Sweat, blood, and tears…
As a Functional Medicine clinic owner, there are several sacrifices you probably make every day for the benefit of your community. You take time away from your busy office schedule to freely educate your community, you sponsor local charities, sports teams, events, etc. You might even take on a role with your church to help sick people get better. You do these things because you care. As a functional medicine doctor, you take the time to nurture a relationship with your patients, you spend the time educating them, answering their questions, helping them with their health concerns, and more. No doubt you have sacrificed sweat, blood, and tears over the years. Add all of this to the fact that you probably spend money on marketing your practice, pay to employ local people in your community, pay rent and taxes in your local community, etc.
If you added it all up you would probably realize that between all of these things, your practice pours at least $500,000 annually into the local community. That’s a lot of money. Money you spent your blood, sweat, and tears to earn.
That being said, why would you you let potential practice revenue go to someone who did not do all of those things?
My point is this – in today’s competitive market, many doctors loose supplemental revenue to the internet. Here is what I mean. Amazon, Ebay, and other large websites designed for low price purchasing have flooded the market. Consumers are OK with buying on line, so unlike days gone by, the threat to your bottom line is very real. If you have a supplement pharmacy in your office (if you don’t – you should), you probably carry many high quality brands to better serve your patients. Your prices are probably positioned so that you can earn a decent living. There is nothing wrong with that. The problems start when your patients don’t buy supplements from you, they shop on line and buy the same brand you sell for less.
I have seen it happen in my own practice as well as many other doctors. Should you get upset that your patient cuts you out of the loop to save money? No. Don’t take it personally, many people will do this if you let them. It is no different than people going to the store to look at products before going on line to buy them cheaper. Companies who sell online don’t have the overhead that our clinics have. They can charge less and still make a profit.
It is your job to recognize this and take steps to protect the income that you have spent your blood, sweat, and tears to build. As in this case, my advice is very, very simple. You need to go through your supplement pharmacy and
- Private label any supplements that you use large quantities of
- Consider designing your own formulations.
The following label is an example of what can be done:
Both are easy to do and most reputable supplement companies allow for both. I know because almost every product (of more than 300) in my supplement pharmacy is either private labeled or a formula of my design. By having your own labels, not only do you protect your bottom line, but you build a better brand for your practice. Both of these outcomes help ensure that you will be around a long time to bring functional medicine care to your community.
I’ll be going in-depth when I teach more on this at the Functional Medicine Success Summit coming up, so gear up for an awesome weekend of learning on July 13 and 14.
Committed to your success,
If you don’t have your seat already, don’t wait the event is over 50% sold out already with only 6 weeks to go.