Chiropractic Practice: Controlling the Pricing Power of Your Office Visit

CLICK HERE to learn how today’s most successful practices use the 6 Essential Strategies.

Chiropractic Practice: Controlling the Pricing Power of Your Office Visit

*The following is an actual transcript for Chiropractic Practice: Controlling the Pricing Power of Your Office Visit. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.*

Chiropractic Practice: Controlling the Pricing Power of Your Office Visit

Welcome to this week’s Thrive in Five. I’m Dr. Bob Hoffman for The Masters Circle Global, where legends are made and legendary practices are built through chiropractic coaching. Today, let’s discuss the pricing power of your office visit. Are you part of the majority in our profession who don’t know what to charge for your visit or basing your fees on what someone else charges or worse, just picking a number out of the ethers?

Or perhaps you haven’t raised your fee in years because you’re afraid your patients will drop out of care or go to someone else who charges less than you do. Clearly business principles and business acumen are not the strongest points for most of us. And what comes into play are your inner concerns and fears.

You don’t want to be seen as money focused as ripping others off. So you go the other way and charge an embarrassingly low fee and then discounted further. At one time, the insurance companies were dictating what you could charge for an adjustment, which is why more and more have made or are making the transition to cash.

They’ve come to realize that it’s crazy to allow a third party to dictate and decide what your services are worth. Dealing with insurance gives you no pricing power at all. Then along comes the joint. And now what they charge for an adjustment is dictating in the consumer’s mind, the value of your adjustment because the joint charges 17, which is even lower than what most insurance companies are willing to pay in the consumer’s mind.

An adjustment is an adjustment regardless of who is giving it or how long or how short it takes to deliver. So please get this. You have no pricing power based on your technique or the time you spend adjusting someone. So what have all the other franchises and the multidisciplinary practices figured out that you now need to figure out?

Well, your pricing power is not based on your adjustment, but rather on the other services you offer, what we call the lifetime patient formula. It is beyond important to finally realize that if you offer the same services that a franchise can offer, you still have no pricing power. And this is a problem and an issue you must correct.

But first you must realize the problem before you could fix it. So you need to think what you can offer that a franchise can’t to their limitation of time and their need to keep their pricing competitive with other franchises. How do you distinguish yourself? How do you create a unique selling proposition?

that patients want and are willing to pay for and don’t continue to fool yourself thinking that franchises only hire chiropractors that aren’t very good or who can’t adjust or that they don’t give good care because none of that is true. Remember that part of our chiropractic philosophy is to be inner driven, not outer influenced.

So stop allowing anything or anybody to dictate what you could charge. Or what you should earn or what you are worth. Stop allowing anyone to lower or diminish the enormous value in your specific chiropractic adjustments or your assessment of the patient or your extensive knowledge or the amazing technology you use to consistently produce miraculous clinical results.

And this is why mastering how to make the invisible visible is so important to document the subclinical findings past pain and why your lifetime patient formula of functional chiropractic plus functional lifestyle intervention plus functional technology is winning the day for many in our profession and helping them serve more and serve better, enhancing their clinical outcomes, building strong patient compliance, generating tons of referrals and breaking records year after year in collections.

You must be willing to let go of the past to embrace the present and prepare for the future. So stop acting like the frog in tepid water as the water gets just a little hotter month after month. It’s time to take control of your fees and what you charge and more important what you earn. It’s time for you to control the pricing power of your services.

It may sound or feel counterintuitive, but I can assure you that when you charge and collect what your visit is really worth, people will pay for it based on the value you create. And when you do, your practice will grow. Your reputation will grow. Your confidence will grow. And your influence and impact will grow as well.

I can assure you that many of the doctors in our program are masters in the art of making the invisible visible in properly utilizing the lifetime patient formula. And as a result have taken back control of what they charge and what they And what they earn of speaking their truth. And this is how they shatter records year after year.

How awesome would it be for your practice? If your patients really wanted to be there, look forward to your care, totally trusted you and realize that continue with your care way past, just feeling better was worth every penny. because you created such enormous value and consistently monitored and managed them.

And how would you feel if these same lifetime patients referred their friends, family, coworkers, neighbors to you because of the remarkable and predictable results that they’ve received in your clinic, regardless of the price. Remember to have what only 5 percent of what the best in class have, you must be willing to do what the 95 percent are unwilling to do.

So quite frankly, important concepts like this and the six essentials should always be part of your daily and weekly training if you’re serious about making an impact and moving in the direction of becoming best in class yourself. If you’re not familiar with these strategies, then start scanning the QR code on your screen right now.

Go ahead, take out your camera. I’ll wait for you. Aim it at that QR code and you will learn so much more about the six essentials. Once you do that, it will show you how to make the invisible visible in your practice and what you’re doing or can do that no one else is doing. The six essentials are a critical piece of the future.

And this is why we’re inviting you to scan that QR code. Go ahead and do it. If you didn’t get it done yet and learn so much more about this timely and important information that To help you refine, modify and improve what you believe and what you take action on each and every day inside your practice.

I need to remind you, the fundamentals have changed. The world has changed. Patient expectations have changed. The business model has changed. And your ability to grow your practice has changed. You need to know what these changes are and what these refinements are necessary and how to implement them properly and effectively starting now.

QR code and I can’t wait to help you in any way possible. Have yourself a great day.


Checkout our other Thrive In Fives

Don’t forget to learn about our Practice Growth Calculator