Let’s talk chiropractic algebra for a moment. Don’t be scared; math can be fun and using basic metrics with the right equations can help ensure that your success is not accidental.
Revenue = NP x OVA x PVA
NP – The number of patients that receive a first adjustment.
RPV – Return Patient Visits
OVA = Revenue/RPV
(Office Visit Average) How much people spend, on average, on each visit in your office.
PVA = RPV/NP
(Patient Visit Average) A measure of retention indicating the average number of times a patient returns to your office.
To grow your revenue you can increase new patients, your prices, or your patient retention. I recommend that you have at least one defined practice-building strategy for each area, but at the very least monitor these numbers and share them with your team regularly.
Have fun while you build your practice, increase your profits, and enjoy your life!
Dr. Jeff Scholten