Business success consists of providing an excellent product that many people want to buy at a fair price, then keeping slightly more profit than it costs to deliver. However, implementing this simple concept is sometimes more difficult than expected …say maybe in the face of a global pandemic.
Although the current challenge is unprecedented, the fundamental long-term strategies of execution will prove to be unwavering:
- Attract abundant business by selling a highly desirable product
- Develop a financial plan to keep revenue above the overhead
ChiroUp’s business success team has outlined a 4-phase plan of crisis recovery, including 12 essential steps that you can take to ensure that your practice emerges from the current challenge more robust than ever. This blog and video details Phase 1: Survive – Decrease overhead & sustain revenue
Phase 1: Survive – Decrease overhead and sustain revenue
Phase 2: Prepare – Enhance the quality and delivery of your service
Phase 3: Re-build – Employ the most effective growth strategies at the optimal time
Phase 4: Thrive – Scale your business
Phase 1: Survive
Decrease overhead & sustain revenue
Crisis survival entails cutting unnecessary expenses and maximizing revenue, including previously unexplored sources. This blog describes three immediate steps that you can take to protect your future.
1. Paycheck Protection Program
The world is dealing with an unprecedented challenge that has impacted countless businesses, including chiropractors. Many hands-on providers are seeing patient visits disappear …along with the resultant revenue. Fortunately, companies affected by the pandemic may have a new financial lifeline.
The following video will explain the United States CARES Act – Paycheck Protection Program (PPP) and what you need to do right now to benefit from this tremendous opportunity. We’ll talk one-on-one with an accounting industry consultant, Jeff Pawlow, for expert answers to your essential questions.
Click here to review the full PPP blog.
2. Implement Telehealth
Practices that are solely dependent on performing joint manipulation will struggle through this period of social distancing. Fortunately, managing patients using an evidence-based paradigm includes many other components that could be delivered remotely. Those utilizing multimodal therapies and diagnostics will continue to work in this changing business model forced upon us by a global pandemic.
Our goal to provide the best conservative care for our patients must remain the same regardless of location. However, chiropractors must implement new mechanisms to change patient behavior from a distance. The good news is that it’s possible, but it will require a change from providers too. In the following video, you will learn how to listen to your patients, modify their ADLs, direct their rehabilitation programs, and assess their problems via telehealth.
Click here to review the full Telehealth blog.
PROTIP: Visit the ChiroUp forms library and search “tele” to access several supporting telehealth resources, including:
- Telehealth 101 Guidebook
- Telehealth 101 Webinar
- Telehealth Informed Consent
- Telehealth Infrastructure Set-Up Guide
- Telehealth Quick CPT Coding Reference
- Telehealth Visit Tracker
3. Re-assess Your Overhead
New challenges require business owners to review the past, then plan for the future. Clinics are looking at their balance sheet and asking how they can improve their financial stability. Every business leader understands this entails spending less and/or generating more revenue. Watch Tim and Brandon review the keys to understanding what people, products, and services are vital to your business. And, provide suggestions to eliminate or reduce non-essential costs.
Click here to review the full Overhead blog.
ChiroUp works with and learns from more than a thousand of the world’s top evidence-based practices. Our subscriber success team knows the fundamental strategies of what it takes to thrive – and we would be happy to share those with you. As a ChiroUp subscriber, you have access to free support calls with our team to help you implement these strategies with 1-on-1 help.
Schedule a training call today to develop your personal success plan for emerging from the COVID pandemic stronger than ever.
Together we will emerge stronger than ever.
About the Author
Dr. Tim Bertelsman
DC, CCSP, DACO
Dr. Tim Bertelsman graduated with honors from Logan College of Chiropractic and has been practicing in Belleville, IL since 1992. He has lectured nationally on various clinical and business topics and has been published extensively. He has served in several leadership positions within the Illinois Chiropractic Society and currently serves as past president of the executive board.
Want To Hear More From The ChiroUp Docs In Person?
Check Out Their Upcoming Speaking Engagements.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?