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[Chiropractors] Do You Have the 7-Figure Mindset?

[Chiropractors] Do You Have the 7-Figure Mindset?

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David Quon breaks down the most important changes you can make to grow your operation.

Every chiropractor knows that if you work harder, you can help more patients, and make more money.

What if I told you that you could work less and make more, up to $80,000 per month in revenue, or $1,000,000 per year, creating $80,000 per year in extra profit? This is called a 7-figure mindset, and it’s the holy grail for many practices.

It could mean a new car paid off, college tuition, a cabin, or whatever else you may be aiming for.

What is the one forgotten tactic that can get you that level? Let me tell you a little secret about companies in North America that have scaled to millions, if not billions of dollars per year.

What is the one thing they have, that you also have?

A list of patients and customers.

Yes, the bigger your list, the more money you have sitting in your back pocket.

Most Large Companies Make 80% of Their Money from 20% of Their Customers

Why is that?

Without oversimplifying too much, these businesses have mastered the following three things:

  1. Cross-promotion of services
  2. Upsells and cross-promotions don’t involve the executive’s time (just the front end staff)
  3. A massive list of patients/customers. This means more leverage and higher profits due to decreased customer acquisition costs.

Let me tell you about 90% of chiropractic clinics and why they do not make $80,000/month. This is the opposite of a 7-figure mindset. Let’s start with a fictional example.

Dr. Brandon’s Typical Day

The chiropractor (we’ll call him Dr. Brandon) wakes up the morning, grabs coffee at his clinic, looks at the schedule, and see’s that it’s completely full.

This is amazing, he says, as there is no way he could make more money, right? Dr. Brandon is completely busy doing adjustments, health consults, etc. with no spare time. It seems his earning potential is maximized.

He notices his front end staff are busy, however, they may have some spare time. It’s not obvious though if all the work they do translates efficiently to profit. But Dr. Brandon is okay with this, after all, he is the chiropractor and money maker. He also has thousands of patients in his database.

New patients show up throughout the day, sit down and wait for their turn with Dr. Brandon. They see on the wall that Dr. Brandon offers other services such as:

  1. Gait scans (Helps determine the cause of any foot problems that lead to back issues)
  2. BrainCore (Neurofeedback, helps alleviate symptoms associated with depression, anxiety, ADHD)
  3. Massages (Through a massage therapist partner or staff member)

They see the advertisements, but typically don’t do anything about it. They get their adjustment done, as that’s what they were there to do, and then they go on with their daily lives.

The day is over, and Dr. Brandon was extremely busy. He feels good about his productivity for the day.

Dr. Brandon Doesn’t Know That He Threw Thousands of Dollars Out of the Window

He isn’t aware that if he repeats this every day, he is selling himself short and not maximizing his earning potential.

Let me replay this story and show you how the top 1% of chiropractic clinics think. This is the 7-figure mindset in action.

Dr. Brandon’s High-Performing Day

The chiropractor (we’ll call him Dr. Brandon) wakes up the morning, grabs coffee at his clinic, looks at the schedule, and see’s that it’s completely full.

Dr. Brandon: Hmmm … if I’m completely busy, I need my staff to either:

  1. Do activities that make me money but don’t require my time, or
  2. Get more activities where I see patients less but can bill for higher amounts

Dr. Brandon realizes he is really restricting his income here.

New patients show up throughout the day, sit down and wait for their turn with Dr. Brandon. Instead of seeing advertisements on the wall, Dr. Brandon does the following:

Gait Scans

  1. Create a system and process for anyone he meets that does chiropractic with him and he notices pain associated with foot soles. Dr. Brandon’s staff knows to offer a ‘free gait scan’ to analyze their issue. This takes no more time from Dr. Brandon, just the staff, and he can refer out the business and earn $100+ profit per patient.
  2. The front staff segments patients in the database, looking for people who are 50+. These are seniors who often have pain when walking, the perfect candidate for treatment. Dr. Brandon probably has 1,000-2,000 of seniors who could be called/emailed about this new offer. Plus, the staff can see them and help them out. A great cross-promotion that takes no more of Dr. Brandon’s time.

BrainCore

Dr. Brandon: BrainCore is a great way of helping alleviate symptoms associated with depression, ADHD, and other conditions. Essentially, I can meet with a patient twice, do a free consultation, book them in for a $3,000 treatment plan and have a technician do all the work after that. Meet with a patient twice and have them join a $3,000 treatment program, plus, I don’t have to do the work? I should focus on that. I can make way more money than if I’m just adjusting patients each day.

Massages

Dr. Brandon: I’m noticing my massage therapist isn’t as busy as he/she should be. I should use the pink envelope technique (another blog post from DC Hours).  The staff gives each patient a nice pink envelope with a special half price offer for a massage if they book within 48 hours. It doesn’t take up time, minimizes wasted labor, and cross-promotes services. Next visit they can be charged the full price.

The day is over, and if Dr. Brandon can continue repeating this process each day, he’ll make an extra $80,000 of profit this year. He has a couple extra hours of staff training to do, but even if it takes him and his staff 20 hours to do all of this, it’ll still translate to an extra $80,000 of profit this year. $80,000/20 = $4000/hour … that’s what the time spent is worth. He can’t wait to tackle this.

That is the 7-figure mindset, my friends, and that’s how you make impactful and profitable decisions.

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