#1 Rated Clinic Owner Blog

Rick Lau

Has built three 10 million dollar healthcare businesses over the past 15 years including a network of 127 clinics with over 1400 employees. He is one of the most sought-after mentors for clinic owners in Canada and USA where he helps owners double, triple, and even quadruple their profits by optimizing their clinic operations using his proven systems and leadership strategies.
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Recent Posts

7 Specific Ways to Increase the Value of Your Clinic

Posted by Rick Lau on Nov 22, 2022 5:37:50 AM

So you’ve decided to seriously look into selling your healthcare clinic. Assuming you’re doing this for a positive reason that will improve your quality of life or send you on to the next stage in your career path, the key question is, how do you increase the value of your clinic so you can command top dollar in the sale?

Determining your current value is the first step in this process, and clinic businesses should use EBITDA to find out how much their business is worth. Here’s how to value your clinic using EBITDA.

But once you have a reliable number for the current value of your clinic, what do you do if you were hoping for a higher figure? And, what can you do to increase your multiple – the number that multiplies by your EBITDA to determine your sales price?

These and many related questions were discussed in a recent episode of New Patient Secrets, as a virtual roundtable of industry experts and clinic owners spent an hour talking about everything related to selling medical clinics like dental, chiropractic, physiotherapy, and massage clinics.

Here are the top seven ways to increase the value of your health clinic.

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Topics: Sell or Buy Clinic

7 Rules To Exceptional Patient Experience

Posted by Rick Lau on Nov 1, 2022 6:30:00 AM

If you're a clinic owner, then you know that providing a great patient experience is essential to your success. Patients are the lifeblood of your business, and if you can create a positive experience for them, they will be more likely to return in the future and refer others to you.

In fact, it's said to cost five times more to acquire a new customer or client than it does to keep one. In this blog post, we will discuss the seven rules you need to follow for a great patient experience!

Let's get started...

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Topics: Patient Experience

5 Best Interview Questions for Clinical Front Desk Hiring

Posted by Rick Lau on Oct 13, 2022 12:58:27 PM

A Complete Hiring Blueprint for Clinic Front Desk Workers

What should you look for in the perfect candidate for your clinic’s front office team?

If you’re like many clinic owners, it’s hard to nail down.

Am I hiring a secretarial type person? A sales person? An administrative and operational type of person? And what am I paying this person, exactly?

Maybe all this lack of clarity in your hiring process is why front desk positions have such high turnover.

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Topics: Hiring & Firing

An Easy Way To Analyze Your Clinic’s Profit And Loss Statement

Posted by Rick Lau on Sep 27, 2022 2:39:40 PM

The Easy Way To Analyze Your Clinic’s Profit and Loss Statement To Put More Money In Your Pocket

One of the hardest things clinic owner Kathy had to face was looking at her P&L (profit and loss statement) and dealing with it. She would get this dreaded anxious feeling whenever she looked at it. 

But it's so important to look at it regularly. It's important to know how to analyze it and ask the right questions. When Kathy learned this she discovered that she was missing $45,000 because of booking errors.

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Topics: Profit an Loss

What Do You Say To Your Staff When Asking For A Raise And You Can't Afford It?

Posted by Rick Lau on Sep 6, 2022 8:54:06 AM

Having a wage increase conversation is one of the hardest conversations you’ll ever have. 

Nobody likes talking about money especially when someone is asking you for more of it. But money talks are part of being a clinic owner.

In this blog post we role played a scenario on how to respond when someone asks for a raise but you can’t really afford to give one.

Karen is one of the top clinic leadership experts. Check out how she responds in an unusual but effective way.

Here’s the transcript of the role play.

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Topics: Scripts

How To Make Price Less Relevant By Providing A Better Patient Experience

Posted by Rick Lau on Jul 21, 2022 11:16:41 AM
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Topics: Patient Experience

How Darryl Grew His Clinic To A Million With Only 15-20 New Assessments Per Week

Posted by Rick Lau on Jul 12, 2022 9:20:29 AM

How Darryl Grew His Clinic To A Million With Only 15-20 New Assessments Per Week

In this article, I’m going to share how to hit the million-dollar mark in your clinic by just focusing on the money left on the table inside of your clinic, not outside like assessments and marketing.

There are actually only two things inside of your clinic you need to focus on to hit the million mark...

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Topics: Revenue

One Simple Vacation Policy You Must Have In Place To Avoid Those Uncomfortable Conversations

Posted by Rick Lau on Jun 17, 2022 7:00:00 AM
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Topics: Vacation Policy

5 Reasons to Spend 5 Minutes on the Phone with New Patients

Posted by Rick Lau on Apr 19, 2022 7:30:00 AM

When a new potential patient calls your health clinic for the first time, that phone call may be your only chance to convert them into an actual patient who pays you to help them get better. This is true whether you are a dentist, physiotherapist, chiropractor, massage therapist, or another kind of healthcare specialist.

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Topics: Call Performance

Delegation Leadership Styles – 5 Ways to Empower Your Clinic

Posted by Rick Lau on Mar 16, 2022 7:00:00 AM
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Topics: Leadership

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