Chiropractic Practice: A Little More Capacity Can Add More Than a Half Million Dollars in Profit

Chiropractic Practice: A Little More Capacity Can Add More Than a Half Million Dollars in Profit

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Chiropractic Practice: A Little More Capacity Can Add More Than a Half Million Dollars in Profit

Welcome to this week’s Thrive in Five. I’m Dr. Bob Hoffman for The Masters Circle Global, where we do chiropractic consulting and help you build your business, big time. Today, we’re going to talk about how a little more capacity can add more than half a million dollars of profit to this doctor’s practice, who took the time to fill out the Practice Growth Calculator. The Practice Growth Calculator is revolutionizing chiropractic practices all over, by pinpointing exactly what metric or what statistic they need to laser focus on, to gain traction and grow their business like never before.

The doctor that we’re going to be talking about today, who completed the Practice Growth Calculator, his first name is Charles, and Charles is doing an extraordinary job of attracting 90 new patients a month. Yes, you heard that right, 90 new patients a month, but some of his other statistics are also equally interesting, but for different reasons. Charles’ PVA is 8.9. What that means is every one of those 90 new patients are returning an average of 8.9 visits. Not very good, not even in the ball game, in my opinion. And his OVA, what he collects per visit, is $81.30, which is solid. It could always be better, but it’s solid.

But clearly, from my perspective, from my expert opinion of coaching thousands of doctors over decades, is the 8.9 is the gaping hole and the greatest opportunity to grow his practice. So for Charles, I’m going to make only one recommendation, one simple recommendation to completely transform his business, his practice, and his livelihood. I would like to continue to keep the 90 new patients, no change there, but I’m going to ask for a conservative, easy to accomplish goal of growing his PVA from 8.9 visits per new patient per year, to 15. That’s just approximately six more visits, or one more visit every other month. Again, relatively easy, and of course, I would coach Charles on how to grow his PVA, why to grow his PVA, what strategies to use to grow his PVA.

Well, this one change is going to completely change everything, because 90 new patients at a 15 PVA is now going to generate 1,350 visits a month, compared to the 800 visits a month that he currently has. That’s an increase of 550 visits a month, that we’ll get back to in just a few moments. Now, the 1,350 visits a month, at his current OVA that I’m not changing, at $81.30, will now generate $109,755 monthly, compared to the 65,000 that Charles is currently collecting, an increase of $44,755 a month, or $537,060 a year. Big profit, dramatic profit from one simple change.

But remember, the theme of today’s conversation and Thrive in Five is a little more capacity could add more than half a million dollars of profit. We’ve already discussed where that half a million dollars of profit is going to come from, but the pivotal question is, does Charles have the capacity to add 550 more visits a month to his practice, or said another way, can Charles find ways to add capacity so that his clinic can handle those 550 extra visits per month?

Now, in The Masters Circle, for decades, we’ve been teaching a topic that’s invisible, and as a result of it being invisible, you hardly ever hear about it, and there’s hardly anyone that ever addresses it. We’ve been teaching capacity technology for decades. Capacity is being able to add the ability to handle more growth. This is one of the linchpins of every successful and world-class practice. How do we handle more growth? The metaphor that we use is, “How do you pour nine ounces into an eight ounce glass, without getting spillage?” Well, Charles’ practice, his glass, is currently holding his 800 visits a month. How do we expand the capacity of the clinic to handle 1,350?

Well, you could always go out and add more hours or more days. Not necessarily recommending that. We could certainly hire more people to help us, and in this case, I would specifically recommend a chiropractic associate doctor who can handle those 550 extra visits, but we could also just increase speed. Now, I don’t know anything about Charles’ speed, tempo, and pace, his office flow, so I can’t really address that, but I want to assure you, there is a technology, and there are ways to add capacity, so we can add the capacity or speed up the capacity to handle those 550 extra visits. Charles is going to make more than half a million dollars extra a year. This is what chiropractic coaching is all about. It’s finding out where are you, where you want to go, which metric or which statistic is your linchpin to success.

So for those of you who haven’t filled out your Practice Growth Calculator, please go to the screen, see how to get on to the calculator, and fill it out today. It’ll take you two minutes or less, and it can transform your life. But the real magic is not just filling out the calculator. That’s step one of step two. Step two is scheduling your consult with me, so I can go over what the calculator tells me about you and your practice, and I can help you find and diagnose the linchpin that you need to focus on, and how to set realistic, conservative, easy to accomplish goals, and which strategies will help you accomplish those goals. So fill out the calculator, set up your consult, and have the magic of growing your practice once and for all take hold. I would be happy to help you. I help docs like you all day, every day.

Now, our event that took place on our last seminar was sold out. Great reviews, people’s practices are exploding. Our next event is taking place in October, October 21st to 23rd in Tampa, Florida, and I’m urging you to go onto the landing page and learn more about it, and register and plan to attend that event. I promise you it’ll change your thinking, change your energy, restore your passion. It’ll give you the specific detailed action steps and strategies to grow your practice like never before. I hope to see you there. I promise you it’ll be a game changer and a life changer, once and for all. Have a great day.

 

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