Chiropractic Practice Management: Are You Starving Your Practice?

Chiropractic Practice Management: Are You Starving Your Practice?

*The following is an actual transcript for Chiropractic Practice Management: Are You Starving Your Practice?. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.*

Chiropractic Practice Management: Are You Starving Your Practice?

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 Starving Your Practice? And it’s the story of a Dr. Johnny who has a unique practice configuration. Let’s look at the first slide. Dr. Johnny works two days a week and starts six new patients a month. He’s seeing about 15 office visits per day and generating about $5,000 per month. So that means that on the two days a week, he’s seeing about seven to eight office visits a day or something like 60 a month.

Now, if he gets six new patients and sees 60 office visits a month, that means his average patient comes in about 10 times. And he collects about $83 per visit, so that means his case average is $833 and his total annual income is just under $60,000. He says that he wants to grow 50% plus and that he’s highly motivated. Well, I got a wonder because he’s in there two days a week seeing seven people a day. He might be motivated to grow, but he right now doesn’t seem very motivated to do much to make it better. So let’s talk about the different things that he can do to make it better so he has a place to put this motivation.

Well, to grow 50%, he could grow three new patients from six to nine, or he could increase his days per week from two to three. I’m going to come back to that for sure. He can increase his office visits from about eight to about 12. That’s 50% growth, and that would increase his office visits from 60 a month to 96 a month, or if he went for the third day, to 144 a month. You can see why that’s so important I keep coming back to it, or he can increase his PVA from 10 to 15. Not too difficult. He can do a better report of findings and end up with that. He can increase his OVA by 50% from 83.30 to 125 bucks, and that would change his case average of 50% from 833 to 1,250.

Now, regardless of where you think your greatest strength is, or even if you need help figuring that out, the key to reaching the goal of 50% is learning how to apply what you have to work with. Once you learn how to apply what you have to work with, it’s easier to address the weaker areas that hold you back. So let’s take a look at the solutions for this particular doctor’s practice.

He could increase from six new patients to nine or 10. He could increase his office visits per month from 60 to 90. He could increase his PVA from 10 to 15. He could increase his OVA from 83 to 125. But this particular doctor, the best solution is going to be for him to add another day if he can and bring his PVA up from 10 to 15, times the same 83 bucks, he’s increased by over 150%.

You see, the main solution for this doctor is to put more energy into what he’s doing. Now, I don’t know whether he has another practice. It’s conceivable that he has a job someplace working as an associate doctor in a practice and this is the practice that he has time to generate himself. If so, the practice is still starving because he needs to put more energy in to cause the people to stick around more than 10 visits. If a patient leaves in 10 visits, they never even make it to the first new exam. That means that they are just coming in purely for the relief of it. And chiropractic works so powerfully that in 10 visits, you can feel better. What you can’t do is change somebody’s life in 10 visits.

So I think it’s really important for us to do everything we possibly can in a practice like this that’s starved for energy to do everything we possibly can to cause this doctor to invest more time, more energy, more resources into his practice because there’s no question that he can entice people to stay more than 10 visits. And just by doing so grow the 50% that he liked to grow. But if you were to add another day, holy crap, he can increase by 150%.

So this is a typical situation to varying degrees in many practices that the doctor does not know where necessarily to put the best energy and yet this is the best solution. Yes, add more time, yes, add more visits, but the main solution is to add more energy. This is one of the things that we’re going to be talking about at our super conference event that’s coming up October 21st, 22nd, and 23rd. We call it Practice Unmasking because obviously, unmasking has taken on a completely different character now based on the COVID dilemma. What we mean by this is you need to show your best face to your practice, to your patients. They deserve the very best you have.

And our most logical way to do this is to give you the finest experts in the profession. Experts in neurology, experts in marketing and social media, experts in risk management and encoding, experts in bringing in more new patients, experts in every imaginable aspect of your practice. And the reason that we do this is because we know that you want to put as much energy as possible into your practice, but do you know where to put it? You can go to the link that’s on your screen right now, tmc.bz/sc2021 and you’ll find out all about this incredible event that we have planned for you.

Now, it’s been a while for many of you since you’ve been at a live event and we promise this one will not disappoint. So be wise. Invest more energy in your practice, make sure you’re there enough time, make sure you’re telling the story so that patients understand what it is that they’re committing to. And if you want to learn the finest most cutting edge, most valuable do this, then join us at super conference in Tampa on October 21st, 22nd, and 23rd. And it will be our pleasure to host you. If you do decide to come, please make sure to grab me and let me know that you came in response to our plea and give me a big hug. Let me know you’re appreciating the work that we’re doing. And it’s our pleasure to serve you in every way possible. This is Dr. Dennis Perman from The Masters Circle Global signing off for Thrive In Five for now. Thank you for watching.

 

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