And Now A Little About Me: How ExtraMD is Weathering the Financial Crisis
Posted Jan 11 2009 4:19pm
If only I could get paid for worrying! I was up last night at 1:30 am, worrying about my company, ExtraMD. I formed ExtraMD five years ago, when I left the large hospitalist group I was working for. The hospitalist group was (and still is!) made up of intelligent, caring physicians. I earned a nice salary, got regular bonuses and had excellent benefits. I left because, with a young daughter, I wanted to have greater control over my time. Exit the benefits, nice salary and bonuses. Enter flexibility and a steep learning curve with respect to business.
I consulted an attorney, created my company, got a designer to make up brochures and business cards and declared myself in business. I would eagerly check the emails of my new business email, waiting for work. I was studying to recertify my boards, and so was glad to have some extra time. I was thrilled when I got my first free lance job, working for anther hospitalist group.
I realized that the jobs weren’t just going to pour in, so I decided to market. One of my friends is a rep for a pacemaker company, and he suggested I try the “lunch with the doc” approach. I dutifully called several offices, got their lunch orders, and, on the appointed day, would show up with the food. I was lucky if the physicians at the office would even come talk to me. The office staff was always glad to see me and consume quite quickly what ever offerings I had, leaving me to clean up the office lunch room. I did get business that way, but hated doing it. The final straw came when I was asked to bring lunch for THIRTY. I complied, and the office staff barely said hello as they chowed down, chatting amongst themselves as I sat alone. The physicians never showed up. Offices didn’t care that I wasn’t a big fancy drug company, they just wanted free food. End THAT strategy. Besides, it was so darn expensive and time consuming. Not to mention how it made me feel! I now have great compassion for drug reps.
I had already sent out masses of introductory letters and brochures, and got only one job that way. I decided to try a different approach, and created a post card mailing with snappy color graphics. I laboriously created a postcard on Publisher, and printed it on my trusty home printer. I created a database of local physicians by website mining, then printed out labels and got my baby sitter to stick them on the post cards. This approach got people’s attention, and I started getting more work in primary care and urgent care, which was what I was after.
ExtraMD grew by word of mouth, post card mailings, and ads in the local medical newsletters. Soon physicians started approaching me to work for my company. We have grown so now there are 6 physicians, providing “local locums” service through out the metropolitan area where I live. In the past 4 years, ExtraMD has always had more work than it could handle, and has actively been recruiting physicians. We now have a controller, a board of directors and a virtual assistant. Things have been going on swimmingly, with steady growth in revenues and profits.
Until this past October. Which is why I am up worrying about “my people”. More in the next post.