Doctor w/o Lab Flashcards
Callback Greeting
Hey Dr. ______,
I appreciate the callback.
Is it alright if I put you on hold for 10 seconds, I’m just getting back to my office.
………..
Thanks for holding Dr.
Greeting
Hey Dr. ______,
This is Alex?
Calling from Insight?
In San Jose?
How’ve you been?
Intro pt.1
Now, Dr. ______,
the reason for the call is that we’ve been reaching out to a select group of doctors in your area, to offer them the chance to work with our private equity backed lab services through Lighthouse Labs,
whose one of the most well respected lab consulting services in the country.
Intro pt.2 | Lab services specialize; North Carolina
Now, lab services is something that Lighthouse, and myself, specialize in;
in fact, just last month I had a lab in North Carolina go live, and that lab is going to add a little over 479 thousand dollars in profit to that practice.
Would you be against taking a few minutes to discuss?
Excellent.
Qualifying +
Presentation Transition| perfect fit
Now, is it alright if I ask you a few questions so I can see if you qualify and don’t waste any of your time?
Alright.
………………………….
Well Dr. ______,
based on everything you just told me, it sounds like this is definitely a perfect fit for your practice,
And let me tell you why…
Presentation pt.1 | Volume; Capture lost revenue
First, you have the volume to make it very profitable; generally, you need to average around 225 tests a month, and you’re currently at ______.
This is going to give you the ability to Capture that lost revenue, by taking all the screening and confirmation testing you’re sending out the door, and bringing it in house, so you’re able to bill the payers yourself.
You follow me so far?
Great!
Presentation pt.2 | Patient care; 6 days - 3 days
You’ll also improve patient care by being able to have faster turnaround times on your tests.
Usually on average, when sending tests out to a reference lab it takes about 6 days to turnaround, but when the labs are in house… the average is 3 days and as quick as 24 hours.
Make sense?
Great!
Presentation pt.3| Best benefits, control; walking to lab tech
and one of the best benefits, is the ability to have control over all of your testing, because that control means more efficiency.
So.., imagine the benefit of walking just down the hall, and speaking with your lab tech regarding somebody’s test.
Does that all make sense so far?
Excellent!
1st Close Attempt - pt.1 | Losing out; pro forma
Now,
I don’t want you to keep losing out on that increase in profits.
So what I’d like to do, is work up a pro forma for your practice, and set up another phone call with myself and a technical expert from Lighthouse, so we can show you the benefit to bringing your lab services in house.
1st Close Attempt - pt.2 | Combine profits, pc and control; believe me Dr.
And when you combine the increased profits, improved patient care, and having ultimate control over your testing, then believe me Dr. ______, the only problem you’re going to have, is that we didn’t talk sooner.
Sound fair enough?
Deflection | I get it; Let me ask you, bringing lab ser.
I get it, makes perfect sense,
but let me ask you a quick question.
Does bringing lab services in house make sense to you?
Do you like the idea?
………….
Exactly- it’s really good!
1st 10 - Product pt.1
In fact, one of the aspects I like to highlight is that adding a lab increases the enterprise value of your practice, even potentially to one of our buyers.
An example being, if your bottom line increases by, let’s say $300,000 a year, then we increase the enterprise value of your practice by $1.8 million dollars at 6 EBITDA.
1st 10 - Product pt.2
And I can speak confidently on this because a couple of our colleagues have rolled up over 700 million dollars in healthcare acquisitions.
You see what I’m saying here? Do you like the idea?
Exactly, it’s really great!
2nd 10 - Self pt.1
Now Dr. Erving, let me ask you another question,
If we’d had a relationship for the last four or five years, where I’ve advised you before and helped you increase profit…
then you probably wouldn’t be saying,
“let me think about it right now Alex.”
You’d be saying, go ahead and run the pro forma and set up the next call,
Am I wrong?
Now that I can understand.
2nd 10 - Self pt.2
You don’t know me, and I don’t have the luxury of a track record; so, let me take a moment to reintroduce myself:
My name is Alexander Lebessis, I’m the Vice President of Insight Ventures, and I’ve been with Insight for almost a decade. In that time, I’ve personally overseen the development of 43 labs in physicians’ offices across the country, and I’ve also switched hundreds of other labs to Lighthouse,
and so far, none of those have ever switched back.
3rd 10 - Lighthouse pt.1
And as far as Lighthouse goes…
they’re the LARGEST private equity backed lab consulting & management firm in the country;
they’re the ONLY lab consulting group that can provide an end-to-end solution, which means, managing the lab, procuring equipment, staffing, auditing, CLIA & COLA compliance, and really, that’s not even half of everything they do.
3rd 10 - Lighthouse pt.2
And the icing on the cake,
is that Lighthouse has the largest lab recruiting database in the country, with over 200,000 individuals to be able to staff YOUR lab;
so you don’t EVER have to worry about recruiting qualified staff.
1st Close
So all I’m asking for is this,
you give me just one shot Dr. ______, and believe me…
you’re going to be very, very impressed with what we can do for you…
sound fair enough?
Rebuttal pt.1
I understand where you’re coming from…
But let me just say, I’ve been doing this for some time now, and if there’s one thing I’ve learned, it’s that when people say they’re going to think about it, or call you back, what happens is that they end up putting the idea in the back of their mind and deciding against it, not because they don’t like the idea- !!!!!!!!!
Rebuttal pt.2
actually, in your case I know that you do- but we’re both very busy people, and you’ll go back to your busy life and end up missing out on this:
and I don’t want to see that happen to you.
Rebuttal 2nd 10 - Self
Let me say this,
I have almost a decade of assisting physicians with their lab services, and one of the main positives is that we’re a long-term partner, not just a short-term consultant.
Other lab consulting groups make money on the upfront sale and once the lab is setup pewww… they’re gone,
But we’re in it for the long haul because we assist in managing the ongoing operations of YOUR lab.
Rebuttal 3rd 10 - Lighthouse pt.1
And one of the true beauties of working with Lighthouse is you’ll have a partner that has over 150 employees, including MD’s and PHD’s, whose job it is to make sure your lab runs as smoothly as possible.
Rebuttal 3rd 10 - Lighthouse pt.2
Also, Lighthouse doesn’t charge for retests, which means they believe so much in their process, that they’re willing to eat the cost on retests because of how few they’ll end up being;
AND if you decide to bring testing in-house, Lighthouse creates the lab layout design, with an entire team dedicated to your build, with a project manager providing weekly updates.
Rebuttal Close pt.1
And Dr. Erving, let me ask you a question:
what’s the worst that can possibly happen here? I mean let’s say that I’m wrong and the pro forma isn’t to your liking, and you decide now isn’t the time for you to do this.
First, you would’ve only spent a little bit of time on 2 phone calls, but you’ll at least be comfortable knowing that you got to review the pro forma, before you made a decision;
