In this masterclass led by Dr. Josiah Fitzsimmons, participants learned how to significantly increase their chiropractic practice revenue through a strategic focus on maximizing the percentage of their schedule filled. Dr. Fitzsimmons shared insights from his own successful practice, which is projected to generate $6.6 million this year, and emphasized the importance of data-driven decision-making.
Key Points:
Understanding Schedule Capacity: Dr. Fitzsimmons introduced the concept of “percentage of schedule filled,” a critical metric that many practices overlook. He revealed that many clinics operate at only 20-25% of their capacity, suggesting that there is substantial room for growth without increasing overhead costs.
Maximizing Existing Resources: The masterclass highlighted that most operational expenses, such as rent and staff salaries, remain constant regardless of the number of patients seen. Therefore, filling the schedule can lead to increased profitability without incurring additional costs.
Utilizing Calculators: Participants were guided through the use of specific calculators designed to assess new patient slots and appointment types. This hands-on approach allowed attendees to calculate their current capacity and identify potential revenue losses.
Focus on Operational Efficiency: Dr. Fitzsimmons stressed the importance of maximizing operational capacity before considering adding new services or hiring additional staff. He advised that practices should aim for at least 80% schedule utilization to ensure profitability.
Lifetime Value of Patients: The session included a discussion on understanding the lifetime value of patients, which helps practices determine how much they can invest in marketing to attract new clients without risking financial loss.
Strategic Marketing Decisions: By understanding their unique data, practices can make informed decisions about marketing expenditures, ensuring that investments yield high returns with low risk.
Call to Action: Dr. Fitzsimmons encouraged attendees to take immediate action by calculating their own percentage of schedule filled and developing a game plan to optimize their practice’s capacity.
This masterclass provided valuable insights and practical tools for chiropractors looking to enhance their business performance and profitability through strategic scheduling and data analysis.
