*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.*
Welcome to this week’s Thrive in Five. I’m Dr. Bob Hoffman. Today, we’re going to address a very important and seldom asked question, what needs to be solved?
As many of you realize, and what the best in class always do, is set goals. There’s a science of goal setting and goal achieving but unfortunately, most don’t know that science and just arbitrarily throw out numbers where they want their practice to grow towards. Many set goals that are not in alignment and therefore, never manifest. And many allow their hormones or emotions to influence their goals instead of looking at the three essential linchpins in every business and every practice. What I’m about to share with you works well and works consistently if you already have a million-dollar practice or your goal is to get there someday. You’re going to discover the magic of how small incremental changes create a mountain of growth when you understand the critical linchpins that you must focus on. Just like chiropractic adjustments, we all have experienced how a small, subtle, single adjustment often creates a dramatic healing with your patient.
The business optimization formula tells us that there are only three ways to grow any business, including yours. First is more customers, clients, or patients. Second, more repeat or returning customers, clients, or patients. And third, providing more service or more product to increase the sales value on each visit exchange. In our world, we call these three linchpins your new patient average, your patient visit average and your office visit average. Look at your averages of those three essential numbers from this past year and set a targeted and specific goal of improving one or two, or best yet, all three of them in the new year.
As an example, if you’ve averaged 10 new patients a month this past year, set a goal to average 12. If your PVA was 26, as an example, stretch yourself to grow it to 32 in the new year. And if your collection per visit was $61, perhaps you can improve that to $65 in the new year. All simple and conservative improvements, I’m sure you’ll agree, and yet these small changes can literally improve your collections from, get this, $15,860 collected a month to $24,960 a month. An increase of $9,100 monthly or more than $109,000 in the year.
Now, once you have your targets, your specific and detailed and well thought out linchpin goals, the second step is in creating one or two specific strategies to help you close the gap from where you are to where you want to go. What changes, or refinements, or improvements can you make to attract an extra new patient every other week on average? What one or two strategies are you willing to commit to all year long that will get you to the new and improved PVA? And what has the change or be improved to grow your collections per visit that extra $4 in today’s example?
Once you have your goals and once you have your targeted strategies to accomplish those goals, you then must discipline yourself to consistently focus on performing those strategies to manifest those goals. So, what needs to be solved? Well, you’re either taking care of your patients, or you’re educating your patients, or you’re training your staff, or you’re working on your super specific strategies each and every day no matter what else is going on. Some days you may have an hour or more to work on them and some days you may only have five minutes, but you need to work on them every single day.
Plan now on making the new year your breakthrough year, your best every year, your all time high year, the year you generate more joy and more fulfillment from practice than ever before, the year you remember that you were chosen and you were chosen to not play small, the year of service to others and a year of making a difference and knowing that your life matters. How sweet will it be when you look back a year from now and you could feel that special feeling, feeling blessed, great gratitude that you accomplished all of your goals once and for all?
We’ll be back next week with another Thrive in Five just for you.
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