Unlock Your Chiropractic Practice's Growth Potential: Reach $50K+ Months

Is your practice ready to explode? In today’s post, I'm going to share with you my framework of how to turn your data into dollars and how to blow past $50K collection months. So hang on to your seats because I’ll show you how to do it without burnout and working less!

The reason why I'm so attracted to turning data into dollars is because even back in high school, I found that I really love math. It just made sense to me. I love the framework of how you could figure things out and how there were formulas for figuring things out.

When I became a chiropractor, I took that framework into patient care. I began seeing patterns within patients that showed that we got predictable outcomes if I just put the right frameworks in place with a patient care plan.

The success of your practice really does just boil down to math. It's an equation, and we have found that practices operating below $50K months are typically due to this one metric – the average collection per visit metric. This is a vital metric because it allows us to see per patient visit what you’re collecting on average.

Practices below the $50K mark are typically somewhere between $65 to $85 per visit. You can scale a practice between $25K to $50K in that range, but it's tough to get and stay above that. That also tells me that most of your services are insurance-driven because insurance-driven practices deal with so many discounts that you're doing the work, but you're just not getting paid.

So Here’s How To Blow Past $50K Collection Months

Tip No. 1: Get your average collection per visit above $85

You get it above that, and your whole world changes. You’ll be working less but earning more. You have to measure this metric and obsess over it.

The coolest thing happened when I stopped following the insurance companies' rules about what I could prescribe and started building care plans based on what my patients actually needed. I used their care framework and included services that I knew would help them improve, even if insurance didn't cover them. We worked out payment plans with patients, and they achieved much better results.

So this number is not only vital to helping you, but it's also vital for your patients to get the outcomes that we want to give them and that they're searching for.

Tip No. 2: Start measuring your new patient conversion

I’ve found that most practices below $50K months are not tenaciously measuring their new patient conversion. So the framework is getting clear and measuring every step of your new patient process:

1. Lead

2. Scheduled lead

3. Show rate

4. Completed exam

5. Reappointment for reports

6. Delivering the reports

7. Start rate

We need to know where in this process we have mistakes being made where the patients aren't moving through each step of the process to accept your care plans and move into care. You get laser-focused on that, and you'll be blown away at how your team will improve because that in which we measure tends to improve.

When you guys sit down and strategize how to improve it, devise ways to make sure the patients connect with you so that they begin to see you as an expert and see that your treatment plan is the way.

If patients aren't converting into your care plans, you have not done a good enough job of showing them the value of your care plans to the point where they care enough to figure out how to afford it.

Now, isn't that true in your life? That the things you have to have, whether you desperately want them or it's an absolute need, you find a way to afford them? You just have to work with your patients enough to help them see the value and the life-changing results your care plans will have on them so they are willing to invest in themselves.

It's not them paying you; it's them investing in themselves for the outcomes your treatment plans create. Once you get that concept, you won't just blow past the $50K mark. You're going to blow past the 6-figure mark fast.

Tip No. 3: Back to the math

The last tip is we're just going to do the math so I can show you exactly how this plays out. If you're a practice collecting about $50K a month and your average collection per visit is $55, you'd have to see about 216 visits per week.

Now, that's not crazy. That's totally doable. But I want to show you a framework where you could work less and earn more because we're all about data-driven decisions and working smarter, not harder, at The Data Driven Practice.

So, if we take that same $50K per month but increase your collection visit average to $86 from the $55, we only have to see about 138 visits per week. So, moving from 216 visits down to 138, what would you do with all that extra time? I hope you'll use it to focus on marketing your practice. Figure out how to attract more patients to increase your revenue, not just stay at $50K a month. Aim for those skyrocketing 6-figure months!

Life changes up here, guys. You can have it all in this profession. You just have to apply the formulas. That’s why I love math, that’s why I love patterns, and that’s why I love The Data Driven Practice.

In fact, I'm so passionate about it that we're holding a 3-day challenge called “Practice Profits Challenge.” It’s a free challenge where we bring Docs like you together and put them through a 3-day challenge and help you do the work; the work that's going to put the framework into your practice so that you can scale and earn what you've always dreamed of earning. If you're ready for that, click here, and I can't wait to see you in the challenge!