Chiropractic Coaching: Practice Rescue, Volume 6: Collecting Your Money

Chiropractic Coaching: Practice Rescue, Volume 6: Collecting Your Money

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*The following is an actual transcript for Chiropractic Coaching: Practice Rescue, Volume 6: Collecting Your Money. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.*

Chiropractic Coaching: Practice Rescue, Volume 6: Collecting Your Money

Hello everybody and welcome to Thrive in Five, I’m Dr. Dennis Perman, and I’ll be your chiropractic coach for this session today. We’re going to take, to do our sixth edition in our practice rescue, uh, series, collecting your money. Now this particular topic is very near and dear to me because I care deeply about chiropractic. I practice for many years, I’ve coached thousands of doctors, and I have to tell you that practicing chiropractic is one of the most wonderful things you can possibly do. Unfortunately, the best part of chiropractic practice is the part where you get to hang out with patients and enjoy talking about philosophy with, uh, with your friends, with your coaches. But the fact that the matter is your chiropractic practice is also a business. And if you make the business part of it just as appealing and as exciting as the philosophical and spiritual part of it, the service part of it, then you’ve really got the world and the Palm of your hands.

A big piece of this is learning to have a better relationship with money and learning to collect your money. So we’re gonna talk about this from two points of view first, from the being point of view, and then from the doing point of view, from the being point of view, you need to re realize that money is round money. Can’t wait to be spent, and it can’t wait to come back to you. If you develop a great relationship with the concept of money, then you will be moving toward the being aspect of being prosperous and collecting your money in practice. You have to expect to collect the money. You have to anticipate collecting the money, and you have to imagine collecting the money when you do this. Then when you get to the doing part, which we’ll talk about in a moment, then it goes much more smoother.

So you wanna make sure that you do everything possible to pave the way for money to flow effectively and efficiently into your life. Now, once you’re handling the B aspects of it, now you wanna do the due aspects of it. You need to have a fee policy that makes sense. You need to have a collections procedure that works. You have to have people to help you in order to be able to create the flow of money into your practice in your life. Now, one of the best ways for you to do this is for you to have policies and standards that are already established well in advance. And you adhere to them because there’s no point in having them. If you don’t, you should have a set fee.

How do you determine that fee? Well, there’s a lot of ways to pick it. You can just pick a number that sounds right to you. You can compare yourself to somebody in your marketplace that you admire, but the best way for you to set a fee is for you to understand your coefficient or profitability, which we talked about last time, so that you understand what it costs you to run for an hour, and then you can plan your fee. So that it’s profitable. Quick example, let’s say it costs you $12,000 a month to run. Let’s say you work 120 hours a month. That’s 30 hours a week. That means it’s costing you a hundred dollars an hour. Well, you can’t see two people an hour at 50 bucks and expect to make any money. You have to decide what your coefficient or profitability would be.

In other words, how many multiples of an hour’s value do you require in order to feel properly compensated? Do you need two times an hour? Then at the example I gave you, then you would need to make 200. And now three times per the hourly cost, then you need 300. Now there’s all different ways to get there. But the easiest way to do it is to pick the number you want to make per hour and divide it by the number of visits you can see per hour. And that tells you how much you need to charge per visit. Imagine that. Now, when I throw statistics around like this, I understand that some of you feel very fluent in it and some not as much. That’s one of the reasons why we created the practice growth calculator, the practice growth calculator is an easy tool that every, every chiropractor can use for free.

As many times, as you want to be able to establish a better understanding and a better relationship with your statistics, including your money. So you can, uh, there’s a QR code that you can easily scan that will get you to the practice growth calculator. Inside of two minutes, you can input some really simple data that you already know, like how many days a week do you work? And how many people do you see a day and stuff like that stuff you already know. You can input that. And in moments, you’ll get back a printout that will explain so many details about your practice, including help you uncover issues with collecting your money. So run your, run your scanner over this, you’ll get, uh, instant access to the practice growth calculator. Plus, if you do this now, you’re also going to receive a copy of our practice maze, the journal from last SuperConference that has incredible articles in it that will explain so much about how to run a better and a bigger practice.

Now, the last thing I wanna mention to you before I let you go for today is that we have our SuperConference coming up, October 13th, 14th, and 15th. This is going to be an extraordinary program. That’s going to help you to understand how people tick, what it takes to persuade people and to get them to buy into your message so that they become not only good patients themselves, but raving fans that fill your office with the kind of patients you love to take care of, to find out more, just run over this QR code annual you’ll with your scanner and will take you right to our page. That explains the seminar to you. Ladies and gentlemen, collecting your money is an essential part of your business. If you don’t develop a comfortable, familiar relationship with finances, then you will have all the successes in the world except money, and it doesn’t make any sense for you to be successful without money. Money is part of success. So develop a fond relationship with money, start to speak the language of money, make sure you understand how to charge effectively and collect your money. And if you do so, you will have the practice that you always wanted. Thanks so much for watching Thrive in Five, I’m Dr. Dennis Perman from The Masters Circle Global signing off for now.

 

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