Chiropractic Practice Management: When Do You Really Need New Patients?

The Masters Circle Global Thrive In Five: Chiropractic Practice Management: When Do You Really Need New Patients?.

*The following is an actual transcript. 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: When Do You Really Need New Patients?

Hello everybody, and welcome to Thrive In Five. I’m Dr. Dennis Perman and I’ll be your chiropractic coach for today. The subject matter is when do you really need new patients? We’ve been doing all these analyses of the practice growth calculator results from doctors all over the world. And what we’ve discovered is something… Well, what we reinforce is something we already knew, that most practices do not need a lot of new patients in order to be successful. When you learn how to take care of patients properly, when you learn how to create the right feed policies, when you learn how to create the right visit frequency policies, when you learn how to attract the right kind of new people, you don’t need a tremendous amount of new patients, but sometimes you do.

So let’s talk a little bit about today’s case history, dr. Steve. Let’s look at the first slide. Dr. Steve works five days a week and attracts three new patients a month. He sees about 44 office visits a week and collects about $3,000 a month. So just looking at these numbers right away, you can see that he’s putting plenty of time into the practice, but he’s not very attractive because he’s not attracting a lot of new people and he’s not attracting a lot of money. Let’s look at the second slide.

So he wants to grow at least 50% and feels he has great people skills, which he may well, because you see, his average patient stays about 58.7 visits. Now that’s a lot, but at the same time, he’s only collecting $17 a visit. Now, when I see a configuration like this, of course, I’ve been looking at tens of thousands of analyses of statistics over the last 34 years. So they sing to me, they tell me what it is that I need to know. This is often a practice with a doctor who sells a membership. In other words, people pay a monthly fee and then they can come in as many visits as they want.

Now, if you’re going to do this, you have to check your state laws because some states do not permit this. It seems too much like an insurance carrier, that they’re paying you a premium and you’re guaranteeing their services. So be very careful if you have a membership type of practice, but that’s probably what’s going on here because the doctor is attracting only three new patients a month, but they’re coming in 59 times. Now, that means that he’s only making about a little under a thousand dollars per case. And that’s very modest. Since it’s only three new patients a month, it leaves him with an annual income of just about $36,000 per year. So let’s take a look at the next slide.

You see, if he wants to increase by 50 or more percent, then he can increase his office visits from nine to 15 to 20. His PVA is fine the way it is, but he could also increase by 50% by increasing his OVA, the amount he collects per office visit from 17 to 26. Now, this would increase his case average from about a thousand to about 1,500. So that one change by itself, going from a $17 OVA to a $26 OVA, that would create the positive change that he’s looking for.

Now, collecting only $17 a visit, that leaves him a lot of room to either increase his fee. If it’s a monthly fee, he can increase the monthly fee. Or if it’s a per visit fee, he can certainly increase that. Or he can add services. He can sell nutrition or orthotics or brain tap or some kind of therapy modality.

But the main thing that would probably have to happen in a practice like this is he just needs to be more attractive. He needs to create more of a flow of new people, because if he went from three new patients a month to only five new patients a month, then that would increase his office visits from 176 to 294. And how could he increase his new patient flow? He could ask for referrals, he could network with local professionals. He could do talks, or if talks aren’t okay in his area, he could do Zoom talks. He could use social media more effectively. He could create a YouTube channel where he could put out small videos. There’s lots of ways that he can increase his presence in his community.

So in this particular doctor’s case, then for him to increase 50% or more, he could either increase the number of new patients, or he can increase the number of dollars that he was collecting per office visit. Now, this material pops out of the practice growth calculator. If you haven’t yet tried out the practice growth calculator, what are you waiting for? It’s been out there for months. It doesn’t cost a thing. There’s no obligation whatsoever. Use the link that’s at the bottom of this screen, or you can just type calculator. If you’re on Facebook type calculator into the comments and the link will pop up for you and you’ll be able to go do the practice growth calculator.

Now, my partner, Bob and I have been doing this for many years and we have an excellent idea of what it takes for each individual doctor to learn and grow what’s necessary to create the practice that you really want. On May 14th and 15th, we’re sponsoring a special seminar. Yes. You heard it here, a live event with real life speakers and real life people in the audience. Yes. We’ll be making sure that everybody is safe, but this is an incredible opportunity for you to get some hands-on experience with some of the thoughts and concepts that go into creating the practice growth calculator. If you want to study what it takes to become really successful in chiropractic practice, then we here at the Masters Circle Global can help. It’s our pleasure and our privilege to serve you. This is Dr. Dennis Perman for the Master Circle Global signing off for today.

Chiropractic Practice Management: When Do You Really Need New Patients?

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