Top 5 Most Dangerous Trends of Why 70% Of Chiropractors Fail Or Quit In Practice!
Hi. My name is Doctor Chris. My goal had always been to open and run my own practice to help as many people as I could. In order to feel I had a successful practice, there were six main things I was determined to accomplish.
I wanted to know with the utmost confidence that I would be able to help those patients who walked through my doors. Even if people had been to a dozen other doctors, I wanted to have the answers that those patients couldn’t find elsewhere.
I didn’t want to perform the same basic treatment on every patient I saw day in and day out. I wanted spend time with patients, and to face challenging cases causing me to use the nine years of education I had instead of being a robot.
I wanted to be an important piece of my patient’s healthcare team, one that they trusted enough to consult with me on any of their healthcare decisions.
I felt it was essential to build a trusting, family-like relationship with those I was working for, so that I could provide them the best possible care.
Growth is a life goal and a business goal, for if you are not growing, you are dying. I wanted, and continue to want to further my knowledge so that I have the critical answers that my patients are searching for.
I became a doctor for a reason. I became a doctor so that I could help people and contribute to making them and society better. I figured as a doctor I have a responsibility to use my knowledge and gifts to make a positive impact on the world. I want to the world to be a better place because I was here.
Despite our good intentions as doctors to meet these goals, one major problem that impedes our success is the current business climate. Our education doesn’t appropriately train us to be business savvy.
The current statics show that 96% of businesses fail within 10 years, with 80% of those failing within the first 2 years.
There are dangerous business trends that lead to such a staggering number of failed businesses. One is The Clutter Factor! – We are plagued by advertisements everywhere we look, so we learn to tune most of it out. In 1992 the average consumer was presented with 3000 commercial messages per day. In 2006 that number reached 30,000. As Wired Magazine states, Attention has become the scarce resource of the information economy.
One possible way to fight the clutter factor is to put a decreased focus on a high volume practice and the advertising involved, and instead distribute your resources on time and tools to help patients. One of the most effective ways to advertise is virtually free, and that is by simple word of mouth from satisfied patients.
Another dangerous trend to avoid is patients leaving because of a perceived indifference. There is a surprising statistic that 68% of patients choose a different doctor because they don’t feel as if they are of value to the doctor or the business. Rather, perhaps, they simply feel like a number. Also, if you provide a cookie cutter treatment, it is an easy decision for a patient to try a different doctor. A 2007 survey revealed that 61% of patients did not feel loyal to continue seeing their doctor.
Starting a business involves calculated risk. Business can falter if the entrepreneur fails to take the full leap. This means that as the doctor you don’t spend the money on the right equipment, spending the time and money on continued education in both technique and business practices. This basically means for you to be successful all of your energy and resources need to be poured into that success. There is no reason for a plan B, because it only detracts energy from plan A of being a successful doctor.
New businesses need to avoid the trend of increasing marketing costs with decreasing effectiveness. It cost three times more in 2008 than compared to 1992 to reach prospective patients. In 1992 it took and average of 4 attempts to reach prospective patients. In 2008 it took 8.4 attempts. Therefore, we are getting half the results from the same efforts and monies. Instead we should focus on the effectiveness of our practice and our outcomes. As I said before, fast, positive results will help fuel the growth of your practice by itself.
The last trend is increased competition along with increased business failures. In order to combat increased competition, we need to make sure we are setting ourselves apart from all the others. Continuing education, utilizing new technologies, and spending more time with patients are ways that you can start today to set yourself apart from the competition.
So what does this mean for doctors and chiropractors to be successful? One, a significant education to increase your business IQ is needed, which is a whole other seminar of itself. Two, it is essential to have knowledge, confidence, and mastery of your craft to help people quickly, especially when they have not been helped elsewhere.