These Are The Only 3 Ways To Grow Your Chiropractic Practice

todd   2018-05-21   Comments Off on These Are The Only 3 Ways To Grow Your Chiropractic Practice

    There are only 3 ways to grow a chiropractic practice.

    And that goes for any practice – new, old, big or small. Only 3 ways.

    Oddly enough, 2 of the 3 ways have nothing to do with getting new patients.

    These Are The Only 3 Ways To Grow Your Chiropractic Practice

    You wouldn’t know it by looking at what most chiropractors focus on to try and grow their practice… but… a majority of the growth that can occur for your practice, cash flow, and income happens when you focus on the other 2 areas and NOT just on new patient acquisition.

    Even better; as you focus on the only 2 other ways of growing your practice, you’ll see… not just a linear growth in your practice and cash flow… but you’ll see an exponential growth in all areas of your practice.

    Meaning: your practice and income will multiply. Not just grow incrementally.

    Today, I’m going to show you what those 2 other areas are and explain exactly how you can exploit them in your own chiropractic practice.

    First, let me be clear on something…

    I’m in no way advocating that new-patient acquisition shouldn’t be a major part of your overall practice marketing system. Far from it. What I am advocating is that the acquisition of new patients is only 1/3 of the puzzle… and… when you add in the other two-thirds your practice will grow much larger, much faster, and with much less effort.

    So, what are the only other 2 ways to grow you practice (in addition to acquiring new patients)?

    First, is to increase the frequency at which patients visit your office.

    So, let’s suppose… for example… that on average your patients get adjusted 2 times per month (to keep things simple). They come in for an office visit 2 times per month… in essence giving you an average of 2 transactions per month per patient.

    At just 50 active patients… each coming in on average 2 times per month… that would give you a whopping total of 100 patient visits per month.

    If you focused some of your marketing efforts on educating patients about the value of more frequent adjustments, and you increased the average number of office visits per patient from 2 to just 3… you would increase your overall office visits to 150. A bump of 50%!

    50%!! Pretty darn significant.

    You could also increase visit frequency with additional services. For example, you could offer massage. Or nutrition counseling. Or life-style coaching.

    But let’s not stop there.

    The next way to grow your practice is by increasing the “average dollar value per transaction”.

    In other words… if the average office visit is worth $50 to you… your aim should be to increase that average. Pretty straightforward, right?

    This comes through marketing ancillary products.

    For example, if you offered supplements in your office… now… patients could buy their supplements following one or more of their office visits. This would increase… even if just slightly… the average visit value per patient.

    In the simple mathematical example above… if you had just 50 active patients each now visiting your office an average of 3 times per month (150 visits total) at an original value of $50 each visit your total revenue per month would be $7,500.00. That’s $90,000.00 a year.

    If we increase the average visit value from $50.00 to just $60.00 your overall monthly revnenue goes up to $9,000.00. Your yearly take goes up to $108,000.00.

    Now… everything we’ve done so far didn’t involve getting any new patients. It focused on increasing the value of your current patients through increasing visit frequency and the average value per visit.

    When you add new-patient acquisition into the process… and continue focusing on increasing frequency and visit value… your practice grows exponentially instead of just linearly.

    Linear growth occurs when a chiropractor only focuses on one of the 3 “growth legs”:

    1. Get new patients
    2. Increase frequency of patient visits
    3. Increase value of each patient visit

    With linear growth your practice grows in correlation with the increase in whatever single area you’re focusing on.

    For example, with linear growth, if you increase the number of new patients by 10%.. all else being equal… your revenue goes up 10%.

    But… BUT… when you focus on all 3 ways of growing your practice…

    …a 10% improvement in each area produces an EXPONENTIAL INCREASE IN YOUR PRACTICE!

    In other words, an increase of 10% (in each of the 3 ways to grow your practice) and your practice doesn’t grow by just 10% or even %20. An increase of just 10% in each of those 3 areas produces a 30% increase in your practice!

    Let me show you with some simple math:

    Before Example:

    100 Patients
    2 Monthly Visits Per Patient
    $50 Visit Value

    (100 x 2) x $50 = $10,000.00 per month

    $120,000.00 per year

    After Example:

    110 Patients
    2.2 Monthly Visits Per Patient
    $55 Visit Value

    (110 x 2.2) x $55 = $13,310.00 per month

    $159,720.00 per year

    Focusing on, and increasing by 10%, each of the 3 ways to grow your practice… and in the above example you added almost an EXTRA $40,000.00!!

    If you think about it, in the above example, that increase of 10% in each of those 3 areas produced the equivalent of four months worth of work.

    Imagine what kind of overall geometric growth you could experience for your practice if you took the correct actions and increased each of those 3 areas by 12%, 15% or even 20% or more.

    It could be life-changing for you. And, that’s not hype or fluff.

    Just think about it.

    ***
    (Sidenote: this is exactly why it’s so important that you focus your marketing on the education and nurturing of existing patients. Because through this area of your marketing you’ll be able to impact and increase frequency, retention, lifetime value, and transaction size. This is also why we include so many automated “patient-nurturing systems” with the Chiropractic Dashboard (i.e. New Patient Welcome Videos, Multi-Media Monthly Newsletter, Monthly Audio Podcasting program, etc