Chiropractic Coaching- Earning more while working less.

Chiropractic Coaching- Earning more while working less.

*The following is an actual transcript for Chiropractic Coaching- Earning more while working less. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.*

Chiropractic Coaching- Earning more while working less.

Hello everybody. And welcome to Thrive in Five. I’m Dr. Dennis Perman and I’ll be your chiropractic coach for today. This session is called, are you working more now, but enjoying it less? You see everybody that is in practice has certain decisions to make about how many days they’re going to work, how many hours each day, how many people they are going to see each hour. And these are factors that will determine your profitability as well as your levels of stress. The case history we’re going to be talking about this time is a Dr. Michael. Can we have the first slide please?

Now, Dr. Michael is working seven days a week. He starts 20 new patients a month, sees about 150 visits each week, and makes about $9,000 per month. Now, the reason why I chose Dr. Michael as our example for today, as our case history for today is because there were several intervention points that we can use to make things better. First of all, if he’s working seven days a week, it may be because he wants to. It may be because he has an unusual arrangement at his office where he only has parts of seven days. But most of the time doctors work seven days a week because they just can’t get all their work done if they work fewer days. So one of the ways that we could improve this doctor’s practice would be to see if we can get him being more efficient so that he can work fewer days. Now let’s look at the second slide.

Now, Dr. Michael said he wants to grow 50%. If you take a look at these numbers, you realize that he’s actually seeing 600 office visits per month, a fairly substantial practice. But if he were to take his practice from seven days a week to five days a week, he could see the same number of people. Instead of seeing 21 people a day, he could see 30 people a day and he could reclaim 2 days to do other things with. Be with his family or personal growth or whatever it is that he would decide. But that’s not really the weakest part of this particular analysis.

If you look at it, he’s collecting $9,000 on 600 office visits. That means he’s collecting $15 per office visit. Just as a frame of reference, when I retired from practice in 1987, I was collecting $30.66. That’s twice what he’s getting today and that was 35 years ago. So he’s currently only making $450 per case. That’s $15 a visit times a 30 PVA. For goodness sake, he’s working really hard and doesn’t have really all that much to show for it. If this doctor were going to grow 50%, there’s a very easy way to do it. Let’s take a look at the next slide.

He could take his $15 OVA, the amount he’s collecting per office visit and just raise it $7.50 so that he’s collecting $22.50 a visit. This would effectively raise his income by 50%. Now he can do that by raising fees which he certainly should if he’s only charging $15. Or he can add modalities like laser or pulse electromagnetism or brain tap. He could charge for extremity adjusting or cranial work. He could do a decompression. I mean, he could sell 1 $2,500 package per week, it would dramatically increase his income. Or he could create some nutritional packages for his patients. Now at a $15 OVA, assuming that it’s a $15 charge, then he’s not in keeping with the times. Most professionals are charging considerably more than that. And he would certainly be entitled to do it. But if he were to take his fee from $15 to 22.50, he would increase his case average from 450 bucks to 675, effectively a 50% growth. But there’s another thing for him to look at. Let’s take a look at the next slide.

He could also increase his PVA from 30 to 45. In other words, if he were able to give a better report of findings and get people to commit to longer than a 30 visit program on average, if you went to increase his patient education it or improve it, if he were to change his progress reporting system, his re-exam system, or if he were to add or maintain a recall system, then it’s likely that he could take his PBA up considerably. Now, a practice like this has several intervention points. We could change the number of days he works. We can change the amount that he’s charging per visit. We could change the amount of times that he’s recommending to people to come in. But all of these would add up to him having 50% growth. In fact, any of these changes could bring him to 50% growth, but it’s likely that each doctor is going to decide which things are tolerable, which things are going to be the most palatable for each doctor to do. And that’s why we have a custom tailored identity based coaching process. Okay, we can lose this slide now.

The point is every practice has its own fingerprint. Every practice is like a snowflake. It’s different from any other practice. And one of the reasons why we at the Master Circle Global take such special pains to specifically identify your practice, and you as a practitioner, is so that we can fit what we recommend to what you want to do. Different doctors will accept different kinds of changes and interventions, but there’s always a way to grow if you’re willing to make the changes that you have to make. It’s my pleasure to serve you as always. This is Dr. Dennis Perman, signing off for Thrive in Five and the Master Circle Global.

Chiropractic Coaching- Earning more while working less.

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