Kats Chiropractic Consultants CHIROpulse

189 The Top 10 Things Chiropractors Need to do to be Profitable

• Marisa Mateja

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Welcome to the KC CHIROpulse Podcast.  

This week’s topic: The Top 10 Things Chiropractors Need to do to be Profitable

The KC CHIROpulse Podcast is designed for Chiropractic professionals ready to elevate their practice to new heights, and is hosted by Kats Consultants coaches Dr Michael Perusich and Dr Troy Fox.  Both docs are seasoned experts in Chiropractic care and business development.  This podcast provides invaluable insights and actionable strategies to help you create a flourishing and sustainable Chiropractic business.

In this episode, we discuss:

  • Why focusing on these 10 things can help you be more profitable
  • How creating more efficiency can increase your capacity and revenue  
  • Why diversifying your services can help you improve profits even in a down economy
  • How you and your staff becoming more engaged in the community is important to your bottomline  
  • …and so much more…

In each episode of KC CHIROpulse, we delve into crucial aspects of building a successful Chiropractic practice, covering topics such as establishing a strong foundation, adopting a patient-centric approach, mastering marketing techniques, achieving financial fitness, fostering effective team building and leadership, integrating technology and innovation, and navigating common challenges in the field.

Whether you're a seasoned chiropractor or just starting your practice, the KC CHIROpulse Podcast offers a wealth of knowledge and practical advice to help you navigate the intricate world of Chiropractic business. Join us on this journey as we explore proven strategies, share success stories, and connect with industry experts to empower you in your pursuit of building a thriving Chiropractic practice.

Don't miss out on the latest insights and expert guidance. Subscribe now and unlock the secrets to taking your Chiropractic practice to the next level. Your success is our priority at Kats Chiropractic Business Advisors.

DISCLAIMER:  The information presented in this broadcast is for educational purposes only and is not intended to offer legal, investment, accounting, or medical advice.  Seek the consultation of a professional for advice in those areas. And remember…your results using this information may be different than described.


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KC CHIROpulse Podcast. Helping Chiropractors keep their pulse on success. Thanks for listening.



Dr. Michael Perusich:

10 things every chiropractor should do to make their practice more profitable. Hi everybody. Welcome to the KC ChiroPulse podcast brought to you by Kats consultants and Chiro health USA. I'm your host, dr. Michael Perusich. And I'm joined by my co host with from my co host. My co host is joining me, dr. Troy Fox.

Dr. Troy Fox:

Apparently I

Dr. Michael Perusich:

can't talk today.

Dr. Troy Fox:

No, that's, here's the thing. You don't really have to talk as long as you can share just a little bit of wisdom. All I need is for about 20 minutes or so, and you can go take a nap. I know it's raining down there in Florida as we're recording today. And yeah, you could be a little tired or

Dr. Michael Perusich:

you might call it a hurricane that kept me up all night.

Dr. Troy Fox:

Oh, yeah. Rain, hurricane potato. Yeah. All right,

Dr. Michael Perusich:

just a good old soggy Florida.

Dr. Troy Fox:

Yeah, for sure.

Dr. Michael Perusich:

Oh yeah. So I, I thought this would be a really interesting topic. We've got a lot of stuff going on with the economy right now. And it's an election year and those are always contentious and. I think sometimes it's just a good idea to get back to thinking about just that the profitability in your practice, we think about good patient outcomes all the time. We think about taking care of our staff. But, bottom line, we're in business for profitability so that we can stay in business. So I thought it'd be good. I thought we could just come up with this process. Thanks. Top 10 list, if you will. And the first one I'm going to throw out there is something you and I talk about all the time and it's about setting clear goals. You got to have goals. So Troy and I are big

Dr. Troy Fox:

on goal setting. You can't fly by the seat of your pants because you have, it's like flying by instrument in clouds without instruments. If that makes sense. In other words, you have no idea, put your parachute on because you have no idea which direction your business is going because you're not following the metrics. You have no idea where you want to go. Yeah. So you're

Dr. Michael Perusich:

completely disoriented.

Dr. Troy Fox:

It's literally, it's a world map. That's what you're setting big

Dr. Michael Perusich:

world map. You know where you're going. So Troy, a lot of docs tell me I, I don't set goals and I'm like, okay, why not? I don't really know how. Okay. You guys, here's the simplest way to set a goal. Okay. Figure out how much you want to make. What do you want to make this year? 150, 000, 200, 000 and be generous to yourself. What do you want to make? Okay. Now take your collection visit average. And divide that amount you want to make by your collection visit average. That's how many patients you need to see to hit that goal. Okay, now divide that out by 12. That's how many patients you need to see a month. Divide that by four. That's how many patients you need to see a week. Divide that by, I think the average doctor works four days a week. We're a bunch of slackers to only work four days a week.

Dr. Troy Fox:

Yeah.

Dr. Michael Perusich:

So then divide that number by four. That's how many patients you need to see a day. You can take it all the way down to here's how many patients I need to see per hour. That's your goal.

Dr. Troy Fox:

It makes it easier when you do that too, because it puts it in a bite size fashion where you go, Oh, that's not that much,

Dr. Michael Perusich:

right? It's not,

Dr. Troy Fox:

it makes it a quicker and easier goal to achieve that way. You can put a shorter time period for you to achieve that goal. Once you realize what it really takes.

Dr. Michael Perusich:

Exactly. So I'm just going to do quick calculation just because I like playing with the calculator. Sure. So if I do what I just said. What do we work about? Six hours a day. You need to see eight patients per hour. Doctors. That's not even busy. Eight patients an hour and you'll make 150, 000 a year. If your collection visit average is 65, which is about the average right now that we see. So anyway, that's one simple way to set a very easy goal. But there's one other component to goal setting and it's you have to share it. So you can just keep it to yourself and expect your entire team to know where you're going, because Troy said, they're going to be flying without instruments if that's the case. So we've got to share that goal and we've got to get everybody on board with it.

Dr. Troy Fox:

And I'm going to add number two in because number two kind of ties in with number one. You also have to know what your costs are because for me to set goals, I can say, you know what? I want to. I want to bill out 400, 000 this year. And let's just say that I'm in a really expensive shopping mall and a really expensive city and a real expensive neighborhood. And I also just spend money just to spend money. And my expenses are 480, 000 a year. You might be in trouble. So you need to know what your costs are and you can do two things with those costs. Once you know what you're fixed and an average of what your monthly costs are. Once you have an idea, Hey, here's what I did last year. So we can break it down again, monthly, weekly, whatever you want to do. So far as your Costco, but here's, what's important about doing that. You look at it and you go, number one, are we lean and mean, have we done everything we can do? And we could get into the depths of this buying, in bulk when prices are low and, cutting back on certain products or price shopping, I'm not going to get into all that, but what I am going to say, look at your costs, see if you could reduce them. If you can reduce them, fantastic. It's your goal doesn't have to be as high for you to make as much profit. So it's really the margin. When you start setting goals, you're setting a number based off of what your costs are. And what you want to make, you want the you want that extra piece of pie, right? So if you can reduce your costs, that piece of pie doesn't have to be quite as big for you to make the same amount of money. In other words your ceiling can be a little bit lower. So costs and goal setting go hand in hand as we're working with that.

Dr. Michael Perusich:

Financial goals and understanding our costs. Absolutely. And when it comes to costs, you really should even know what your cost per patient visit is. That's hugely important

Dr. Troy Fox:

because,

Dr. Michael Perusich:

and I'm not even going to get into that. I'll save that for another, that's another day. So we need to take a little break here, hear a quick word from our sponsors. We're talking about the 10 things every chiropractor should do to be profitable. We'll be right back.

ChiroHealth USA:

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Dr. Michael Perusich:

All right, everybody, we're coming back into the KC ChiroPulse podcast, and we're talking about the 10 things every chiropractor should do to be profitable. And Troy, we started talking about financial goals, started talking about understanding your costs. Here's number three, develop a strong online presence. Here's I can't remember exactly the stat, but it's a staggering number of how many people are on social media every day. And, many years ago, when Back in the day when we did spinal screenings and things, what did we do? We looked for those events where as many people in the community would be there as possible. Guess what? You want to go find people in your community? They're online, they're on social media. So we have to have a good presence there. So got to make sure that our website's working that we're active with our social media, that we're posting, that we're engaging with people with comments and those kinds of things along the way. And it doesn't have to be anything major. And I see what, in my opinion, for a lot of docs. Is a little bit of a expensive mistake and they're hiring companies, spending a lot of money and posting things. Social media is about being organic. It's not about being a commercialized product, at least in our business. It's about using social media to put yourself out there. So people see your personality and can engage with you. And when they're like minded, that's when they're going to be that patient who stays, pays, refers, and believes in what you I'm going to give you guys a little

Dr. Troy Fox:

tip because I'd made that mistake of paying five or 600 bucks a month. And I, you know what I got out of it? Static posts and cartoons is horrid. It was hard. You know what I figured out? I figured out that the 21 year old that works for you knows more about how to market your practice than you do. So if you have young men or ladies working in your practice, they are an absolute asset. And if you ask them to help you with that, their eyes are going to light up. They're going to, and here's the thing. The first time I asked, I said, Hey, can you do this? And this five minutes later, it was done. It would have taken me an hour. So you have staff that you could literally pay a couple extra hours a week and you start doing the math on that. Yeah. You're like a quarter of what it would cost. And that staff member can walk around, do some videoing. We're actually going to do one. This is a fun one. I challenge all you guys to do this a day in the life of the doctor. So

Dr. Michael Perusich:

we're

Dr. Troy Fox:

going to do a time lapse video of me when I come in the morning. Cause I have a little routine I go through and it's pretty cool. Tribal it's I come in, I set my 18 drinks down. Cause I usually have like my energy drink and I've got my water and I got a little coffee and then I got an afternoon booster. I've got,

Dr. Michael Perusich:

what do you come in with a

Dr. Troy Fox:

cart? Pretty much I should, I carry them all in my arms and then I turn my music on. I get my table up because I'm only running out of one room right now. Now that's a whole different topic because when you talk about being able to see more than eight patients an hour, it's a challenge in one room. I will tell you that we're just having to model rooms. I do. The problem is it's my office is so cut up. It looks like a, it looks like a 1920s house with about 18 rooms in it and a thousand square feet. And no closets, tiny little rooms anyway. So when I come in, I go through this routine. So that's one thing that we can do. That endears people to you because quite frankly, putting up a cartoon, that's fine every once in a while, there's nothing wrong. Cause we all find cartoons funny. I like some good cat or dog cartoons. I like some people posted like some really funny chiropractic cracking bending people in a pretzel kind of that I found hilarious and I posted, but you also want to make sure that everything that you post, if you're able to brand it. Okay. That's important. Brand everything you do. And then the next thing that you do, once you do that little ditty, is you start getting involved in your community. You still, even though you're not doing spinal screenings, you get involved in your community and here's how you do it. What do you like to do? I love to play golf. Guess what? I'm very engaged in our local golf courses, our local golf community and what's going on with them. And they know me as a result of that, because I'm around. So what do you like to do? What do you like to be involved in?

Dr. Michael Perusich:

And that's great for community outreach which is another thing that you need to be doing is like Troy said, finding something that you enjoy doing. I enjoyed sports as well, but I went out and I coached and so I became very well known in the little league and then the competitive league soccer world in our town. Because of that, everybody knew me. They'd see us out at the games and those kinds of things. They want to know how the team was doing. And those are great ways to get involved in your community. Cause here's one thing that people expect from doctors expect you to be giving back to your community. There's great ways to do it. You can join a board like boys and girls club. You can volunteer for. Fundraising activities or, 5k runs or those kinds of things, but find things that you can get involved with out in the community.

Dr. Troy Fox:

And things that you want to do anyway, because you're short on time is, you're short on time. You've got, you spend a lot of hours in your clinic. So if you're going to outreach, it might as well be something you're interested in. That's why I'm involved from the golf side. I'm, I was just, I'm working on the Titleist performance institute certifications right now through Palmer college. Very cool. If you're a golfer

Dr. Michael Perusich:

the test is really hard.

Dr. Troy Fox:

I think I might've told you that it was a bit of a bear. It was almost like taking boards really fun, but it's pretty cool. But that's our number four is being engaged. So you don't get a hard pass on being involved in your community just because we're not doing spinal screenings. What you get a hard pass on is sitting at Walmart. Getting getting the hand to the face and those clients that maybe otherwise are really great people going, I'll take a pass today. And you're like, Oh, I feel like a cheap 2 shoe salesman right now. And we've all been there. We did that.

Dr. Michael Perusich:

Yeah, do something that you enjoy doing, I enjoyed giving health talks, and some of you are thinking, oh my gosh, I would never go do a health talk. That's fine. Go do what you like to do that way. You'll enjoy the process.

Dr. Troy Fox:

You can even do them in your office, inviting people into your office for a brown bag lunch to give health talks. And I've already been approached this year by our chamber of all places saying, Hey, would you guys be interested in hosting and doing like a health talk? Yeah. Oh Hey, you know what that, I might be able to make time for that. So yeah, that's number four, get involved in your community.

Dr. Michael Perusich:

So number five, focus on the patient experience. Patients need to have an exceptional customer service experience. And this is getting to be more and more of an issue. It I'll be honest, it fallen off for just a little while around the pandemic. Although you probably noticed if you are really staying connected during the pandemic to your patients, your practice did really well. So this whole idea of service though just in general got lost. And if you come out guns blazing with over the top customer service and you're creating a great experience and not just you doctors, but you and your staff. If you're creating that experience for people, they'll want to come back. They'll want to come and just watch you burn. Yeah.

Dr. Troy Fox:

If we're honest about this docs don't get such a big head. They're going to love the staff more than you. Anyway, my patients are like, I love coming in here and I know it has nothing to do with me, but I'll tell you what it does have to do. Here's the other side of this. Yeah. There's the people side. We want to be warm, welcoming, caring. We want to genuinely listen to our patients when they're struggling. We want to respond to that. We want to be there for them because we care about them. The human experience we're in this because we love people, right? Yeah not because it's a financial decision. So I want you to be engaged with your patients. Here's the other thing. Sights, smells, sounds. So it's as simple as. Sites. In other words, when you walk through the door, you guys have heard me harp on this for years. I don't want to see dead plants in your waiting room. I don't want to see trash. I don't want to walk over to your waiting room table. And there's magazines from eight years ago. You should have chiropractic materials, some Chiro TV. I'm going to give them a plug. Chiro TV is what we use in our office. We have a marketing plan in place where people learn things when they're waiting in our waiting room. So site smell, it's really easy at the front desk and in your adjusting and therapy areas to do some essential oils. My patients love it. You know what they say? Oh my gosh. So relaxing. When we come in here, the light soft. It's beautiful inside your clinic. We painted, we've changed furniture. Some of it, I bought at consignment stores, very cheap site, smell, sound. What do we want to do? Do we need Van Halen playing in the background? No, here's what we need. We need jazz music. Or we need your favorite. Hey, listen, some of you love, listen to K love top, top 40 Christian.

Dr. Michael Perusich:

We

Dr. Troy Fox:

pick different days. Some days we pick jazz instrumental music, and then the girls finally get tired of me playing that because I could listen to that 24, seven, three 65, and then they're like, Hey, can we play K love today? Absolutely. I love K loves music too, but listen. What you want to listen to is something that's positive and encouraging. That sounds like Caleb positive, uplifting and encouraging. But we want music that people sense relaxation with. So sight, smell, sound. So

Dr. Michael Perusich:

when you talk about smell, I just tell you guys a little story. So we had a day spot that everybody in town loved and it was just around the corner from us from our clinic. And so we went to them and said, what are you guys using in here? Your essential oils that smell so good. Yeah, we started using the exact same one in our clinic and people noticed it.

Dr. Troy Fox:

Yeah,

Dr. Michael Perusich:

and they loved it. So they got that same kind of vibe that they had over in the day spa and it was just a perfect fit

Dr. Troy Fox:

and it's so easy to do. Oh my gosh,

Dr. Michael Perusich:

it's so easy to do. All right, number six. Yeah, lead your patients. Get rid of the PRN mindset and lead your patients. Do your patients need to be on a treatment plan? Put them on a treatment plan. Explain to them why. Explain to them the value of it. Do they need to be on maintenance care? Great. Put them on maintenance care. But don't do one visit at a time. If you need them to come in every three weeks, tell them, I want you to come in every three weeks. If three weeks isn't working, tell them, I want you to come in every two weeks, be the leader. Patients come to see you because of your expertise and your knowledge and how your clinic smells.

Dr. Troy Fox:

I want to highlight your verbiage on this that you've said many times over, and I've started actually adopting your verbiage. Don't get a big head, but I use it in my office. I love the term cadence of care. Yeah, cadence of care patients understand that when you talk about, we're trying to find I'll talk to a patient as we're ending an active treatment schedule. Okay. Our goal now is to find a cadence of care that your body accepts. And fits you for the long term. And then is when I also talk to the patient and I remind them again, I have two rules in my office. One, I work for you too. We work together as a team. So I'm going to lay out the options for you and you're going to then either agree or disagree with me. And we're going to come to an agreement on what that cadence of care should be for you. Does that sound good to you? And they're always like, yeah, great idea, doc.

Dr. Michael Perusich:

Yeah. So be the leader, whatever the cadence of care they need, recommend it. If they don't understand it, explain it, but get everybody on board with it. That's why people come to you and make sure your staff is on board with that. Your staff. I should be scheduling out the entire treatment plan, not one visit at a time. And it's nails on a chalkboard to me when I hear a staff person say to a patient, when did the doctor tell you they wanted you to come back or when would you like to schedule or would you like to schedule? No. Everybody in the office knows what the cadence of care is.

Dr. Troy Fox:

Yep, absolutely. And if that's a situation where you haven't put something down, they should come back to the doctor. I don't care if you're with another patient because I've done it. I've patients off to the races and I forgot, we just discussed what cadence of care we were going to do. And I'm so scatterbrained sometimes I'm like, okay, I got another patient waiting. Okay. We got to go. I'm looking at the clock. All right. I got three minutes. I'm a three minutes ahead right now. And I don't write it down. Okay. Staff comes back in, Hey doc, just by the way you didn't put anything down. When were we going to see this person again? So they come to me, they don't come, they don't ask when I first bought this practice, guess what the patients would come up front and the staff would ask them, when did the doctor want to see you again, and some patients would say. I'd like to come back in a week and some of them would say something else. I won't even get into that. But,

Dr. Michael Perusich:

Here's the number one thing you trip in a patient's brain when you ask them, when does the doctor want to see you back or when do you want to come back? Here's what their brain says. I don't know, I'm not the doctor, so I don't know what decision to make. So I'm just going to say, I'll call you. You hear that in your office out there, docs, that's what's happened. They're saying, I'll call you because we're triggering remark. So change what you're saying at the front desk, make sure front desk knows what the cadence of care is going to be. Your stat,

Dr. Troy Fox:

your staff is also triggering that when they say, would you like to schedule or would you like to reschedule an appointment human nature is this? Nah, I'll just call you here a little bit later. I'm busy right now. Yeah. If they don't know what to

Dr. Michael Perusich:

say. The natural reaction is I'll call you.

Dr. Troy Fox:

And so literally now you've just made a whole bunch more work for yourself, or you've created a situation where that patient now doesn't get care for six months. And then when they do come back, they're like, ah, doc, I just got busy, blah, blah, blah. Half the time that's what happens. And then they come back and then they end up under more care. I'm trying to save you money, not spend your money. I think it's way cheaper to maintain than it is to get you back

Dr. Michael Perusich:

there. Absolutely. Yep. Absolutely. And I mentioned the PRN mindset. You got to get rid of the PRN mindset. Don't tell patients, Hey, come back when you need us. It's the same trigger. They don't know how to monitor themselves. Other than what pain, but that's not what we're about. We're good at getting people out of pain. I get that, but we're about function. We're about long term function. We're more about that chiropractic lifestyle of function and wellness. So telling a patient come back when you need us is basically saying to the patient, my doctor just quit me. My doctor just quit me. So don't do that. So we need to take a, another quick break. We're talking about the 10 things that chiropractors need to do to be profitable. Remember, we're talking about being profitable here. So we'll be right back.

Kats Consultants:

Kats Chiropractic Consultants, your partner in chiropractic success. We are dedicated with one on one guidance to bring you all your practice management needs. Let's supercharge your practice. Give us a call today.

Dr. Michael Perusich:

All right, everybody. Welcome back to the KC ChiroPulse podcast. We're talking about the 10 things chiropractors need to do to be profitable. And 10, but we're diving deep into this. The next one that I want to talk about is streamlining your procedures. So docs, I'm going to ask you one question. When was the last time you analyzed your procedures from the standpoint of why do we do it this way? Is it just because we've always done it that way? Is it still effective? Can it be trimmed down? The more we can streamline, the more efficient our practice becomes and guess what efficiency leads to profitability. So go through all your procedures with your staff. You have to do this with your staff. We called it in our practice, we called it a game called what's dumb around here. And we'd have everybody think about this before a staff meeting and have everybody bring some ideas to the staff meeting and we just go around the table. What do you see that's done that we do doc? Why do we do this? It seems like just a bunch of extra paperwork. Cause it's also on this paperwork and we're just repeating, Oh yeah, you're right. Let's get rid of some of that. What did we do? We just streamlined the process and in doing so become more efficient, which leads to more profitability. And how does it lead to profitability? One simple thing, it increases your capacity. You now can see more patients.

Dr. Troy Fox:

That is absolutely true. And so as we add to that, I'm going to add the next building block onto this, which is number eight. You need to invest in staff training. So if we're going to put procedures in place, we have to know that they're effective and that everybody knows what they are and how they operate, and sometimes staff training may do, and I'm going to give you an example. So I decided last week. That we're going to go through our intake form as a staff. Now, is that because I need their input on what questions to ask? No, but you know what I found out from my staff? They have no idea why we're asking the questions we're asking, right? So is it important to them? Is it critical that patient fills that out completely? No, it's a pain in their butt. Cause patients don't want to fill out intakes, right? Oh, so there's a disconnect. My staff doesn't realize how important I find that intake to be. Okay. And so they are on opposite polar ends of how, whether we need to get that filled out or not. And if a patient doesn't fill it out I guess it's not that big of a deal, but the doctor said they can't see that he can't see them or that they can't come into the clinic without filling it out. And he wants it filled out in advance cause he'd like to review it, but we don't understand why it's dumb. So those are little, little stupid things like that. I say stupid because. I never realized that my staff had a disconnect with me on. Something as easy as the intake. So I think it's important that you can go through intake. You can go through exam. You can talk about the decision tree with staff. Then you can talk about mundane stuff like how do we handle a phone call from a disgruntled patient or whatever, but you should have a procedure for every one of those things.

Dr. Michael Perusich:

Tell a funny story. It's not really funny. It just shows you how stuff like this gets away from you and how important training is. I had a staff person that worked for me for almost a year. And in a staff meeting one day, she says, I noticed that you treat a lot of like wrists and elbows. I thought chiropractors only worked on the back. Oops, wake up. I forgot the training. Yes, we do extremities. It's just those little things. So make sure you're spending the time to empower your team. It's incredibly important. That's what training and development does. Here's the other thing it does. It helps you retain really good key employees as well. So make sure you're taking the time cause it's part of the Bible of being profitable. Next item, make sure you monitor your stats. Your key performance indicators are huge in telling you where your practice is at from a profitability standpoint. And you guys hear me talk about this all the time. I'm big on stats. Because number one, stats never lie to us, but we can use stats to model where our successes are. And we can very easily and quickly see where our failures might be happening. And we can find them sometimes through our stats, we can find those issues before they become really big problems and get them corrected. So your stats, are incredibly important. And when I'm talking about stats and try, I know you agree with me on this. We're talking way deeper than just looking at services, collections, patient visits and new patients. Your stats go way beyond that. Start thinking like an entrepreneur. We monitor about 38 different statistical points for our members at Kats consultants. And in doing so, we're able to target certain things were able to target and target it. Where problems may be happening like I mentioned a second ago, but more importantly we can look and see where the practice is headed Is it headed somewhere good, or are we headed towards the cliff and we need to take a left turn somewhere?

Dr. Troy Fox:

And I think some of you folks are unfortunately afraid to put your stats out there because it's you're hiding behind the veil. You want to be in the dark. Yeah, because you don't want anybody to know that maybe you're not doing as good as your buddy down the street, or maybe you are doing better and you just don't know it, maybe your buddy down the street's not telling you the true story about how many new patients he saw last month, cause people are, Hey, how's your practice do it? Oh man. I saw 32 new patients. Yeah. Hey, I don't care how many new patients you saw. You know what I care about patient visits is a good number. And that's, we won't get into all these today, but here's the thing. If I understand your stats. I can help you. Before you get in a bad spot, if I don't, you're just going to drive off the cliff in the dark. And then when you crash, you call us going, what in the world's happened. And now it becomes a crime scene. And I hate it. I hate it when it does that. I don't want it to become a crime scene. I want to Sherlock Holmes through this thing, because what we're KPI, right? Key performance indicators. That's what we want to look at. I want to look at your KPI. I don't want to look at a crime scene and try to figure out who killed who.

Dr. Michael Perusich:

And it's not the crime.

Dr. Troy Fox:

Yeah. And fortunately it becomes that a lot of times. So let's make sure we're getting our stats turned in. And the reason I jumped in there is because if we allowed Dr. Perusich, this would be like a four hour discussion because he loves stats. And I, you know what? I love them too, but I get it because you have to realize Dr. Perusich's background was in numbers. He's a numbers guy. He realizes numbers don't lie. So do your stats. If you're not a client of ours and you want to find out what it's all about. And you're like, how in the world do you guys do 38 different things? Call us and see, you can find out what's going on. Now let's talk about this last one. Let's talk about diversifying. Your income stream. And I don't mean open a convenience store next door to where your practice is at. You could, that's an option. And there are some towns, like if there hadn't have already been like a cool coffee shop in the town that I was in, I might've thought about doing something down the road with that. That's one diversity of, but guess what? You can do things inside of your practice that cost a lot less than build out and opening a coffee shop and hiring a bunch of staff, right?

Dr. Michael Perusich:

What

Dr. Troy Fox:

can we do? Oh little different income streams within chiropractic. Now, if you open all the different chiropractic magazines, and I was just looking at one the other day, there are page after page of income streams, right? Some work, some don't, some you don't know anything about, and they tell you, you're going to double your income in three weeks. Those are the ones I'd probably be careful of because that seems to be a bit aggressive with the, it might be, you might. You might be able to, but you might, but let's investigate every one of these. And there are some simple ones that tend to work pretty well. Decompression is one that works pretty well. If you don't have it in your office, cold laser works pretty well. If you don't have it in your office, rehab works pretty well. If you don't have it in your office, there are some good old gold standard standbys, and then there's some additions. Like I have a infrared sauna in my practice. Does it make a ton of money? Yeah. I don't know if it makes a ton of money and maybe I don't market as well as I should, but the patients that use it love it. And it's a really nice add on. Now, here's one that we're looking at right now that I think is interesting. IV therapy. It's become, yeah, it's everywhere. But if you talk to the folks that are doing that actually do some of the IV therapy, the companies that provide it for you. They'll tell you if there's not a person in your town, in a smaller town, and there's one 10 miles away, that doesn't matter, people are still going to come to you. It's the same principle as people really aren't going to go more than about what couple, three miles away, especially in a metropolitan area, the tighter it gets. The smaller, the mileage of how big your circle is, they're going to go outside of, so that's another thing you can look at, but do your homework on all of it, figure out what you got to do. We just did all the discovery on what do I need to do? I need a clinic director. I got to have somebody that can do the IVs, how many hours a day, so you got to, then you start doing a cost analysis to figure out what does it actually take for me to make money at this?

Dr. Michael Perusich:

Is it more work than it's worth? Yeah. So don't get shiny syndrome. Yeah. shiny thing syndrome and just go out and buy stuff. You have to analyze how am I going to make this profitable? And there are a lot of great diversification services that you can get into. There's especially things that don't put a lot of extra work on the doctor

Dr. Troy Fox:

that

Dr. Michael Perusich:

staff can drive and having staff drive. Some of your revenue is a great way to make your clinic more profitable. So make sure you get with a coach that can help you identify how profitable can I make this? This and is this a good idea for my practice? But as we see this economy tighten up, which it looks like it's one of the things, and this might be a little counterintuitive, but one of the things that you can do to keep yourself profitable in a tightening economy is to deter, is to diversify your practice and open up some channels where you have more things, more ways in which you can help people in your community that attracts more people in more people, gains, more referrals, et cetera. So that's one One of the great things about diversifying your income streams.

Dr. Troy Fox:

Yeah, for sure. And remember this, there's not one income stream out there. That's a plug and play that I'm aware of. Every income stream out there requires some input from some level of somebody in your practice to make it happen. Dr. Proust just talked about taking the pressure off of you. I think that's great, but you'll have a staff member is going to have to do it. So guess who's going to have to supervise that staff member. You're still going to have to be involved. So don't think that this is a plug and play. I wish it was man, if there were some plug and play diversified income streams, we'd all be doing them.

Dr. Michael Perusich:

That's a horse of a different color. That's for sure. Oh yeah. Yeah, for sure. All right, everybody, be sure to like and subscribe our podcast. The button's down here somewhere. We appreciate you guys. It's because of you that our podcast is growing so rapidly. I'm just blown away by how fast it's grown. So we appreciate you all listening. If you haven't done so yet, go to Kats consultants dot com and see all the great things that we're doing to help our members build very profitable practices and practices that they enjoy practicing in. So from all of us here at Katz Consultants, we also want to thank ChiroHealth USA. We will see you all next time.

Dr. Troy Fox:

See

Dr. Michael Perusich:

ya.