Chiropractic Practice: How Much Do You Need To Earn in 2023?

Hi everybody and welcome to Thrive in Five. I’m Dr. Dennis Perman and I’ll be your chiropractic coach for today. This week’s topic is how much do you want to earn in 2023? Every year when we come down to the final days and weeks of each year, we have to come face to face with a very important distinction. What level do we wanna play at in the year that lies before us? Now, if you have a very mature practice that’s been doing about the same year after year, then this becomes a relatively easy, uh, task to address. But for those of you who are interested in radical growth, what I’ve discovered is the better roadmap you have, the easier it is to get to where you’re going. So you may wanna establish some specific targets in some key areas, and that will give you the guidelines you need in order to be able to move forward.

So what are some examples? Well, the single parameter that that cuts across almost all of, uh, different doctor’s impressions, is how much do you want to earn? And I think that that’s really important because too often what happens is our money gets relegated to, uh, an after effect. We concentrate on service and well, we should, but it’s completely appropriate to concentrate on your income as well, because I’ve tried to spend good intentions and I was disappointed every time. So it’s completely appropriate for you to focus on how much you wanna earn in 2023. Now, for some doctors, it turns out to be a percentage increase. They want to aim to increase by 10 or 20% or 30%, whatever the number works for you. Others aim for a certain dollar figure, I’m at $300,000, I want to go to $360,000, or I’m in a million, I want to go to 2 million, or whatever it turns out to be.

Now all of these goals are made of something, and your income is nothing more than the number of new patients that you see times the number of visits each comes in your PVA times the amount that you charge per visit your OVA. So your income is easily computed by multiplying your new patients times your PVA, A times your OVA. Now, if you don’t know what your PVA and OVA are, this might be a great place for you to get started. Then you can easily go to the practice growth calculator, and by doing so, you can plug in your current numbers and it’ll give you back a ton of great information, or you can just figure it out because it’s actually fairly straightforward. Your PVA is the number of office visits you see per timeframe over the number of new patients in that same timeframe.

So if you see 800 visits in a month and you typically start 20 new patients, then that means that you have a 40 PVA. 800 divided by 20. Now, the number itself doesn’t tell you that much, but compared to where you believe you want to be at your best, that tells you a lot. So the critical key here is to make sure that you do this by design instead of just by happenstance. When you invest in solving the riddle of your statistics, you’ll be amazed to discover how much more control you have over your practice. You will know intuitively if you need to step up the new patient flow. You will observe empirically if patients are not staying long enough, and you will certainly feel it in your wallet if people are not compensating you with the level that you feel you deserve.

So the bottom line, in order for you to figure out how much you wanna earn in 2023, figure out how many new patients you wanna see. Multiply that by your PVA, the number of visits you expect a typical patient to come in, multiply that by the office. Visit average the amount of dollars that you typically collect per office call, and you will have a nice tidy way of formula of computing what you want your income to be in 2023. It makes sense for you to plan your future, not just to allow it to happen, and this is one of the best ways that you can do it. As always, it’s my pleasure to serve you. Signing off for 2022. This is Dr. Dennis Perman from The Masters Circle Global. Thank you for watching Thrive in Five.

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