Should You Scale Your Chiropractic and Healthcare Practice?
- Ed Petty
- 24 minutes ago
- 2 min read
When should you scale your chiropractic or healthcare business? How?
Have you noticed an increase in advertisements about "scaling your practice" over the last few years?
I have.
It's a popular buzzword for "business growth."
What is scaling?
It's not just about growing your business, opening more locations, or adding more doctors or therapies. These can be included, but "scaling" goes much deeper and is more specific.
Regular business growth is an arithmetic progression. Scaling is a type of growth that progresses geometrically over a specific period. It's not step-by-step growth. Scaling is the faster you grow -- the faster you grow.
It takes more than a better Day 1 and 2, new software, improved SEO, or a new therapy machine to scale.
Scaling brings in factors such as:
Economies of scale. When carefully managed, increasing production can reduce the percentage of overhead.
Economy of scope. When ready, adding other services can add to growth without increasing overhead. (But this must be done carefully as more types of services can dilute your identity and Unique Selling Proposition!)
Learning economy. You become better at what you do through experience and training. You not only get faster, you get better. Your team has to improve as well.
Software and the digitalization economy. This includes faster ways to process notes, incoming calls (avoid spam!), processing health insurance, among other tasks.
Growth, or networking effects. The larger you become, the more people are inclined to be engaged with you.
Not all chiropractic or healthcare clinics are prepared or at the stage to scale. As an entrepreneur, you want to increase revenue. But according to Mark Roberge, a faculty member at Harvard Business School, certain foundational elements must first be in place.
As I discuss in the Goal Driven Business, when these factors are not in place, you will experience the Practice Roller Coaster. Or worse.
THE MOST FUNDAMENTAL REQUIREMENT for scaling is a simple and agile leadership and management structure that drives the scaling.
We are revising and updating our MBA for this fall. The new version will include specialized training for the practice owner on how to scale.
Keep in mind: scaling can be done in one office with one doctor or expanded to multiple doctors, or even multiple locations. It can also help you prepare to sell your business.
Wherever your business goals lie, scaling will help take you there.
Please let me know if you're interested in this fascinating subject.
Meanwhile...
Help others achieve their goals!
Ed
If you have any questions about creating a Goal Driven Business, just schedule a call or reply to this email.
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PS: Get on our waiting list for our next MBA program if you are interested. I will be sending you special information about practice management, leadership, and marketing.
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