Knowing This One Thing Could Double Your Chiropractic Practice Revenue

Do you run a chiropractic practice? If so, I bet you would love to know how to increase your revenues, right? Well, how about doubling them? And that's just the start.

For the last decade, I've been helping chiropractors and healthcare professionals generate outstanding results. Now, I want to share some of the secret strategies I taught them that will blow your mind.

Step 1: Time Value Principle

The Time Value Principle is the first step in doubling your revenues. This is such an important principle because a lot of newer docs come out of school, and we fall into the trap of thinking we're just exchanging our time for money. That couldn't be further from the truth.

One of the biggest reasons I didn't want to be a massage therapist is that I didn't want to be stuck for a fixed fee for a fixed amount of time I spent with a patient. I wanted to offer something where the value received matched the payment, not just the clock ticking away.

But I got stuck in this early on because I wanted to overcompensate for being a new doctor. I didn't understand treatment planning. My skills were still pretty early in getting the outcomes I dreamed for my patients.

So, I started spending more time with a patient. I would answer their questions right there as I was treating them. I felt like the more I could pour into them, the more value they would feel from me and the more patients they would refer me to. But that was further from the truth than I ever imagined. What happened was patients just began expecting that.

As I started recognizing these problems and ramped up my practice, the demand for our patient slots shot through the roof. Unfortunately, this meant I had to spend less time with my patients, and it definitely bugged them.

They didn't understand why I was shooing them along to move on to the next patient. It did not create the incredible culture within the practice that I wanted to develop with my patients. So, I had to explain and clarify the purpose of these specific appointments and how they could best communicate with us.

By streamlining my chiropractic adjustments for maximum impact and entrusting other skilled team members with the remaining services in the practice, we built a community where patients felt comfortable asking questions. And during re-exams, we dedicated more time to address their concerns.

This approach is incredibly powerful in understanding how patients perceive value. It's not about how much time we spend but rather the outcomes. I make sure to communicate to the patient how our systems work together to achieve these outcomes. It's not just me; it's the entire process. And when you need answers, we have a well-oiled system in place to address your questions efficiently.

In fact, one of the most powerful strategies is to address these questions in a group setting. This way, other patients can also gain insights and benefit from the discussion. It's all about building a community.

That's what I want you to tap into is the time value principle. Stop exchanging value for your time. That is not the business that we're in.

Step 2: Look At Your Average Case Value

Your average case value represents the typical amount you earn when a patient seeks treatment at your practice. Naturally, you'll encounter various types of cases in your practice.

What distinguishes the most successful practices is their pursuit of complex cases. These are patients who require a longer journey with you, undergoing multiple phases of care to achieve their health goals. These cases yield the highest value in the long run.

You're going to find your average case value simply by taking your total monthly collections divided by the number of patients that started care that month. The bigger your data set, the closer to that number you'll get.

Inside our BlueIQ and data-driven systems, we actually analyze and calculate that more accurately for you. And if you're below $1,800, we consider that unhealthy, depending on your new patient acquisition cost. But you're doing a lot of work to generate that $1,800, possibly running a high-volume practice.

If you're between $1,800 and $4,200, that's average. You have a practice that is kind of figuring it out. You've likely got systems in place, attracting more complex cases and building more value for those patients.

Now, if you're above $4,200, you're in a healthy zone. This is a practice that understands the tremendous amount of value you bring to your patients, and you’re achieving this in less time.

Remember, it's not just about time but the valuable outcomes you deliver. And you’ve found the secret sauce to building extremely high case value in your practice.

Step 3: Niche Marketing

Step number three in doubling your revenues means establishing yourself as the go-to expert for complex cases. This is what we call niche marketing. Our goal is to attract those complex cases, allowing you to invest your time where it delivers the highest return for your services.

There are a few steps in being able to do that because you've got to create the identity of an expert known for handling these complex cases. And we don't want you to build the identity around you. We want you to build the identity around your system.

It's your system that unlocks the healing potential in these patients who suffer from this complex condition. That way, you're interchangeable. When you bring in an associate or other team members to deliver your system, the patient outcomes still retain a high level of results.

You've got to create content around that expertise. Showcase the journey of a patient and their incredible transformation. Create a story around your own journey, detailing how you discovered this new way of solving complex cases — how you discovered it, what expertise you gained, what patterns you saw in the patients that allowed you to put these new pieces together that are now generating unbelievable outcomes.

Then it's just a matter of going live on Facebook. Share with your community the remarkable results your patients are having. Conduct interviews with these patients, delving into their struggles before and their newfound capabilities after going through your system. Their lives have changed, and their quality of life has soared. This kind of storytelling is what truly resonates and inspires trust in your practice.

These are the secrets to doubling your profits. Do you realize that if patients knew the outcomes that you were having, your practice’s waiting list would be a mile long? You're just not communicating enough. You've got to shout from the rooftop the results you're getting. That's why you have to go live on Facebook.

Now, we're building a community of data-driven docs who are passionate about understanding the metrics that drive their practices. It’s all about purpose, passion, and profits. As the leader of your organization, the responsibility rests on your shoulders.

But remember, you’re not in this alone. You don’t have to do this by yourself. We have an incredible free opportunity for you to join the FREE Practice Profits Challenge. It's a 3-day, 90-minute-a-day challenge where we're going to go live and give you a tremendous amount of value to help you learn the math behind running a practice by the numbers. We're going to support you, and we're going to lift you in our community so that you can have the success that you've always dreamed of.

This means being able to not only support your own family but also provide for your team members, their salaries, and bonuses, and create the life you've always envisioned. So click here to join, and I will see you on the inside!