November 2008

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Recession proof your practice with added revenue

The economy and nation are in trouble. A recent Chiropractic Economics poll confirms that chiropractors are being affected by the financial problems as well. Luckily for chiropractors, downsizing and corporate layoffs won’t cause us to lose our jobs, however, it can affect our practice. If patients are struggling to pay for gas and groceries, it becomes increasingly difficult for them to pay their co-pays and deductibles.

However, for every one person affect by layoffs and the economy, nine are doing just fine. So, that brings us to our first major point, while the economy is doing bad, 97 percent of people still have jobs, and most can still afford chiropractic and other services. While you may lose the one in one hundred patients who lose their job or just cant afford chiropractic, you can offset that lost volume and revenue by adding services to the 95 percent who can still afford them.
 
The first issue with adding services is mindset. It’s hard to realize that selling something to patients at a five-dollar profit can really change things. It almost seems trivial and not worth the time. Thinking of it as a one-time event can be. But, first thing, you have to get over the mindset. If you make a five-dollar profit on a product you sell three times a day that is $15, if you figure that for a year, its adds up to approximately $4,000. That’s pretty good for a five-dollar profit. If you multiply that by four or five revenue streams, we can be talking about $20,000 a year extra income. Who couldn’t use an extra 20,000 a year?

I am going to outline a few products that can help you with that extra goal, and help you get through this tough economic times.

First product is an easy sell is a topical analgesic cream. It’s very easy to have patients in pain use a topical cream that will make them feel better. There are a lot of different ones out there, and any good catalog will have plenty to choose from.

Next, I would recommend a cervical pillow. Patients are spending a lot of money on pillows at Macys,

Third, there are lots of nutritional products to recommend as well. Patients are buying vitamins and nutritional products every day. And a lot of the products they are using aren’t bioavailability or any help anyway. Why not give your patients some good nutrition advice and make some profit in the process.
Typically, nutritional products are marked up double of the price you pay.
Stocking vitamins in the office can get expensive, one you need to keep a supply, and second they can go bad at the office. To combat this problem, I use a company that lets patients order online through my personal website and also gives me the commission directly. I keep a few samples in the office, an order form for non-tech savvy people, and that?s it.

Orthotics is another great revenue stream to add to any practice. Profit of 100 dollars or more per insert can be obtained. You might sell less of these, but it can quickly add to your bottom line.

 Many other products are available for you and your practice. You should only choose products you believe in and use yourself. Get your staff to use your products and then they can help sell them for you. Other products to consider are nasal irrigators, lumbar supports, and therabands, hot and cold packs, TENS machines, sacral belts, and many others. Choose the products you use and believe in and the sales process will be easy. Just a few sales a week can greatly impact your practice over the year. Look at the big picture and realize that most people still have plenty of money to spend. Remember that the strongest will survive in down times and we will be stronger in the end.

Any questions about these products or other practice building ideas, email me at drfedich@villagefamilychiro.com, or visit my blog at http://www.chiropractroweightloss.blogspot.com
<http://www.chiropractroweightloss.blogspot.com/>

Dr. James R. Fedich
Village Family Chiropractic
Your Natural Choice for Healthcare
(908) 813-8200
http://www.villagefamilychiro.com
http://www.chiropractorweightloss.com

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