From 2003-2010, Dr. Phelps grew his fee-for-service practices by a factor of 10, going from one location to four and growing from $600,000/year in collections to over $6.5 million/year. In 2011, he changed his mindset from growing for growth’s sake to maximizing the capacity of his existing offices.
In 2011, he sold his two best offices for profit and took over his two least-producing, highest-debt offices, one of which was an office he opened from scratch earlier that year that collected $35,000/month; unfortunately it cost him over $70,000/month in expenses.
In total, these two practices finished 2011 with a combined revenue of $1.6 million. Over the next three years he grew those two practices for a combined revenue of $6 million/year, doing with two offices what he used to do with four. Have you ever wondered what the secrets to practice growth are? How about radical practice growth?
In the Strategic Practice coaching series. Dr. Phelps has taken the elements of his radical growth and mapped out a step-by-step plan on how you can do the same. Whether you are a solo practice, just getting started, practicing and adding associates, or in a multi-practice or multi-doctor group looking to take it to another level, Dr. Phelps helps you do just that every step of the way. You will define your goals and refine your vision every 90 days to stay on course.