Growth through Diversification
FUNCTIONAL MEDICINE
Ron Grisanti
D.C., D.A.B.C.O, D.A.C.B.N, M.S.
Introducing a new service into your chiropractic practice generally happens for one of two reasons. The first and most common is cash flow. Many businesses diversify, and in fact, no business is exempt from adding new services and diversifying. As chiropractors, we have spent a lot of time and financial resources, from the moment we entered school to the day we opened our doors to our patients. Chiropractors are no different from any other profession with regards to wanting to be successful. At some point in our lives, we want to own a home, have children, see them off to college, and for those of us with daughters, give them the wedding of their dreams.
It wasn’t until I made the commitment to lifelong learning that I realized my mission. Even today, I continue to leam and study, so I am constantly improving my skills and knowledge. I view that as the best investment for my family and me, and in return the greatest value for my patients and students.
You must ask yourself the following questions. Is this new service commercially viable? Am I good at it? Am I passionate about it? Most successful businesspersons will say that passion is the most important ingredient. Some will say that it is absolutely necessary. If you’re not passionate about something, and the new service doesn’t work out exactly as planned, you are more likely to ignore it and channel your passion elsewhere rather than fixing it.
My brother made a point once about the importance of passion
in business that I’d like to share. He collects vintage Porsches. His passion goes back to my earliest memory of him as a young man. Our discussion was initiated as the market for classic cars hit record highs, and he was telling me about the various businesspersons who were only jumping in for the chance of profiting. He then went on to explain the risk and potential outcome. This is the part of the story that has resonated with me since I first heaid it. My brother told me that he only purchases models that he genuinely and truly is passionate about—those that he has dreamed of owning. He then told me that if the market crashed and the values decreased, that he would be okay because he still loves the car and will continue to get pleasure each day that he owns it. On the other hand, a person who bought a specific model with no emotional attachment to it is at a great loss.
Successful doctors love their work. Doctors who don’t love their work and think that being successful will make them happy may never find happiness or success. There is a lot to be said about a doctor who loves what he or she does each day. A doctor’s passion will be obvious to everyone, including staff and patients. The natural ability to be disciplined and dedicated to the well-being of others always inspires others. A passionate doctor approaches work every day with a sense of worth. A doctor’s work ethic, loyalty, and compassion to patients will bring the practice success. A chiropractor who is more diverse with options and tools is likely to be more successful.
"Diversify or die” is a serious warning to businesses about the
risk of standing still for too long.
It applies to all professions, from chiropractors and MDs to accountants. Just because you have a degree, it does not guarantee a successful practice. You could be the absolute best doctor and the worst businessperson, and chances are that you will fail. However, you could be a mediocre doctor with great passion and be a great businessperson, and chances are great that you will succeed.
So start looking at what your patients ultimately want or need and ask yourself how you can satisfy those demands. Only you can assess what they need. Remember, they came to you because you are their doctor. You must recognize whether your services as a chiropractor are enough to bring them back to good health. If not, they will seek out other methods of treatment.
We all heai' businesses and companies talk about “market share,” but what does it really mean? Some practitioners see it as getting as many patients as possible. This may excite some, but retaining patients is what counts— not how many walk through your doors each day. I’ll never forget healing a successful businessperson say that once people stop referring you, your business will fail. This is so true and applies to all businesses. Can a practicing chiropractor who does not offer other services
■ ^Diversifying with complimentary services for existing patients is less risky than creating a service for a completely new market. 5 5
continue to grow as much as a chiropractor who offers many services? Diversifying with complimentary services for existing patients is less risky than creating a service for a completely new market.
One of the best examples of diversification is McDonald’s. For many years, McDonald’s only offered lunch and dinner. In fact, they weren’t open in the mornings, let alone 24 hours a day. It took an open mind and lots of listening to finally realize that offering breakfast would increase cash flow, growth, and most importantly, market share. It didn’t end there. McDonald’s went on to offer salads, desserts, special coffees, and the list goes on. Your practice is no different from a McDonald’s when it comes to the basic formula of adding new services. Your expenses for rent, utilities, and most other costs stay the same, so why not maximize every hour your practice is open each day?
I have practiced as a chiropractor for close to 40 years. During those years, I introduced several services in an effort to increase revenue and to offer my patients more options toward good health. They certainly changed the bottom line, but they didn’t take my practice to the next level. When I say next level, I’m talking about increasing revenue so much that it changed my life. Look at your office and business model and write down ev-
eiything you offer that is not related to spinal adjustments. Many chiropractors have an assortment of supplements, nutritional books, and exercise/fitness devices. Although related to health, they are not directly connected to the spine in the same way that spinal decompression, cold laser therapy, trigger point therapy, and ultrasound therapy are. Such services are completely in line and on point for chiropractors.
As chiropractors, we are limited to the number of tools in our toolbox. I didn’t realize until the past few years that many chiropractors are already practicing some form of functional medicine. No different from a car mechanic who will not quit until he finds the cause of a leak, many doctors will go to extremes to find the leading cause of their patient’s pain, even if it means recommending surgery or medication. I think the most valuable takeaway I’ve experienced horn offering functional medicine would be the bridge that it has built between MDs and other highly respected medical professions. In fact, I have more MDs studying and practicing functional medicine than ever before. I also have them as patients. They no longer view a chiropractor as a limited source for treatment. Many MDs have enormous respect for us as doctors of chiropractic, but they know we are limited to treatments. This all changes with the introduction of functional medicine.
Lastly, practicing functional medicine requires more time with each patient. Interviews, lab tests, and recommendations are a few things that make up functional medicine. They all help
“I didn’t realize until the past few years that many chiropractors are already practicing some form of functional medicine. 5 5
form a bond between patient and doctor. I believe it’s fair to say that patients become more loyal and leave with a sense of hope.
Successful chiropractors and MDs know that treatments, medicine, and patient’s intelligence are rapidly advancing. Intuitive doctors accept these changes and quickly modify their practices in order to adapt. They educate themselves on the latest studies and breakthroughs, which will result in a very diverse practice. Step back and look at your practice. Listen to your patients. Review their history and discover all the new services that you could offer them so that you can start to grow thr ough diversity.
Clinical Rounds is a great resource for Chiropractors interested in Functional Medicine, and it is afree to them. Clinical Rounds offers doctors an opportunity to read Functional Medicine case reviews and articles. 877-328-4035 /FMUF4elpfcfgmail.com www. FunctionalMedicine University, com www.ClinicalRounds.com (Free Subscription)
