Chiropractic Coaching- What is Your Patient Retention Costing You?

Chiropractic Coaching- What is Your Patient Retention Costing You?

*The following is an actual transcript for Chiropractic Coaching- What is Your Patient Retention Costing You?. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.*

Chiropractic Coaching- What is Your Patient Retention Costing You?

Hello everybody and welcome to Thrive in Five. I’m Dr. Dennis Perman and I’ll be your chiropractic coach for today.

This Thrive in Five is called What Is Your Patient Retention Costing You. That’s an odd way to think about it, but if your patients are not sticking around long enough for them to get full value and for you to get full value from them, well then it’s costing you something.

So today, we’re going to look at the practice of a Dr. [Steph 00:00:58]. Dr. Steph is actually very attractive. He’s got a nice practice. He works five days a week, he attracts 40 new patients a month. He sees 100 office visits a week and collects $30,000.00 each month. On the surface this looks like a very, very nice practice. Dr. Steph says he wants to grow 50% or more so let’s take a look at how that might go about.

Now the bottom-line is that each day he is seeing 20 patients, 20 visits. 100 people a week times four weeks is 400 office visits. Over 20 days per month, five per week means that he’s seeing about 20 people per day. Well, if you take a look, if he sees 40 new patients, and gets 400 visits out of that, that means his average patient is staying only 10 visits. Now we’ll come back to that in a few moments, but at $30,000.00 over 400 office visits, he’s collecting $75.00 a visit, not too bad. That means that each patient is paying him 10 office visits times $75.00 or $750.00.

For a doctor of this magnitude, that sounds a little light to me, but at any rate, the $30,000.00 a month means that he is making $360,000.00 a year. He wants to grow at least 50%, so let’s take a look at how he might do that.

If he is willing to grow his PVA from 10 to only 15, in other words instead of a patient coming in 10 times on average, they come in 15 times, that would be 50% growth. That would mean that his office visits would go from 400 to 600 and his income would go from $360,000.00 to $540,000.00. Very substantial. But even at a 15 PVA, most patients need more than 15 visits, so if he were able to take his PVA from 10 to 20, that would be 100% growth. His office visit number would double 400 to 800, and his income would also double from $360,000.00 to $720,000.00.

So it seems to me like at the 10 PVA, if he intends that, that’s a different story, we’ll get to that in a moment. But if he doesn’t intend it, then that means that at his report of findings he’s not making sufficient recommendations nor is he getting a sufficient commitment from the patient.

Now if it’s a special practice, where his model is seeing the person 10 visits, then that’s a different story. Then he doesn’t necessarily want to grow his PVA from 10 to 15 or 10 to 20. So let’s look at the next slide and see what some other options might be. If he wants to grow 50%, he can increase his new patient flow from 40 to 60, or he can increase his OVA from $75.00 to $112.50. Either way, that would increase his practice 50%.

Now the problem is I don’t know because I have not yet had my consultation with Dr. Steph. I don’t know if he prefers the 10 PVA. Maybe he just gets tired of people really quick, I don’t know. But if I were advising a practitioner who was stuck at a 10 PVA, we’d be talking about how to increase the capacity. He’s very attractive, he’s attracting lots of new patients and lots of money per visit, but he doesn’t seem to have sufficient capacity to be able to see more than 20 people a day.

So he might need to move faster. Or he might need to bring on an associate doctor. Or maybe he can, he just isn’t making effective recommendations at report of findings. You see, this is the fun of solving the riddle of the practice growth calculator.

If any of you who are watching have not yet filled out the practice growth calculator, what are you waiting for? Don’t you want to know these incredible details about your practice? All you need to do is if you’re on Facebook, type the word calculator into the chat and you’ll get back a link that you can click on and do the practice growth calculator. Or you can just copy the link that’s at the bottom of this screen.

Growing a chiropractic practice is somewhat esoteric, but there’s also some specific science to it and it’s important for you to understand that science. The more you understand what the practice growth calculator is trying to tell you, the more likely it is that you end up growing your practice the amount that you want to grow it, whether it’s 10%, 20%, 30%, 50% or more.

What we find is that the doctors who follow the recommendations that we make increase their practice, increase their service to humanity, and increase their income, and most of our doctors seem so pleased when we direct their attention toward that, why don’t you check out the practice growth calculator and if you do, make sure that you respond to Stephanie when she calls to set up your private consultation to find out exactly what that practice growth calculator is telling you.

It’s our pleasure to serve you. This is what it’s all about for us, The Masters Circle Global. We love helping chiropractors see more people and make more money. This is Dr. Dennis Perman, signing off of Thrive in Five for today.

 

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