in many of the conferences we’ve presented in, if the IsoForge product was available when my wife Ingrid started her private practice 14 years ago, we would have taken it. If it was available right now (and we were obviously not doing it), we would take it. Even if the revenue in her private practice was just R30,000 per month, we would take it.
Big decision? How do you make it?
To understand how to make this decision, you need to understand two important concepts:
1. Cost Benefit Analysis
2. What it means to run a business (aka private practice)?
Cost Benefit Analysis
The principle is simple, and yet almost unknown with most people making decisions. I used this principle many times in my IT consulting to explain it to business managers that needed to embark on a new project. The secret is this – if the benefits (or returns) outweigh the costs and the risks are known, then you should do the project.
For healthcare practitioners in private practice, this analysis is very simple.
Firstly, calculate your hourly rate. This should be easy enough and if your sessions have variable prices, you can take an average. Let’s assume that for a psychologist, this hourly rate is R950.
Secondly, calculate the cost to do some task that you need to do.
I will use two examples to illustrate this.
Example #1 :: Washing the Car
If you need to wash your car, and the cost is R60 for a full car wash that takes 2 hours to complete, don’t wash the car yourself. The cost per hour is R30, and you potentially earn R950 per hour. So if you choose to do this properly, you just made R1,840 by not choosing to wash the car yourself (ie. R950 x 2 hours less R60).
Example #2 :: Invoicing for your Clients
If someone could do this for R50 per hour, you make R900 for every hour that the person is doing the invoicing for you. Enough said…
Perhaps your argument against this logic may be, “But I don’t have clients that are paying me R950 an hour and my private practice is not doing that amount of revenue. That’s why I need to do it myself”. If this is the case, that is a completely different topic (i.e. How do you market your private practice and build up the referrals?) But my answer to the above argument remains simple. The reason that you don’t have the revenue is because you’re washing the car and spending your evenings doing your invoicing. In economic terms, there is an opportunity cost to everything. If you choose to do something (like going to the movies), you’re missing the opportunity to shop for new shoes at that time.
What it means to run a private practice?
It’s not easy to run the business side of a private practice. Most healthcare practitioners in private practice don’t even know that there is a business side to this. Getting a BHF practice number is easy. Running a proper private practice is not.
The reason is simple and comes up in every conversation we have with healthcare practitioners – you didn’t receive the business training as part of your academic and professional education. Even if you received an MBA, you probably wouldn’t understand these concepts completely. This is because starting and running your own business is completely different from managing someone else’s business.
As part of the KITRIN IsoForge product, we’ve identified 9 core processes that every healthcare practitioner in private practice must have in place. These are:
1. IsoForge Strategy Process
2. IsoForge Telephone Management Process
3. IsoForge Invoicing Process
4. IsoForge Payment Allocation Process
5. IsoForge Medical Aid Allocation Process
6. IsoForge Unpaids Management Process
7. IsoForge Financial Compliance Process
8. IsoForge Tax Compliance Process
9. IsoForge Marketing Process
If you don’t have these in place for your own private practice, and you don’t have a product like the IsoForge (Advanced) product, then build a team around you that can provide this (even if it is on a part-time basis) or build up your own skills to do this. I encourage you to book an initial meeting with our team, in order that we can assess whether we are the right fit for your needs, and to answer any further questions you may have.
The success of your private practice depends on your ability to understand and complete what these processes mean for your private practice. We are here to help.
Does the KITRIN IsoForge (Advanced) Product Make Sense for You and Your Private Practice?
If you understood the two important concepts above, and you knew that the KITRIN IsoForge (Advanced) product was available to you right now, the answer to this question should be a resounding yes.
If you’re still not sure whether the product is a good fit for your private practice, or you just want to chat about the current challenges in your private practice, setup a free appointment with us at your convenience, and let’s see if we can assist you in any way.