From: Dr. Margolies.. 4-5-24

joel3639@aol.com

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The Three Pillars of Income

Only three areas we generate income from our practice. They are increasing volume, increasing fees or increasing services. Spin it as you will but these three pillars of practice management are it.

Increasing volume is the lifeblood of a successful practice. Retaining existing patients, reactivation, referrals and new patients via internal and external marketing are vital to generate income but often comes with expenses such as advertising and the like. Therefore, prudent and cost effective external advertising, internal promotions and recapturing lost patients will only add to your bottom line handsomely.

Increasing fees is always a boon to income. Consider your fee structure, are they already over the edge or below the radar? A dollar or two increase per service will not provoke havoc, so I encourage you to consider your worth more equitably. Also, part of your patient management should be structured cash plans to maintain patient compliance

This leaves us with increasing services. It is a wise business and patient management decision. Besides your physical adjustment, rehabilitative exercises, massage, nutrition, additional examinations, reviewing adjusted daily living and other procedures insurance or cash patients will benefit from these extra services. This is a no brainer to increase revenue. 

People need to sense value and during each doctor visit the value is increased with concern and progress, this is both patient education and time management. Examinations and creative reports help gel their and your concern and track progress reinforcing compliance of schedule and maintenance thereafter.

 Work with these three pillars and thrive as you should

Any Questions Reach Me: joel3639@aol.com