What Financial Metrics/KPI’s Should You Know In Your Chiropractic Practice

Many of the chiropractic coaching clients that we attract are those who have been in practice for 10, 15, 20 years and they are stuck. They’ve hit a plateau at a certain financial bracket and can’t seem to break past that – if they attract more patients, they lose an equal amount and the plateau continues.

So what do you do?!

It’s clear at this point that it has very little to do with the practice, and everything to do with the consciousness of the practice owner!

So what we do with our chiropractic clients is help them get clear on what they WANT in life, what does that cost, and how many debts of services (adjustments) is it going to take?

From here, you can reverse engineer the roadmap to getting there and break through your plateau.

As the old saying in business goes, “Know Your Numbers”, we’re going to share the metrics and KPI’s you really should be looking at…

Commonly when we think about numbers, we think about our chiropractic profit and loss statement. We also look at those Key Performance Indicators (KPI) that dictate your numbers in any business to know if you’re moving in the right direction or not.

They tell you if you’re reaching your goals or if you’re moving towards positive profit revenue. They tell you if you can cover paycheques and expenses.

But how do you get to the level where you know what those numbers should even be?

Start by imagining your dream life.

If you get really clear on what it would cost you in dollars and cents to live your ideal. I’m not talking about fantasies of Hollywood here. I’m talking about things from deep inside you that relate to your core values.

What is it that you would like to express to the world?

What kind of a home would you like to live in?

Would you like to rent or own?

What kind of a car would you like to drive?

Do you want one or 7 cars?

Would you like to travel the world?

Getting answers to these questions will help you get clear on what your numbers should be.

You deserve to live the life of your ideal. You deserve to live the life that you are excited and passionate about. This is your spiritual birthright.

Getting clarity here allows for the creative, passion and energy of who you are to come forth to the surface. By then putting a dollar value on that, you have now equated the biggest thing within you that wants out.

It doesn’t matter if it’s $50, $50,000 or $5,000,000 a year. It’s knowing your number.

Once you get that number you then divide it into a debt of service. When we take it into a debt of service (or what your business delivers) we can figure out how much service a year you need to provide to reach your number in order to live our life in your ideal.

Don’t allow your feelings about money get in the way of understanding how achievable this goal/dream is – that’s WHY chiropractic practice owners hit a plateau in the first place.

If you want to earn $500,000 and you charge $50 per adjustment, that requires 10,000 adjustments per year.

Divide 10,000 adjustments by 12 months is 834 adjustments per month.

834 adjustments per month is 209 adjustments per week.

209 adjustments per week is only 42 adjustments per day assuming you work 5 days per week.

Do the business math, believe in yourself and your services, and everything else will follow.

Do you want access to our chiropractic coaching template we use with our clients to help determine what Success will cost for you? Click here to download the I Know I Am Successful When template.

chiropractic success template

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