Are You Giving More than You Are Getting?
That is the ultimate question we have to ask ourselves.
Welcome back to ChiroPCP!
We are tackling the concept of “Absolute Value” or “Value Equity.” Yes, you could probably call this “Leverage,” but we want a different term that doesn’t carry a negative perception.
This comes from the concepts held within two books I have recently consumed. The first is “7 Levels of Communication” and the second is “Go Giver.” Both of these books are critical to chiropractors both young and old. Doctors who’ve been around the sun a few more times stand to benefit from a reinvigoration of your practice from the networking side. Younger doctors will reap the benefits of ensuring they stay the course as they develop a great practice on a strong foundation. Regardless, it’s all about “Value Equity.”
Most people understand Equity, but if you need a quick refresher it is the difference between what you owe and what something is worth. For example, if I owe $50,000 on my mortgage and the house is worth $550,000, then I have $500,000 in equity… YAY! On the contrary if I owe $50,000 and the property is worth $5000, then I have -$45,000 in equity… BOO!
Transition this to the doctor patient relationship and “Value Equity” can be understood as the difference between what a patient pays for your services and the value they feel they received. Score a positive equity and you have the beginning of a good referral source. Come out with no equity and things probably won’t go very well. Lose the equity battle and things will get ugly fast.
Enjoy this podcast as it dives into the concept and sheds some light on specific strategies and approaches to consistently win the “Value Equity” game.
Good Luck and #keepmoving