Chiropractic Coaching – Office Fees
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Chiropractic Coaching – Office Fees
Welcome to this week’s Thrive In Five. I’m Dr. Bob Hoffman for The Masters Circle, where we build the most successful practices through chiropractic coaching. Today, we’re going to discuss another real case study from one of our colleagues who completed the practice growth calculator. And I will show you again how easy and how simple it is to rapidly and dramatically grow any practice including yours with Chiropractic Coaching – Office Fees.
If you know what to focus on, this is so simple. So today, we’re going to discuss what an average office fee can do for your practice. Remember, that there are only three essential linchpins to every practice. There are all averages and averages become accurate over time. These three linchpins are your new patient average, your patient visit average and your office visit average. The bottom line is you should always be focused on all three all the time, but not equally. You modulate your amount of time, talent, and energy on each based on where you are stronger or weaker at any given moment; common sense for sure.
The doctor who completed this actual practice growth calculator, his first name is Michael. He tells us that he averages 20 new patients a month, which is good, has a PVA of 30, which is also okay. But his OVA is $15, which is nowhere close to good. Yes, you heard that right. It’s 2021 and it’s America, but you could fill up your car for $15, but he’s charging $15 for a chiropractic adjustment. But I can assure you that plumbers and electricians make far more money than he does, simply because of this fee.
You guessed it. His greatest strength he says is people skills, which may or may not be accurate, but I can assure you, it’s not his business skills. This is way too often the problem that plagues so many of our colleagues. Follow me on this. I promise it’s simply simple and easy to understand, and it can quickly change the entire trajectory of your practice and career.
It’s your new patients times your PVA that tells us your visit volume. Michael is averaging 600 visits a month produced by 20 new patients at a 30 PVA, but he’s only collecting $9,000 a month, because his 600 visits are at a 15 OVA. This is a very simple case as Michael must pour the majority of his time, talent and energy into improving his OVA. And I’m going to recommend just getting to an average adjustment fee of $50 and let’s see what happens.
Now the same 600 visits, but at a $50 collection fee, will increase his income from $9,000 a month to 30,000 a month. One simple common sense, but necessary and long overdue change. And Michael improves his collection by 21,000 a month, or over a quarter million dollars a year.
This is what chiropractic coaching does. It focuses you on what is the best and easiest way to get from where you are currently, to where you want your practice to be. This is why The Master’s Circle Global has such an amazing track record of growing any type of chiropractic practice run by any type of personality, regardless of the doctor’s philosophy or clinical skill, or even business skill or location. This is chiropractic coaching at work when done right.
Of course, in coaching Michael, we must also discuss the value of chiropractic care, the time he takes to render that care, how to properly raise his fees, how to transition his old patients to stick with their care plan, with the new fees and why such lower fees are sabotaging them in ways that he probably doesn’t even realize.
Tap into the practice growth calculator today and discover how easy it is to significantly grow your practice. All you must do is answer four simple questions and spend less than 60 seconds, and then schedule your private consultation to have a review of what the calculator results reveal about you and your practice. If you’re on Facebook, all you have to do is type in the word calculator in the chat, and it’ll bring you right to the practice growth calculator itself, and you will see the link at the bottom of the screen as well.
Doc, it’s never been easier to have the practice of your dreams, to help as many people as possible and make as much money as you want. It’s never been easier to pinpoint exactly what statistic or metric is your linchpin to wrap it in sustainable growth. If you’ve not completed the calculator, please do so today. And if you’ve completed it, but if not scheduled your private consult to review it and learn from it, schedule that today as well. The practice growth calculator will simplify the process, laser focus you on what is that most rapid way for your growth and change your career and your mindset, once and for all. I do this for docs like you all day, and I’m proud to be an expert chiropractic coach.
This is how Chiropractic Coaching – Office Fees can affect practice growth.
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