“Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”Albert Einstein
When I had a lot of credit card debt, the interest would pile on every month and that would increase the principal, so that you would pay more interest the following month.
I discovered that this is a situation known as persistent debt and it can feel like you are in quicksand just trying to keep up with the interest payments and never paying the debt down.
The other side, is when you have enough money for it to be working for you and making more money that increases the pot month on month.
I know which end I would rather be on.
While I have experienced the effect of compound interest on my finances, I have also seen a compounding effect as I have grown my business.
Compound The Growth In Your Practice
It is not something we are familiar with as doctors because our businesses tend to be quite flat in terms of the potential for growth. We treat one patient at a time and treating one patient does not tend to have a multiplying effect on the amount of new patients coming through.
However, when building your practice, you can get that multiplying compound effect.
By leveraging technology, you can write an email once and you can program for it to be sent out to every new patient that attends your clinic.
If you then write more emails, this will add to your library and have a cumulative effect.
Not only that, the work that you put in now to engage with patients, will keep on engaging with patients for as long as you keep the software running.
Plus, it will get sent out to more and more patients as you grow your database.
It needs very little or no input from you to keep paying you back year in, year out, while providing useful advice and information for your patients.
Utilising automated campaigns for your patients may not be one of the wonders of the world, but it really has been invaluable to me and instrumental in my ability to no longer rely on the NHS, insurance companies or the private hospitals for a constant stream of patients in to my clinics.
Use Automation In Your Practice
To find out more about how I can help you to bring automation in to your practice, check out the Marketing 4 Doctors Automated Service at www.m4d.uk.