Chiropractic Practice Management: Four Ways To A Million Dollar Practice

Chiropractic Practice Management: Four Ways To A Million Dollar Practice

*The following is an actual transcript for Chiropractic Practice Management: Four Ways To A Million Dollar 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: Four Ways To A Million Dollar Practice

Hello everybody, and welcome to Thrive in Five. I’m Dr. Dennis Perman, and I’ll be your chiropractic coach for today. Our class today has a little bit different flavor to it. Rather than going over an individual doctor and showing different ways that doctor could change or improve his or her practice, I wanted to show you four different ways to get to a $1 million practice. Now, before you start shaking, this is not about getting to a $1 million practice because of $1 million. I want you to understand how the statistics of the practice fit together to get you to $1 million dollars, if you should show desire. But everything that we’re going to do here is completely scalable, so you can use the very same ideas to get to a half million dollar practice, a quarter of a million dollar practice, a $4 million practice. It’s the same concepts.

So, let’s take a look at the first slide, which is Dr. Richard, who is an expert at getting new patients. He’s a new patient magnet, and you can see that this doctor gets 80 new patients a month, 80 new patients a month, 20 a week. That’s a lot. That’s like five a day, four or five a day. That’s a lot of new patients, but this guy is great at getting new patients. Now, in order for him to be at a $1 million practice, his PVA, the number of times each of these patients comes in averages out to 24 times, 24 visits. His OVA, the amount of money that he collects per visit is about $45. So, if you look, 80 new patients, times a case average of $1,080, which is 24 times 45, that gets him to a monthly income of 86,400, an annual income of just over $1 million.

So, this Dr. Richard gets here by attracting a lot of new patients, and his PVA and his OVA are rather modest. Let’s look at the next slide. This is Dr. Nancy. Dr. Nancy has 24 new patients a month, so she’s got an average number of new patients. But look at that PVA. Her typical patient stays 80 times. So, when she’s got 24 new patients staying 80 times, she found another way to get to this same volume practice of 480 office visits a week, or 1920 per month. Now, interestingly, we saw that the case average, when the doctor, before Dr. Richard was attracting 80 new patients was only $1,080. This doctor, Dr. Nancy, her case average is $3,600, and yet she gets to exactly the same monthly income because she only attracts 24 new patients a month, only meaning compared to the 80.

That’s her method of getting to a $1 million practice, having each patient come back 80 times. Let’s look at the third example. Dr. Chris has an average number of new patients, about 24 new patients a month, has an average-ish PVA of about 45. But Dr. Chris is an expert entrepreneur and collects $80 per visit, instead of the 45 in the first two examples. So, this doctor’s case average is also 3,600, and what that means is that this new page, this doctor is a specialist in collecting money. He gets to the same 3,600, gets to the same 86,400 per month, the same $1 million a year, but on fewer new patients, lower PVA. This doctor makes his or her money on OVA. So, what’s the best way to do it? Well, let’s look at the fourth slide. The fourth slide tells us that you can grow in each of these areas.

You can take your new patients up to 36 new patients a month, about nine a week, about two a day. You can bring your PVA up to about 40, so an average patient comes in about 40 times, and you can charge each patient 60 bucks or an OVA of $60, which makes the case average about 2,400. Well, 36 new patients times a 2,400 case average, that gets us to the same 86,400, $1 million practice. Now, what I’m hoping you’ll begin to understand from this presentation is that there are many ways to generate the income that you want. You don’t have to be stuck. If you are really good at new patients, then max out your new patients, but work in improving your PVA and OVA. If you’re really great at patient compliance, then good for you with a high PVA, but work in improving your new patients and your OVA.

Likewise, if you’re a very business-minded, and you have a very strong OVA, the amount you collect per visit, then that’s great. But then you want to make sure to work diligently on bringing up your new patient flow and your PVA. The balanced practice in the fourth slide is a metaphor. It’s an example. You can create that balance way you want, but I want to demystify the idea that it’s difficult or unusual to get to a $1 million practice. Anybody who understands these basic principles can. Now, how do you learn these principles? Well through the Practice Growth Calculator, of course. So, let’s look at the last slide that gives you a QR code to get to the Practice Growth Calculator. If you just run your phone camera over this QR code, it’ll take you right to the practice growth calculator, and an under a minute, you can insert four simple pieces of information about your practice that you already know.

You don’t have to look this up. It’s stuff you already know, like how many days a week do you work, and how many new patients a month do you get? You know those numbers. How many people you see each day. It’s easy, and you’ll be able to build the practice of your dreams through the Practice Calculator. The Practice Growth Calculator is there for, and it’s free, completely free, for every doctor to be able to use it, to figure out what the best route is for you to get to the practice of your dreams. Maybe you dream of a $1 million practice. Maybe $1 million is unimportant to you. Doesn’t matter. You deserve to have the practice you really want, and the practice that you really want can only be defined by you. Please use the Practice Growth Calculator, to be able to determine how many new patients you need at which PVA and which OVA, so you can build the practice you really want.

If you feel you need some support on this, and believe me, most of us do, all you have to do is call, and make a time to speak with either Dr. Hoffman or myself, and we’ll show you the exact way to use the Practice Growth Calculator, and to build the ultimate practice of your dreams. You deserve it. You work so hard. You make such a big difference in people’s lives. Let’s make sure that you figure into the equation as well, and build the practice you really want, making the income you really want. Thank you for watching. This is Dr. Dennis Perman for the Thrive in Five, for the Master Circle Global. It’s my pleasure to serve. You have a wonderful week.

 

Checkout our other Thrive In Fives

Don’t forget to learn about our Practice Growth Calculator

Click The Image Below and Stop Guessing About Your Practice Growth