Today I want to talk about something that a lot of Chiropractors know, but very few act on. Most Chiropractors know that having a practice that thrives is possible, but many end up a practice that is mediocre, or even worse, a practice that loses money. I’m here to tell you that this is not necessary, there are ways to grow your practice into a business that shines. A practice that provides massive income, in a way that is leveraged and sustainable, and maximizes the value added to your community. However, the way they do this is by starting with a decision. Will they allow themselves to sink? Or will they invest in a Chiropractic practice that shines?
Let’s talk about playing a bigger game
First off, I want to address one of the concerns I often hear in our industry about making money in practice. There is often a martyr mentality in our field that makes many feel guilty about making too much money in practice, or treating it too much like a business- I would say this is our number one hang up. This hang up makes it not only acceptable to struggle in practice, but almost something to be proud of- I think this is very wrong. When our practice functions like a successful business, it doesn’t only benefit us, it benefits everyone. Being successful in practice benefits our staff by providing them with a more stable long-term position where they will be well compensated, and it allows us to employ more people. Also, when we’re doing well, it allows us to extend our services and provide care for more people in our community, and our patients benefit because we’re healthier and happier. Lastly, running a practice that’s profitable and sustainable allows us to do more for our community- low-income discounts, free adjustments for those in need, and potentially donate part of our income to causes that we believe in. Chiropractors are very well intentioned and giving people, and when we do well it allows us to extend our reach- just because we start making money doesn’t mean our ideals change, it just enables us to act more on those ideals.
Note: To watch the accompanying video to this article, Click HERE.
So, now that that’s out of the way, I want to talk about playing a bigger game. We need to have our eye on the bigger picture. We need a practice that employs a fully functioning staff, where everyone is excelling in their defined roles. We need a practice where we are investing a percentage of profits into educating ourselves and building out systems in the practice. We need a marketing system that works like a machine, where we know that for every $1 you put in, you are receiving two, three of four dollars in return. Once this marketing system is in place, it should reliably produce results that are consistent and quantifiable. We need to set up our practice in a way that allows us to step away for a few days, a week, or even a month if needed. Sometimes we need a vacation, or we need to fly out of town to help out a family member in need, or we have a medical emergency- when this happens we need to KNOW that our practice will function properly while we’re gone. Our practice needs to be quantifiable, and this will happen by measuring every important metric in our practice with precision so that we can see what needs work, and what strategies are producing desired results- without measurement we’re flying in the dark. Lastly, we need to think about the long-term impact of our practice, how is this positively impacting the lives of those in our life and in our community- when you’re doing well the benefits translate to others doing well.
So, how do we get there?
Push yourself to do bigger and better things
The decision sounds simple, yet very few make the choice to invest in a practice that thrives. Once a Chiropractor makes this decision, they start to head down a new path and the wheels are set in motion. The decision to invest in their practice means making the decision to ONLY accept an outcome where they are abundantly successful. Once you focus your mind on only accepting a successful practice, then it’s just a matter of figuring out HOW to get there, and that’s easier than most Chiropractors imagine.
It starts with a framework for viewing our practice that is different than just focusing on survival. Chiropractors need to view their practice as a business and an investment, not just a trade. It’s possible for most Chiropractors to open their practice and just eek out a living, and this the route that most Chiropractors take. However, the Chiropractors that have a successful practice look their practice as a business. They know that they need to scale. They know that the only way they will achieve freedom in practice is if they are leveraging the time of employees. They know that this scaling will require a strategic investment of time and money in their practice. They know that to scale quickly, they will need to have the right marketing strategies in place and wisely invest money in their marketing. They will need to compartmentalize and delegate the right tasks to employees in a way that allows them to step away from low-dollar-per-hour tasks in their practice. When Chiropractors have the right staff and the right practice strategies, they will have a practice that makes more money while also spending fewer hours of their personal time in the practice.
Every Chiropractor knows that they need a solid marketing strategy to be successful in practice, but very few put enough thought into their admin strategy. Successful Chiropractors know that they need to install a solid admin framework- an admin framework that makes everyone’s job clearly defined and more productive. This framework will allow the practice owner to leverage their time and effort, and also the time and effort of their staff members. This solid framework will allow these Chiropractors to have more fun in practice, which will translate to a happier staff and ultimately happier patients.
So, how do we learn how to do all of these things?
We need to invest in ourselves and in developing systems in our practice. If you don’t know how to do these things, then you will most likely need to reach out and find good help. Look for the right business solutions that will give you the right information and actionable steps to implement as quickly as possible. You will need to read and absorb as much information as possible from reliable sources — books, videos, workshops, etc. You will need to commit to making it happen, and do whatever work you need to do within yourself to ensure that you can execute your new knowledge and perspective. And finally, and most importantly, you will need to EXECUTE and measure. All of the knowledge in the world won’t do any good if it’s not acted in. You need to be able to learn and execute on that knowledge immediately, and once that knowledge is used in action, there needs to be a system in place for measuring results. When the results are not measured, we won’t have a good idea of what is working and what is not working. Execution and measurement go hand in hand- this is HOW we have execution with good results.
So, I just want to leave you with an opportunity. If you’re ready to take your practice to the next level and stop looking at it from a survival perspective and elevate to a level where your practice shines, then please feel free to reach out and schedule a quick chat with me. I’m not promising that I’m the best fit for you and your practice, in fact, I don’t accept everyone into my program because not everyone is a good fit, but the only way you will find out is if we have a quick chat and see where your practice is currently at. If I’m not a good fit, I promise you I will point you in the right direction for the proper help you need for your stage in practice- so the phone call will not be a waste of your time or mine.
More private practice growth strategies…
This post has been adapted from the Nexus Executive Academy VLOG.
Dr. Jonathan Hyslop is a practice strategist and growth expert to chiropractors.
After a successful career as a practicing chiropractor owning multiple practices, Jonathan helps fellow chiropractors succeed in the areas of administrative strategy and management, marketing, sales, and stable scalability.