By Dr. Michael Perusich
Running a chiropractic clinic isn’t just about providing excellent patient care. A successful practice also adapts a sustainable business model to ensure the clinic thrives.
A thriving practice must develop and offer profitable services that meet the needs of patients while contributing positively to the bottom line. However, there are several things to consider when developing profitable services.
The first step is to understand who will utilize and benefit from the various services. Start by analyzing your patient demographics, including age, occupation, lifestyle, and common health concerns. Are your patients predominantly athletes or office workers? Do you see more pediatric or elderly patients? Each group has specific needs, and tailoring services accordingly can significantly increase profitability.
For example, athletes might benefit from sports injury prevention programs, kinesio taping, and laser therapy. Office workers may need ergonomic assessments, decompression therapy, and orthopedic supplies. Elderly patients could be helped with fall prevention and mobility improvement programs.
Patients often prefer clinics with comprehensive care packages. Along with chiropractic care, wellness packages that offer additional services, such as massage therapy, nutritional counseling, or exercise programs, can provide better results for patients while increasing the revenue per patient. Utilizing a qualified MCPO/MCDO can also create a legal “membership” program for your practice that can greatly increase retention.
Keeping abreast of new technologies can open the door to additional revenue centers for your practice. Spinal decompression, cold laser, dry needling, or shockwave therapy are innovative tools that can set your clinic apart from competitors and justify premium pricing that increases the bottom line.
Leveraging ancillary products can significantly boost profitability. Products such as orthopedic pillows, lumbar supports, cervical traction devices, supplements, or topical pain relievers can complement your treatments and provide patients with additional value.
Provide patients with value-based reasons for why they need these products to help enhance their recovery or prevent further issues. You can encourage more purchases by making ancillary sales part of your treatment plans. Also, be strategic with product placement to increase visibility and create impulse buys.
Focus on strategies that maximize the highest profit margins and best outcomes. When appropriate, utilize staff to assist with service delivery to keep your cost-per-treatment as low as possible. Analyze your statistics to determine the profitability of each service offered, and monitor suppliers for price changes so you don’t disrupt your financial gains.
Efficiency in a clinic’s operations can also directly affect profitability. Optimize scheduling to minimize downtime and ensure that your clinic operates at full capacity. In addition, implement systems to streamline patient intake, billing, and follow-up processes.
Adding online scheduling allows patients to book appointments online, which reduces administrative burdens and no-shows. Automated reminders can also reduce no-shows and cancellations, thus positively impacting your profits.
Solicit patient feedback to better understand their needs and expectations. Use this feedback to refine your services, improve patient satisfaction, and identify new opportunities for profitable services.
Creating profitable services in your chiropractic clinic requires a blend of understanding your patient base, offering value-packed services, leveraging technology, and optimizing operations. By focusing on these areas, you can enhance patient outcomes while ensuring the financial health of your practice remains strong.
Remember, the key is to offer services that meet the health needs of your patients and align with your business goals. Take the next steps by analyzing your current services and identifying areas for improvement or expansion.
With careful planning and a patient-centric approach, your chiropractic clinic can become more profitable while continuing to deliver exceptional care. That’s a win-win approach to prosperity!
About the Author
Dr. Michael Perusich, a former investment banker, is a solutions-focused advisor with over 25 years of success across the healthcare and consulting industries. His broad areas of expertise include coaching, training, content development, and motivational speaking. Dr. Perusich is the CEO of Kats Consultants, LLC., where he and his team offer a unique platform of business knowledge and tools for today’s chiropractic entrepreneur. He can be reached at Kats Consultants by calling 407-308-5590 or visiting Katsconsultants.com.
