We’ve had a really strong week here at YT despite the serious concerns clients have about COVID-19. We wanted to provide an update on how we are approaching these times, having consulted and worked in this industry without losses, even through the 2008 market crash and other painful moments in world history. Subscribe through YouTube, Spotify, iTunes, etc. to our podcast which accompanies this update newsletter, or easily view it by clicking here on our website. Our focus has been:
- The Past – Ensuring our clients grew exponentially the last few years (2018 average was around $480,000 – finalizing 2019 but looks to be about $350,000 for a 2-year run rate, not including an amazingly positive Q1 for most clients) of around $730,000. Further, top practices with a single doctor are regularly growing with our support by 1 million (regularly) and over $2 million (occasionally) per year. This ensures nearly all are more than safe (some are worried and nobody likes the situation, but that doesn’t mean they are not well-positioned!), able to retain 100% of staff, and will still likely finish 2020 even or up, etc.
- The Present – We are feverishly, but with confidence and rational thought, working with existing long-term YellowTelescope clients to ensure we maximize revenue while minimizing risk. This has varied by area, but has included the following areas of focus:
- Virtual Consultations – helping practices transition to virtual consultations – we have practices seeing double-digit surgery consults this week online and even live in some cases. Do not assume people don’t want to spend or book surgery or proceed. Many do. And do not put on social media nor into email marketing or other communications the idea of “closing” as nobody is closing. We may be working more remotely or postponing surgery, but the latter is nobody’s business other than those patients set for the next few weeks, and the former only gives patients the ease of not having to come in to get their consultation and plan. These sorts of mistakes are being made by many of you – we are here to coach and consult to help clients avoid these honest mistakes.
- Max Out Remaining and Future Surgery – complete as much surgery as possible (people are basically not canceling unless forced and absolutely do want to proceed and heal at home as long as stuck there anyway, at least up until today) in case you are called to close for a week or few. For those who are closing, and we of course do support the local hospitals and want to what is recommended by the CDC and governments locally, we are working to move surgery back (essentially no pushback from patients at all and most are rescheduling for April dates, knowing we may need to move them again). Quite simply, this will stink, but nearly all clients are doing well and will withstand this storm with aplomb.
- Coaching – coaching clients’ PCCs and managers on how to explain appointment movement, maximize proactive outreach to book virtual consultations, and self-manage in a confident and positive way, while avoiding the same mistakes we see non-clients making regularly. From sending out social media content fomenting fear, to closing without any need, to confusing their business with the circumstances of others causing incorrect group-think, we see the erosion of brand and loss of revenue beyond that which is necessary and being experienced by our paying clients. Further, we are consulting on how to work from home effectively where necessary, how to explain cleanliness protocols to visiting patients, and how to help those who are irrational to put things in perspective to ensure they make the best decisions for themselves. Further still, we are reviewing p/ls to look for ways to cut cost centers (for goodness sake please don’t make me send you my series on why cutting profit centers, particularly at these times, is imprudent!!!) and more.
- An Example – I was so proud of our amazing client who today wrote this to us: “Hey Guys: I stopped surgery for the next 1 ½ weeks in line with the recommendations of the various national surgical center organizations and the California governor’s request. Plus my internist is happy that I am at home! 🙂 We rescheduled every one of the surgical patients for the first few weeks of April – Go YT!!! I am going to continue with PPC since I do not pay if they do not click. I am also conferencing with SEOversite today regarding live chat. The Virtual Consultation opportunity is up on the webpage. All is good – Staff feels well taken care of and happy – We’re going to take the place by storm when I get back! Thanks for your excellent advice during this event!” As you can see, the true leaders are not naïve and are impacted by the situation, but are thinking about taking and growing market share, advertising at pennies on the dollar, and coming back stronger, just as smart investors know that buying towards the forthcoming bottom of the stock market will pay dividends in years to come. The fearful lose, while the prudent see this as unfortunate, but also a long-run opportunity.
3. The Future – first, the team here at YellowTelescope’s job is to focus on helping “motivated people reach their capacity,” our valued clientele grow, and to focus on business. That will not change and that is the focus of this update. We have always been a “goes without saying” company. “It goes without saying” that we assume you treat patients well and perform surgery in a safe environment. And it also should “go without saying” that we are cognizant of the virus, its real danger, the need to socially distance and one day even quarantine, the reality this won’t go away even after 30-60 days without a lot of human contact, that people have and will continue to die, and that it will truly affect our economy and families for years to come. But given that reality and the inability to do more about it beyond our very best to follow the government’s recommendations, the next question is how to come out of this stronger, keep the economy from being even worse, and to do our jobs. Indeed, while the risk of death from this virus is real, it is also a real risk of death for 100s of thousands if the economy gets so bad that people in America and worldwide are malnourished or cannot afford medicine as a side effect of the economic fallout. So there are no easy decisions, though there are a lot of opinions. What we know we can do is keep ourselves and our families safe, but also help our clients retain their teams, earn income, bring tax revenue to the government to help the less fortunate and persevere.
We wish everybody a safe month to come, a still-prosperous 2020, and a calm and measured approach resulting in long-term success. If you may finally be ready for professional support, do not delay contacting us even if financials are uncertain. We are currently booked out for longer-term consulting clients until Q4 2020 so now is a great time to discuss your plans for 2020 and beyond understanding you’d not pay us a dime until late year or beyond. We will help you make smart decisions and come out of this on top, whether you ultimately hire us or go it alone. Our team is available and we look forward to connecting.