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CBM 052 : Want to Go All Cash? Learn from a Cash Practice Master! - Guest: Dr. Michelle Wendling
Dr. Michelle Wendling graduated summa cum laude from Life West Chiropractic College. She also has a bachelor’s degree from Colorado State University in Exercise and Sports Science. She has over 25 years’ experience working on the human body including massage therapy, physical therapy, and personal trainer. She was voted Rising Star Chiropractor of the Year by the Colorado Chiropractic Association in 2013 and 2015 and has been the President of the Colorado State Board of Chiropractic Examiners since 2013. In addition, she teaches chiropractors all over the country the keys to running a successful cash practice including marketing strategies to improve patient retention, increase referrals and revenues.
Definition of Cash practice – paying at time of service, not using insurance.
Advantages of going cash: Patients may value your services more, they may be more loyal, More money, less stress, better life balance.
Super billing if patient's want to submit to their insurance.
Cash is not for practitioner. Patient education is key to making it work!
Watch out for policies for your state if you decide to switch from insurance to cash.
One fee for all your services.
Timeline to transition – give patients 30 days’ notice. All providers have different timeframes. 2-3 months.
Revenue generally does NOT dip with transition.
Dr. Wendling does overall body adjusting, soft tissue, and exercises.
MVA – if high risk, she does not accept.
Medicare patients: get mostly soft tissue, extremity adjustments, and exercises.
People’s lives change on a daily basis!
Dr. Michelle's practice has a long waiting list for new patients. The demand is so great that she needs another chiropractor in her office!
She offers: Online practice enhancement videos! Multiple videos for patient care, practice building, marketing, customer service, staff training.
The has developed systems for making patient feel their best!
Key performance indicators: retention and referrals.
The communication of chiropractic to people (in English) is key!
Her best practice promotion is providing patient education.
Students – shadow as many chiropractors as you can; New docs – keep overhead low, do not discount, create value.
Experienced docs – make a list of things you love and things you don’t like, delegate or cut out things that drain you.
Typical time with a patient: 1 hour for initial exam, 30 mins for 2nd visit, 15 mins for daily visit.
Learning from failures: getting patients better and then they leave – you need to create and articulate value of chiropractic.
Success = loving going to work every day and looking forward to seeing your patients, loving life, healthy life/work balance, financial freedom.
Worst business advice: Don’t be yourself.
Best business advice: Be your authentic self! Focus on the vision of your dream practice.
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