Hello to all my Million Dollar Peeps! As always, I hope this message finds you all doing well and business is booming!
I shot a video this afternoon while waiting for my wife who was at a follow-up appointment. I sent that over to one of my video guys to put it together and then Dawn or Charlie will publish it soon. I encourage you to watch it for a variety of reasons, but especially because I discuss a tactic you should NOT take when contacting facility staff. It's like setting landmines and then walking through the mine field yourself.
It's funny, I talk about having "self-awareness," - knowing what you're good at, where you're lacking, things you need to do/not do mitigate/accentuate your strengths/weaknesses, etc., etc. Trust me, the same holds true for me.
One of many things I know I'm guilty of doing is discussing things that just don't resonate with a number of people watching our videos and reading our newsletters. We have almost 40k subscribers to this newsletter, and we work with people ranging from newbies to providers with 50+ vehicles and more. What's applicable to an experienced provider with a sizeable fleet may not be applicable to a newbie just starting out. People are in all different stages of their business lifecycle.
However, if there's one thing that I want to convey to all of you because it's applicable to all of you regardless of size, years in business, time in the market, experience, etc., if you NEED to be a "profit generating center."
TRUST ME, I actually hate using that phrase, "profit generating center," because it sounds so "get-rich-quick-ish," and if there's something I can guarantee you, there's NO get-rich-quick in the NEMT, home care, broker business, or other.
However, if there's one philosophy that ALL of you need to use, one thought process you need to consider, or one lens you need to view EVERYTHING through in your business is "ANYTHING 'plugging into me' must be profit generating and versus expense creating - end of story, bottom line!
For the record, I'm not just talking about brokers. Trust me, I get sick and tired talking about brokers as much as you grow tired of me hearing about it, but goodness, if you could see just a small fraction of the broker calamity that we see on daily basis, you'd be awestruck!
I'm talking about ANYTHING - direct-pay facilities, HMOs/MCOs you might be partnered with, particular customs or health systems soliciting you for service. Regardless of who/what they are, if they are NOT profitable FROM THE OUTSET, FROM THE OUTSET, FROM THE OUTSET, DO NOT DO THE WORK!
And no, that doesn't include promotional or charity work, or anything where we're strategically taking a short-term "forced loss" for a long-term gain.
Because we work with providers from all over the country, we gain such a unique and macro perspective of the industry. It really is incredible because there's such variation between states, local markets, and the type of providers. No two markets, no two businesses, no two providers are the same.
We work with some really good, smart and diligent people, but holy $!@#, when we work with them and learn stories of some of their competitors who are trying to undercut them, it's amazing to see the trash peddling from some of the stupidest operators. It's an obvious drag on the industry.
But again, regardless of your size, location, circumstance, solicitations, or whatever, you ARE a profit generating center. You do NOT entertain loser deals, contracts, bids, offers, or solicitations.
Be very strategic and intentional. EVERTHING you engage must be profitable work. If it's not it gets cut out.
You need to have purposeful contracts and agreements - not "legalistic," purposeful, AND you must enforce the terms of your contract to ensure you collect your money. Should a facility/agency not pay, service gets suspended.
I could go off on this topic and write a doctoral dissertation on this topic, but I'll end it here out of expedience and because I'm sure some readers are already offended, but it's practical reality - especially in this calamitous economic climate.
"Go forth, my child".....and be a profit generating center!
See you at the Top!
Joel E. Davis
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