3 Keys To Growing a Chiropractic Business in a Modern Economy

Times are changing at a pace faster than ever before. In today’s modern economy, trends move quickly, and the chiropractic business owner must be able to keep up. There are many facets to running a business but there are three simple keys that you can implement now to keep your office growing:

1)      Speed – Things are moving quickly and a key to success in the modern economy is the ability to make a quick change of direction. Trends change quickly, patterns change and you must be able to adapt and change. Many times a business is slowly slipping, or at least one part of the business is slipping. The business owners may take months to notice and then sometimes it can be too late.

2)      Tracking –  As a chiropractor and business owner myself; I meet many doctors that only check the bottom line every month, making sure the money comes in. However, the total collections of a practice are just one metric of the business. New patient signups could be slipping, but the collections are fine because some old insurance money came in from two month ago. Next thing the doc knows is that collections drop 30 percent. That didn’t happen overnight- the new patient numbers had been drifting down for several months, but that wasn’t noticed because it wasn’t tracked.

3)      Marketing – This piece needs to be happening on a consistent basis, not just when new patient numbers slip down.  The methods for accomplishing this in a chiropractic office will be the topic of another post but regardless of the amount or type of marketing you do it needs to be tracked. If the docs knew where their various marketing was most effective they could better target their marketing instead of throwing money away with ineffective marketing. This is the modern economy, changes happen fast, and you must react quickly.

The good news is, you own a small business and you can change quickly.  Larger companies cannot change as fast and that puts you at an advantage.  Small business owners have the ability to change, but sometimes aren’t monitoring the business closely.  One of the best practices is to track all key metrics and review them at least weekly.  The problem I found is there aren’t many easy-to-use tools to do this.  There are software packages to do this, but they are limited in that you can only see them when you are sitting in front of your computer.  Also, many print reports, but a color graph is sometimes the best way to see trends. You may also need to manipulate the data, by week, quarter, month, year, etc. to see trends.

I couldn’t find a good tool to monitor my practice, so, I invented one and had it developed.  It’s called iBiz Stats, and it is the world’s only tracking, graphing, and sharing app for Apple® mobile products. It allows the user to enter data for as many key indicators as they choose (clients, patients, collections, jobs), calculates it daily, monthly, quarterly, yearly, etc., and shares them among users. It also allows the user to make custom color graphs and reports, and print them.  For more information on the app visit the website at http://www.ibizstats.com, or find it on iTunes® (https://itunes.apple.com/us/app/ibiz-stats/id564110407?mt=8) To reach the company, or speak with Dr. Fedich, email them at info@ibizstats.com

*Apple and iTunes trademarks of Apple Inc., registered in the U.S. and other countries.