One of the vital areas in your chiropractic practice is your understanding of your numbers. In fact, that is by far one of the weakest points in most practices. To go deeper, it’s not just understanding numbers like weekly revenue, number of adjustments, number of conversions, average visit fee, PVA, etc. It’s a clear understanding of monthly P&L, balance sheets, and so on. In working with so many practices across the world, I’m personally blessed to look at so many P&L statements and financials. I have the unfair advantage of being able to see trends!
During a small training on profit margins, the students learned that it’s vital to look at the top end of the spectrum, the middle of the spectrum, the bottom end of the spectrum, and all things in between. There are certain considerations regarding whether you have an associate-based practice or a guru-style practice.
If you want to find out a little bit more about financial considerations, numbers, and profit margins, click on the link and check out the recording of some of the things about which we talked in the last Q&A session in the mastermind group.
Yours in Service,
Dr. Ryan Rieder, D.C.