3 Keys For A Prosperous Practice In Any Market
We were blessed to open our practice in a recession and turn a profit our 2nd month in business. This is not because we are smart or special. We followed Dr Fred’s formula for massive profitability. This process is simple but not easy and it requires discipline to execute for an entire career. If you will follow these 3 simple steps you too will enjoy a prosperous and stress-free practice.
Step #1: Low overhead
This is the most important step. There are so many chiropractors and coaches the brag about their gross collections but gross is a number on a piece of paper, it means nothing. The number that matters is your net profit. IT IS NOT WHAT YOU MAKE BUT WHAT YOU TAKE that matters. The key to massive profitability is keeping your costs under control. This does not mean to not take your spouse out to a nice dinner or never take your kids to the water park. It does mean you don’t buy 5 cars, 3 boats and 3 houses. I see young doctors spend tons of money on tables and software programs only to spend nothing on marketing and seminars. This is wrong. Your marketing is how people know you exist and without it no one is coming to schedule an appointment.
Step #2: New Patients
There is no revenue if there is, no new patients. The most relaxed chiropractors are the one’s with low overhead and double digit new patients (10 or more) every week. In the modern world it is challenging in most areas to attract double digit new patients every week. There are still a few areas where supply and demand is so far in favor of the chiropractor they don’t have to do much to get high new patients but for the rest of us, you need to get out of your practice and do at least 2 events every month. By an event I mean screening, workshop, lunch and learn or dinner talk. Then it is a must that you dominate google. After about 7-10 years if you are practice ethically and getting results referrals, reactivates and the internet should allow you to do fewer events and continue to prosper.
Step #3: Communication Mastery
You have to maximize your impact on every patient that enters your office. The first key to this is mastering the fundamentals of persuasion and influence. We are starting our communication mastery training next year where we will teach the fundamental skills and techniques for maximum persuasion on each and every visit. As you learn these skills you have responsibility to maintain your ethics and honor. It is imperative you always do what is in the patient’s best interest and not your own. This is what separates our training from most of the others. We teach persuasion with our fear, manipulation or pressure. People hate to be pressured but they love to buy.