Three Keys to Building a Profitable Practice
FEATURE
Todd Singleton
If you’re like most chiropractors, you probably didn’t enter the profession for the money. You most likely got started because you were passionate about helping people and knew you wanted to make a difference in patients’ lives. So, when you first began your studies, you might not have been thinking much about how you would make this career path profitable. But now that you’re here, you’ve probably realized that it does matter. You have to turn a profit to stay in business and continue doing what you love.
To do this, you’11 need to charge a fair price for your services and monitor your numbers constantly. If you haven’t kept a careful budget, now’s the time to start. To begin, think about how much you’ll need to charge given your existing operating expenses to bring home your desired income. Are you seeing enough patients to reach this goal? Are your expenses too high? When considering operating expenses, don’t let anything slip through the cracks. Make sure to include payroll, rent, utilities, supplies, equipment leases, etc. When calculating your income, pay attention to the differences between what you’ve billed and what you’ve collected. At least once a week, you should look at these numbers to make sure that you’re on track to reach your goals.
■ "New patients are the lifeblood of any practice, so these small incentives are absolutely worth the effort. J J
To reach your income goals, you’ll need to have enough patients cycling in and out of your office on a daily basis. That can be easier said than done! Ifyou’re struggling to keep patients flowing into your office at die pace you desire, you may need to rethink your current marketing strategy. What are you doing to attract patients to your office? How might you improve? Ifyou’re looking for fresh ideas, consider these three options:
1. Patient referral system
If your existing patients are happy with the services they’re receiving in your clinic, they should be willing (and even excited) to refer their friends and family members. But, sometimes patients need a little extra incentive to take the time to do this. To motivate patients to make referrals, it can help to offer a
reward. You might offer a discounted rate on select services, a free product, or a fun treatment add-on (for example, a free five-minute massage with their next adjustment). New patients are the lifeblood of any practice, so these small incentives are absolutely worth the effort.
2. Facebook advertising
If you have any experience with online marketing, you know that Facebook advertising is quickly becoming one of the most important online platforms. Using Facebook’s advertising features, you can hone in on your key demographics and get a huge bang for your buck. Unlike other platforms, Facebook allows you to show your ads only to those who are likely to be interested. You can get a laser focus on the right audience based on several factors—location, age, income level, interests, etc.—so that you’re only paying for your ad to reach those who will consider your business. This way,
you’re not wasting money advertising to the wrong people, and this laser focus can allow you to get in the game with almost any budget.
3. Public speaking
Years ago, when a chiropractor was first getting started, he or she would place an ad in the yellow pages. Today, the yellow pages are mostly obsolete, and doctors are turning en masse to online sources of revenue. The yellow pages are out and Facebook ads are in. Is this type of online advertising enough to bring in the traffic that your office needs, though? ff you want to set yourself apart from the crowd, you need to go one step further and get out in your community to engage in on-the-ground marketing. You need to visit local schools, businesses, and other organizations and let them know that you’re the new chiropractor in town. While you’re there, you can offer to give a presentation (at a later date) on a topic that you’re knowledgeable about. Regardless of the topic you ultimately choose, it’s important to get out there, get your hands dirty, and make a name for yourself in your community.
While running a profitable business may not be your forte, it’s absolutely vital if you want to fulfill your dreams. Ultimately, your goal should be to serve as each patient’s primary care provider. If you’re doing this right, your patients won’t just turn to you to resolve acute conditions. Patients will turn to
* * Are you seeing enough patients to reach this goal? Are your expenses too high? When considering operating expenses, don’t let anything slip through the cracks. 5 5
you for help with general wellness in all areas of their lives. If you’re willing to do the work, you can have a profitable clinic up and running in no time. As you begin to see the profound effect that you have on your patients’ lives, your success will inspire you to make your business even better.
Dr. Todd Singleton, DC, is an author, speaker, and consultant who has been a practicing doctor for morethan 25years. He ran the largestMD DC PTclinics in Utah before switching to an all-cash nutrition model in2006. He created a very successful cash practice in Salt Lake City and now spends his time consulting and visiting other offices all over the United States. Today, he ,’s helped more than 1,000 doctors implement a widevariety of nutritional systems, ranging from simple plug-andplay protocols to full-fledged nutritional programs.For more information or questions on this article, please contact Dr. Singleton by calling 801-903-7141, via e-mail at ContacTafringletonSystems.com, or by visitingSingletonSystems.com.
