MedXPRO Business Model
Building a successful and profitable Medical Exercise Training (MET) practice is a challenge to say the least. Though MET is growing in popularity, making a go of it from a business standpoint requires an understanding of the MedXPRO Business Model. Simply thinking you will see medical exercise and post rehab clients without establishing systems, targeting referral sources, developing multiple streams of revenue and/or installing a communication process, can be the basis for failure for a MET practice.
Please note my use of the term ‘practice’ opposed to business. A practice is based on the use of systems and strategies to produce outcomes including improved client function, effective communication with medical professionals, development of referral relationships and increased profits. A business on the other hand doesn’t use systems. The MET business simply looks at each client as a revenue source. Consequently, the MET business owner feels like he or she is constantly on a treadmill trying to get more clients. Eventually the business manages him and he becomes disenchanted with the process. The MET practice owner, on the other hand, manages the practice to profits and outcomes rather than the practice managing him. Once he lays the foundations and puts the pillars in place, the enjoyment comes back and he is able to get to what he does best….manage MET clients.
The MedXPRO Business Model (MXBM) is based on my more than 14 years owning a physical therapy practice and 20 years assisting Medical Exercise Specialists and Post Rehab Conditioning Specialists build strong, profitable and successful practices in a wide range of settings. The MXBM works in any setting. The owner that wants to shift from a fitness business to a Medical Exercise Training practice is the real key to the model’s success. Lets take a few moments to review the components of the MedXPRO Business Model including the pillars, the foundation and the systems necessary for success.
The foundation for any post rehab or medical exercise training practice consists of 4 layers of foundation. These layers include:
- Clarity of Practice Goals
- Obtaining the Necessary MES Skills
- Identifying Your Niche
- Establishing a Medical Marketing List
Clarify your practice goals is essential to success. Without practice goals including: revenue, number of clients, and/or staff members, the growth of the practice is unpredictable and unmanageable. Completing the medical exercise services workshops and training is a must to deliver competent, safe and effective medical exercise training. Establishing a niche will allow you to better serve your clients and produce better outcomes. And finally using a medical marketing list instead of a ‘shotgun’ approach to marketing your MES services will produce far better results in in a shorter period of time. Click here for the MedXPRO Business Model Guide that accompanies the video below.
MedXPRO Practice Pillars
The pillars of MedXPRO Business Model include:
- Practice Management Systems,
- Multiple Streams of Income,
- Medical Referrals, and
- Marketing Plan.
Once you have a solid foundation then you may build the pillars. The pillars are the day-to-day habits, tendencies and strategies you use daily to build and manage your practice and clients.
The first pillar – Practice Management Systems includes processes to manage these areas:
- client management,
- medical relationships, and
The first pillar establishes step-by-step processes for every aspect of your practice from when and who checks the motors on the treadmills to what is included in the MET marketing packet sent to a local orthopedist. The first pillar is the key in moving from a business to a MET practice. Once you have the first pillar working its becomes easier to manage your clients and bring in profits. But this is where most medical exercise professionals are lacking…….SYSTEMS implementation.
The second pillar – Multiple Streams of Income – is essential to the profitability and long-term viability of a practice. If you are living off 90% one-on-one training revenue, you are in a dangerous place. Hopefully, the recent recession has taught every practice owner, including myself, you must be diversified. The second pillar incorporates medical referrals, insurance reimbursement, group lifestyle training programs, annual MedX Fitness checkups, medical memberships and other revenue streams into your practice. This influx of new programs and income streams can significantly improve the bottom in any practice. Many of these new streams are easily implemented without significant cost or hours.
The third pillar – Medical Referrals – in the life-blood of any growing MET practice. Communication with medical professionals and the establishment of referral relationships is vitally important. This means understanding the needs of the medical professional’s practice, the types of patients he or she manages as well as tailoring or developing MET programs to help the medical professional better manage his patients with exercise. Knowing the office manager, customizing a post rehab protocol for your physician’s practice and/or knowing specifically what the practitioner wants in progress reports are only a few of the key pieces of knowledge you must manage to maintain strong medical referral relationships.
The fourth pillar – the Marketing Plan – helps you manage your resources including time, money and effort to produce maximal results. The marketing plan includes developing promotional marketing such as business cards, brochures, and your website but it also includes establishing a practice profile on each medical professional in your community. Knowing these professionals and the needs are their practice will allow you to align with potentially strong referral partners. If your facility is equipped to manage musculoskeletal and cardiovascular conditions, it makes no sense to pursue a primary referral relationship with a neurologist. The clients the neurologist will refer may not be a good fit for your practice. Yes, they are paying clients but you must always be concerned about the outcomes you produce. You, as a medical exercise professional, are not judges but your brochure or equipment, you are judged by the outcomes you produce for your clients, the communication you develop with medical professionals and your ability to maintain profitability in your practice.
These four pillars established on a solid MET foundation will always produce a profitable and successful medical exercise training practice in any setting. Over the next year I will train the members of the MedXPRO Network in laying the foundation and pillars for their practices using the MedXPRO Business Model as the example. Our MedXPRO Blueprint program will meet every two weeks via conference call and discuss each aspect of building your practice as well as step-by-step techniques on implementing each pillar.
Let me ask you a few questions:
- Are trying to connect with medical professionals?
- Are you trying to figure out how to market to the medical community?
- Are you not sure how to price your services? or
- You are not sure what programs to offer to attract referrals?
If you answered yes to any of these questions, then the MedXPRO Network is the program is for you.
The MedXPRO Network is designed to help you, the Medical Exercise Professional, build a successful and profitable practice. We will answer the questions above as well as helping you incorporate the answers into your practice. Follow the link below to join and take advantage of the huge opportunities to manage medically-based clients and connect with medical professionals in your community. The MedXPRO Blueprint program will show you how to use exercise as the key to managing medical conditions and connecting with the medical community. Click the image below to join the Network.