7 Best Ways to Increase Profitability in Your Chiropractic Office in a Post Covid World
It must feel great that you now can have patients enter your clinic without masks (if you so choose) and not feel like you are either spreading infection around or waiting for the State Department of Health to write you a ticket and potentially shut you down. Yes, getting back to normal is great, but now you need to go and get your business back up to speed. No more PPP and EIDL loans to bail you out anymore. Let’s look at 7 best ways to increase profitability in your Chiropractic clinic.
Look at putting on live events. We’ve spent 2 years getting used to doing only on-line marketing, and maybe you got good at it. However, there is a large segment of the population who want to get back in the groove of being face-to-face with people. Look at doing events in your clinic such as a “Dinner with Doc” or “Ladies Night” and start getting your current patients and potential new patients intermixing with each other.
Do an audit of your patients. Have you done a deep dive into your patient base to see what kind of results you are getting for them? Is there a common theme on why they don’t complete a treatment plan? Is there a specific lead source that tends to have the highest or lowest patient retention? The more you know about your patients and the common factors that occur with them, the easier it is to make strategic decisions that grow your profitability.
Identify areas where you can increase patient flow. How many patients can you see now in a day? 15? 20? 25? What would you need to do to increase that number? Hire a Chiropractic Assistant? Use technology that speeds up processes? Change your clinic layout? Small changes to increase patient flow can have a dramatic impact on profitability over time.
Increase your prices. Yes, you heard me correctly, look at raising your rates. Some of you are locked into insurance agreements, but if you are part cash or all cash clinic, see where you can raise your prices. And speaking of insurance….
Make sure you are coding properly for billing. When you do your patient audit, look at where you could be billing for services you are already treating, but fail to bill because you miss treatment details.
Measure your clinic performance using Key Performance Indicators: Do you know what your OVA (Office Visit Average) PVA (Patient Visit Average) and CVA (Case Visit Average) are on a weekly and monthly basis? Remember this mantra: “What you measure, you grow.” The more you focus on these key drivers in your business, the better chance you will have to increase them, and thus your bottom-line profits.
Get Co-Pays before the patient leaves. It’s easy to forget to collect a co-pay from a patient, and sure you’ll get the money in the end, but how much time do you lose in collecting cash you could use immediately? Cash is king and getting cash faster through co-pays means you can use that money now to grow your profits.
Even just implementing 1 or 2 of these strategies can have a dramatic impact on your bottom-line profits. Don’t wait any longer. Put a plan together today to make these strategies happen in your clinic.
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