The Masters Circle Global Thrive In Five, where we build the most successful practices through coaching for chiropractors.
*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.*
Hello everybody, and welcome to Thrive in Five. I’m Dr. Dennis Perman, and I’ll be your host for today. Today, we’re talking about chiropractic practice management made easy. Now, some people hear the words chiropractic practice management, and the first thing they think of is software to run their office. Yes, but that’s not what I’m talking about. I’m talking about the actual hands-on management that you have to do in order to create a successful chiropractic practice.
Well, it turns out that a presenter I saw many years ago, a guy named Jay Abraham, who is renowned as a marketing genius, said that there are really three ways to grow any practice, any business, for that matter. You need more new business, more new customers. You need more repeat business, more customers coming back. And you need a good unit sale. In other words, the amount that you charge and collect for what you do. Now, in chiropractic language, this translates new business equals new patients, repeat business translates to PVA, the number of visits that a typical patient comes in, and unit sale, well, that’s your OVA, the amount of money you collect for each visit.
So this formula, the optimization formula that he talks about, is the ideal chiropractic practice management approach. Because if you understand that your money, your collections, are a product of the number of new patients you have, times the number of office visits each comes in, times the amount that you collect for each of those visits, now you have a way of being able to interpret and work on improving your chiropractic practice management. Do you need more new patients? Well, there are methodologies for doing that. Do you need to have people coming in more frequently or stay longer? Well, there are methodologies for doing that, as well. And do you have fee policies that are fair to you and fair to your patient? Well, the fact is, there are methodologies for dealing with that, as well. That’s what I mean by chiropractic practice management made easy.
If you can focus in on these three areas, the number of new patients you see, the number of visits a typical patient comes in, and the amount you collect for each visit, now you have a direct way of influencing every aspect of your chiropractic practice management. Now it turns out that in order to inspire you to learn more about this, we’ve created what we call the practice growth calculator. You see it over my left shoulder. The practice growth calculator is designed so that you can, at no cost or expense to you except for a minute or so, you can find out some very specific and precise measurements about what your practice is like, what your practice is actually doing.
So if you type the word calculator in the comments on Facebook, then you’ll get back the link that you see below my chin, or you can just write it down and you can go ahead and use it. The practice growth calculator is designed so that at no cost, no obligation, no charge to you, you can get back this incredible chiropractic practice management idea, that if you use the optimization formula to enhance your practice, you’ll help more people and you’ll make more money. This is a great thing for you to do.
So what do you actually have to input into the practice growth calculator? It’s really simple. It just asks you how many people you see a day, how many new patients you see a month. It asks you how many visits you see in a week, and it asks you how much money you make in a month. Now, pretty much all of you already know that. It’s not something you have to go look up on your tax return or anything. You already know that data. It’s really simple.
Now, what happens is through some advanced mathematical computations that we design, once you fill out this calculator, you get back information, including your PVA and your OVA. It will tell you how many patients you see on a monthly basis. You already know that. It will tell you how many people you see a day. It will tell you how many people you see a month. It will tell you how often a typical patient comes in, and it will tell you what you make per visit. Now, once you have this data, now you can go ahead and use it to be able to figure out where do I need to improve?
Now, most people default to think, oh, if I just got more new patients, I’d be fine. It’s not true. Because if your averages are not great, then you can have an endless stream of new people and never really quite get to the level you want to be at. The idea is to learn how to make these, all three of these numbers, sing to you. And that’s chiropractic practice management made easy.
Now I’m going to encourage each of you, if you haven’t already, go to the website right below or you can go to the practice calculator link. You got it before. Or just go, there it is below. Or you can go ahead and just type the word calculator into the comments on Facebook and you’ll get back the link. Check it out. This is a gift from us to the profession. We want you to be able to use it in order to be able to identify where do I need to put my energy and attention in order to create the practice I really want. That’s how we get more people under chiropractic care. That’s how we get to serve more people in our community. And that’s how we get to develop and live the lifestyle that we always hoped that we would enjoy.
It’s my pleasure to serve you in this way. Please, please engage the practice growth calculator. You’ll be glad you did. This is Dennis Perman from the Master Circle Global, signing off for today.
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