These are the lynch pins you should laser focus on for practice growth
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Lynch Pins for Practice Growth
Welcome to this week’s Thrive in Five. I’m Dr. Bob Hoffman for The Masters Circle Global, where we build the most successful practices through chiropractic coaching. Today we’re going to discuss the practice growth calculator and actually cover another real case study from one of our colleagues who completed the calculator. And I will show you how easy and how simple it is to rapidly and dramatically grow any practice including yours if you know what to focus on. Today, we’re going to focus on which linchpins you should be watching. There are only three essential linchpins to every practice. There are all averages and averages become accurate over time. The three linchpins of every practice are new patient average, patient visit average and office visit average. The bottom line is you should always be focusing on all three, but not equally. You modulate the amount of time, talent and energy based on where you’re stronger or weaker at any given moment.
The doctor who completed this actual practice growth calculator, his real first name is Joe. And Joe tells us that he’s averaging 10 new patients a month with a PVA of 40 and an OVA of 40. So that’s 10 new patients each month on average. They all come back approximately 40 times a year and he’s collecting $40 every time they do return. Joe tells us that he is looking for 20% growth and his greatest strength is people skills. So follow me on this. I promise it is super simple and easy to understand, and it can quickly change the entire trajectory of your practice and your career. It is your new patient average, how many new patients you average a month times your PVA, your patient visit average, that always tells us that your visit volume. Joe is averaging 400 visits a month produced by 10 new patients times a 40 PVA and is collecting $16,000 a month produced by those same 400 visits at a $40 OVA.
With all that said, the real question is this, what should Joe focus on to grow his practice? Over 90% of our profession would say, “More new patients”, but how many more? I’m initially going to recommend to Joe that he needs just two more new patients a month or the equivalent of one more new patient every other week. Certainly not a difficult task and I’m sure you’ll agree. But I would also recommend that his PVA stay at 40, but focus most of his time, talent and energy on growing his OVA, his collection per visit, from $40 to $50. $40 a visit in 2021 in America is way below the average. And I would recommend that Joe improve this amount collected per visit as soon as possible. This is what chiropractic coaching does. It focuses you on what is the best and the easiest way to get from where you are to where you want to be.
So follow me on this. When Joe now has 12 new patients a month at a 40 PVA, that will generate 480 visits a month compared to the 400 he was adjusting. But at $50 a visit that will now grow his monthly income from $16,000 collected each month to $24,000, which represents a 50% rate of growth and Joe was only looking for a 20% rate. And this represents a $96,000 annual increase in his income. This is why The Master Circle Global has such an amazing track record of rapidly growing any type of chiropractic practice run by any type of personality, regardless of the doctor’s philosophy or clinical skill or even location. This is what chiropractic coaching at work when it’s done right. So tap into the practice growth calculator today for yourself to discover how easy it is to significantly grow your practice. All you have to do is answer four simple questions and spend less than 60 seconds. But then, it is essential that you schedule your private consultation to have a review of what your calculator results reveal about you and your practice.
If you’re on Facebook, all you have to do is type in the word calculator in the chat and we’ll bring you right to the practice growth calculator. And you will see the link at the bottom of the screen. Doc, it’s never been easier to have the practice of your dreams, to help as many patients as possible and as a result, make as much money as you want. It’s never been easier to pinpoint exactly what statistic or metric is your linchpin to rapid and sustainable growth. If you haven’t completed the calculator, please do so today. If you have completed it, but haven’t scheduled your private consult to review it and learn from that, get that scheduled today. The practice growth calculator will simplify the process. Laser focus you on what to focus on for rapid growth and change your career and mindset once and for all. I do this for docs like you all day, and I’m proud to be an expert chiropractic coach.
These are the lynch pins to focus on for practice growth
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