7 Ways Million Dollar Practices are Crushing it!

Million Dollar Practices

Several years ago I wrote a book called Upper Cervical Practice Mastery, where I examined what top upper cervical chiropractors do differently in their practices to consistently succeed. Since then I have continued to study top chiropractic practices to determine how they set themselves apart.

Million dollar practices are an even more elite group. In the chiropractic industry, practices that are consistently collecting more than $83,333 per month are about 3% of all chiropractic practices. Chiropractic practices can be broken down into the following categories according to a recent survey:

  1. Million-Dollar Practices $83,333 per month or more (3%)
  2. Ultra-High-Performing $60,000-$82,000 per month (7%)
  3. High-Performing $50,000-$60,000 (10%)
  4. Above Average Performing $36,000-$49,000 (15%)
  5. Average Performing $21,000-$35,000 (35%)
  6. Below Average Performing $10,000-$20,000 (20%)
  7. Low Performing Less than $10,000 (10%)

Worldwide there are approximately 100,000 chiropractic practices so there are only about 3000 million dollar practices. To have a million-dollar practice takes a tremendous amount of work and consistency. Today we're going to take a look at seven ways that million dollar practices separate themselves from other chiropractic practices. If you apply these principles consistently you will be on your way to building a million-dollar practice too.

Million dollar practices

#1 Growth Mindset

Million dollar practices are run by clinic directors who expect to win. They have a growth mindset and they translate that mindset to their team. A growth mindset believes that growth is always possible. That there are options. That there are decisions that can be made to improve results. As opposed to a fixed mindset that is locked in a way of thinking that makes you lose over and over.

Million dollar practices have a growth mindset

#2 Consistent Action

Doctors with million-dollar practices take consistent action to produce consistent results. They don't take their foot off the gas because they had a great month. They don't overreact to a bad month. They just consistently apply what works over and over.

For instance, million-dollar practices are committed to consistent training for themselves and their team. Weekly training is a mainstay in many million-dollar practices. They train on all of their procedures and protocols to ensure their practice delivers consistent results.

Million dollar practices take consistent action to create consistent results

#3 Constantly Improving Communication

Million dollar practices are obsessed with constantly improving their communication with patients and each other. They learn new ways to say the things they need to say to patients so that patients understand and value their care. They are constantly looking for ways to simplify their communication so that patients get it.

Phone communication is emphasized. They utilize scripts to ensure that team members are equipped to handle common objections and consistently schedule new patient opportunities.

Million dollar practices communicate effectively

#4 Adapt To Changing Circumstances

Million dollar practices are fantastic at adapting to changing circumstances. They know that there is no status quo. Your practice is either growing or declining. Practices that learn how to pivot in order to adapt to changes in their market are the ones that consistently win.

Million dollar practices adapt to change

#5 Dominate Online

Doctors that have built million-dollar practices typically dominate online in their community. They understand the importance of hiring experts to position their practice as the go-to office in their area. They understand the importance of having a comprehensive digital marketing strategy in place that allows them to attract new patients from a variety of sources online including search engines, social media, video content, online directories, reviews, and more.

If you need help dominating online in your local area give us a call at 1-877-252-1230.

Million dollar practices dominate online

#6 Build Systems

Top practices understand the importance of building systems. They combine a great team with great systems to produce great results. They have systems in place for every aspect of the new patient experience and for interactions with existing patients.

These systems include:

  • New patient phone calls
  • First visit impression
  • Consultation
  • Examinations
  • X-ray procedures
  • Report of findings
  • Recurring visits
  • Progress exams
  • Progress reports

These systems are documented and consistently trained on a weekly basis.

Million dollar practices build systems

#7 Delegate and Outsource

Doctors who own million dollar practices understand they can't do it all themselves. They learn to delegate and outsource so they can focus on their strength areas.

If you want to improve in this area I recommend you do an exercise called "delegate and elevate".

Create an Excel document with four columns and label the columns:

  • Love/Great
  • Like/Good
  • Don't Like/Good
  • Don't Like/Not Good

Then make a list of everything you do in your practice on a monthly basis. Put each of the items in one of the four columns. Then begin to delegate or outsource everything in the don't like/not good column first. Then delegate or outsource everything in the don't like/good column. And lastly delegate the like/good column if possible.

Have your team do this same exercise to determine what they need to delegate or outsource. This exercise can make a tremendous difference in helping you focus on the areas you can bring the most value.

Delegate and elevate

These seven ways may seem simple but they are crucial to building million dollar practices. Doctors who reach this milestone understand that this is just the beginning. There's an even smaller group who reach the level of a two million-dollar practice and an even smaller group who are at $3 million or more.

Top chiropractic practices never settle but instead are constantly looking for new ways to grow and reach more people in their community who are sick and suffering and desperately need hope and healing.

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