The most important question when starting a business is this: What value do you bring to the marketplace?
If you cannot answer that question, then you need to figure out the answer before you start a business. People will not pay you for something that is not valuable to them in some form or fashion. I hear time and time again about business ideas from nurse practitioners that are mediocre at best. I just don’t see the inherent value in what they want to provide. If your service does not provide a significant value to your patient, then they will never show up or never return to your practice.
What is value in the context of starting a medical practice? It is a service that solves a significant problem in the life of your patient. You must deliver a valuable service to your patient that improves their quality of life.
Many patients do not feel controlling their blood pressure or cholesterol is valuable to their life. They just don’t. Most people live in the moment and don’t think more than 2-4 weeks ahead. They don’t care about what could happen to them 20 years down the road. You should educate patients about the importance of preventive care as much as possible, but often it is like talking to a wall. A man is more concerned about his erection Friday night then his cholesterol level…. A woman is more concerned about the wrinkles on her face then her blood pressure…
Primary care is valuable. There is no question about that. It is the backbone of the American healthcare system. Unfortunately, many patients do not see the value in it. They go once a year for their yearly physical and lab work. They aren’t going to pay $200 out of pocket for that… Therefore, as a nurse practitioner entrepreneur that is interested in developing a high revenue CASH practice, you should look at providing a service that patients see value in.
PROVIDE VALUE TO THE PATIENTS LIFE.
This is done by finding a niche and providing it to a target demographic.
Women want to feel better after menopause. What can you do to help them feel better? Hormone replacement therapy.
Women want to look younger. How does a nurse practitioner do this? By providing Botox and cosmetic services.
Men want to maintain their edge, sexual function, mental focus, and athleticism as they age. What value can you provide them? Testosterone replacement therapy.
People want alternative treatment options for their pain. How can you help? Medical cannabis, stem cell injections, integrative care, supplementation, etc.
Transgender patients want non-judgmental healthcare. What can a nurse practitioner do? Provide transitional hormone replacement therapy.
People want convenient and fast medical care. How can you deliver this to them? Create an awesome telemedicine practice!
Most people do not find significant value with healthcare. Therefore, most people use their insurance for routine healthcare. This is why many people do not pay cash for medical services, they do not see the value in it. You need to change that! Provide a valuable service to your community!
If you provide real value in your practice, you will be wildly successful. I guarantee that. I am changing men’s lives at my men’s health practice. I offer alternative treatment options with my medical cannabis clinic. I provide a niche service to a specific target market through my telemedicine service. I am providing REAL VALUE to my patients lives. The result? They pay me cash for it.
Do patients feel like their simvastatin prescription is providing value to their life? No… Many think it’s a hassle and don’t want to be on it. Do I feel like paying my dentist $1,200 for a root canal is providing much value to my life? Other than stopping the pain, not really… I don’t look forward to that!
When you provide value to your patients, they look forward to seeing you. That is what bringing true value to the marketplace results in.
Find out what is needed and desired in your community. If you can find this and bring the skills necessary to fill this need, you will provide value, thus you will become successful. It is that simple.
We get paid for the value we bring to the marketplace. Remember that.
