Ep351. Beyond New Patients: 3 Levers to Elevate Your Practice Income. Angus Pyke
Feb 18, 2024
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Angus Pyke, Chiropractic practice expert, delves into elevating practice income beyond new patients. He discusses attracting new patients, increasing fees per service, and enhancing patient retention. The podcast focuses on optimizing these aspects for practice growth and exceeding targets.
Focus on attracting new patients, setting specific weekly goals for revenue growth.
Increase practice income by raising fees per service and enhancing patient retention.
Deep dives
Understanding Your Practice's Current State
To grow your practice effectively, it's crucial to have clarity about your current revenue, number of adjustments, and number of new patients. These numbers serve as the foundation for developing a growth plan. By understanding where your practice stands financially and operationally, you can identify areas for improvement and determine the right levers to pull for growth.
Lever 1: Increasing New Patients
One strategy for practice growth is to focus on increasing the number of new patients. By analyzing your current numbers and setting a specific goal, you can determine how many new patients you need each week to reach your desired revenue target. In the example discussed, adding just two new patients per week resulted in significant revenue growth. It's important to develop a plan and implement effective marketing strategies to attract new patients.
Lever 2: Raising Prices
Another lever to consider for practice growth is raising prices. By charging more per visit, while maintaining the same number of patients and adjustments, you can increase your revenue. Calculate your current dollar per visit average and determine what price increase is necessary to achieve your target revenue. Make sure to assess the value delivered to patients and consider strategies for communicating and justifying the increased fees.
Lever 3: Improving Retention
Retention, or the number of visits a patient makes, is another key factor for practice growth. By increasing patient retention, you can maximize the value from existing patients. Calculate your current patient visit average and set a target for improvement. Encourage patients to remain engaged and committed to their treatment plans. Effective communication, education, and exceptional patient experiences can contribute to improved retention rates.
In this enlightening episode, I’ll take you on a journey beyond the conventional wisdom of merely increasing patient numbers to grow your chiropractic practice.
Through the lens of a fictional but highly relatable chiropractic practice, I’ll unpack the three critical levers for boosting practice income: attracting new patients, elevating your fee per service, and enhancing patient retention.
Tune in to discover how you can not only meet but exceed your growth targets by optimising these three essential aspects of your chiropractic practice.