Building A 7-figure Chiro Practice - It’s All About Your Mindset
According to Chiropractic Economics about five years ago, less than one percent of our profession was generating over seven figures a year in revenues.
Now, fast forward to today, and guess what? Our data analytic company has been keeping a close eye on these trends, and I am seeing a significant rise in 7-figure practices.
So, I decided to dive deep into the habits of these high-achieving practices. And guess what I discovered? I've unearthed the secret strategies that are propelling their success, and I'm going to share with you exactly what they're doing that is driving their success.
I'm going to be really transparent with you about why I’m doing this. It’s because I want you to have the same success so that our entire profession’s revenues actually match the value that you're delivering every day to your patients. Let’s dive in.
Secret No. 1: Have A Strategy In Place
Strategy is defined as a plan to achieve a very specific outcome, and if your plan is to achieve a 7-figure practice, we've got to get really intentional about what that plan looks like. So it starts with focus.
These practices got very intentional about the type of new patients that they were attracting. They cared enough to invest in their marketing to attract what we call their ideal patient persona.
You see right now, you might be attracting patients with various levels of health complexity. You're spending your time over here and there, but those with the low complex conditions don't have to invest much in their health because, well, it's a low complex condition.
Now, those with the high complex conditions, they're tired of it. Think about their mindset of suffering. They're recognizing that their health is holding them back from doing what they love. These patients are willing to invest time, and resources, and figure out the financial investment that needs to happen to get their health back on track.
I used to think I was just taking their payment, but I shifted my mindset. And guess what? These 7-figure practices have the same mindset shift. A patient isn't just handing over money, they're investing in themselves.
They're paying the price to regain the health they need for the quality of life they want. And that's worth every penny. I often say, those who pay, pay attention.
When someone is ready to invest in themselves, they're ready to put in the effort needed to reclaim their health. You just become the medium. Your practice becomes the vehicle that transports them to that better quality of life.
And when you get really laser-focused on spending your time with your high complex patients, your time generates more revenues. It's just the natural mechanism of a data-driven practice. And I want you to see those revenues by getting focused, by building content and marketing that calls out your ideal new patients.
Now before I go on to secret number two, if you're ready to become a data-driven doc, you need our download, “How To Grow Your Practice With 2-Way Texting”, where we give you the templates and the text scripts that you and your team can use to increase new patient show rates, how to reactivate patients, and how to increase your kept appointment show rates.
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Secret No. 2: Tactics
The tactics are the steps that will follow the strategy. What are the actual things that we need to do on a daily basis to accomplish the strategy? That’s where tactics come into play. It’s all about following the standard operating procedures (SOPs) known by all, and followed by all. Here are the tactics that you should put to work for you.
Tactic #1: Become The Expert For Your Ideal Patients
Back when I was building blueiq in the Data-Driven Practice, the chiropractic community didn't necessarily know me as a data expert. I was known as an amazing doctor, I had built a great practice, but nobody really knew me as a data expert. So, I had to begin creating content and telling people that I was an expert.
Next up, I brought in fellow doctors to tell their stories of how our data frameworks helped them with their success. We started creating case studies of doctors going from $300K to $500K a year, and $500K to $1M a year in collections. We had to get this out into the community to be consumed. So you have to tell people what you're an expert on first.
Tactic #2: Get Others To Tell The Community You’re The Expert
As an example, if discopathy, neuropathy, migraines, or gut health is your expertise, you've got to become known. I want people to come up to you in your community and say hey, you're that neuropathy doctor, or, you're that person that fixes people's really chronic low back pain. That's the kind of reputation you want.
This tactic is a total game-changer when it comes to executing the 7-figure strategy. These 7-figure doctors zero in, laser-focused on creating content and being present in the community. They build a reputation that pulls people in like a magnet.
If you build this strong enough, with enough gravity, patients will be drawn to you. They'll recognize that if they're dealing with a specific issue, they want the best, they want an expert. They're not looking for a one-size-fits-all approach.
They want assurance that they're investing their time and money wisely. Have you honed your skills to solve complex issues? That's secret number two.
Secret No. 3: Mindset
We work with doctors who are sub-6-figure months, and doctors who are now hitting 7-figure months. Can you imagine that? Seven figures month after month? That is possible. It's all about mindset.
First off, you've got to figure out what you really want. There's a clear path, a mindset, that sets apart those 7-figure doctors. They’re laser-focused on recognizing their role in leading the team. But to become that new, capable version of yourself, you've got to invest in yourself.
What are you doing on a daily, weekly, and monthly basis to learn the skill sets of a 7-figure provider? Maybe you need a little boost in understanding the financial architecture of your 7-figure practice or catching up on the latest marketing trends. Are you struggling with hiring the right personalities for your practice?
Look, there are a lot of areas to go down and learn, and that's why we've built the Data-Driven Community to support doctors like you in this educational process. You need to know where to find the info to level up your game and become a 7-figure pro. It's an investment in yourself to become the kind of leader who can steer a team and build a 7-figure organization.
The next piece is you've got to stop fearing failure. This was one of my big hang-ups when I first came out of practice because my dad was such an incredibly successful chiropractor - H. Ronald Frogley, developer of the Thompson Technique, and Executive Vice President to David Palmer. He was a giant!
And five out of six of my brothers became chiropractors, and they were ahead of me. They had built incredible practices. So what if I couldn't fill those shoes? What if I couldn't build a successful practice?
So I had this fear of failure, and it was limiting me. a stepping stone on your way to what does work. Embrace it. I want you to recognize that failure is part of success. In fact, those who fear failure the least, typically become the most successful.
So let it go. Recognize that nobody's really watching you as closely as you think they are. Stop comparing yourself on social media to some of the other practices out there. Just do your thing.
Tap into the community that can lead you to greatness, and be okay with failure. Be vulnerable. It absolutely makes my heart sing when I see the doctors in our community sharing their numbers like, hey, this is where I'm at. What would you guys do to get to this next level?
A lot of times we don't want to share our data because we're embarrassed of not being as successful as others. And that's going to keep us small. So the mindset of success is don't fear failure, be vulnerable. That will open up doors of opportunity for you that you'll be blown away by.
The next most important part of mindset is understanding the operating system of your practice. I was just talking to a doctor the other day who was trying to implement some of these things and was getting frustrated because he wanted instant results.
But think about this, did you learn how to become a chiropractor in one week? Did you make it through school in one year? No. It took you eight years. It's eight years of education, and then you probably got some specialty degrees. Think about that. It takes time to build.
I find a lot of doctors in our profession managing their practice reactively. That means that every single problem comes to you to be solved, which means you're the operating system. This also means you're the bottleneck, and that is the secret formula to staying small.
If you're ready to scale, if you're ready to grow, if you're ready to get big, then you need an operating system that's intentional, that almost heals itself when problems arise.
Imagine a team member struggling with a front desk cancellation skyrocketing percentage, and they self-heal. They know the steps to improve cancellations, reduce them, and help patients stay on schedule. Can you imagine that if it just solved and you didn't have to step in and fix it? That's an operating system.
An operating system is built of four components:
Know the prime mover for the quarter.
Teach the team to look upstream at the process that they need to improve, to improve the outcome - the prime mover or their KPI.
Implement a team scoreboard, which means we know the data so we can see how we're doing. The team needs to see this data. It can't be kept down in a spreadsheet somewhere or in a secret file where we're not talking about it, and we're not engaging in it.
Have a regular cadence of accountability.
When this operating system is in place, it will set you FREE. Don't you want to be free to do the things that you've dreamed of doing? You didn't invest eight years and all this money and education and all this blood, sweat, and tears to be the bottleneck, to be the problem solver.
It might make you feel significant like I'm doing something each and every day. But I see it time and time again. It will lead you to frustration and dissatisfaction. Get your operating system in gear, turn your team into data-savvy rockstars, and watch your practice soar. That's what we're all about here.
If you want to be a part of this community, come join our Facebook group, The Data Driven Practice. It's free, and it is the most powerful community in helping you become the leader that you're capable of. We're here to help you transition from being just an operator to a true high performer.
Ever dreamt of creating that perfect practice you know you have in you? Well, you're not alone. You just need a bit of support and a solid community behind you. I'll be waiting for you inside the group, and as a bonus, you'll get a free data-driven guide just for joining us. Believe me, this guide alone will change your entire understanding of a successful practice. Come get it.
