August 2003

Shifting your financial consciousness

by Dr. Eric Plasker

If you had to put a price on the human body, what do you think it would cost to buy a brand new one? It's a hypothetical question, but one that leads us to wonder just how much our health is worth and what sort of value we can assign to the care we are providing our patients.

It's my opinion that chiropractors undervalue the services they provide, and their fees tend to reflect this strange curiosity. As a professional courtesy, most D.C.s receive services for free when they are adjusted by their fellow colleagues. In fact, it's a privilege they earn in return for the investments they've made in gaining the education, knowledge and experience they need to practice effectively and contribute their talents to the world as chiropractors.

While on the surface, it would seem that they're not actually paying anything for their own chiropractic care, the truth is D.C.s are paying generously. In fact, they have invested $100,000 or more in their education to gain the right to free chiropractic services and the ability to deliver care to their communities and make a decent living. Most of the chiropractors I know are making loan payments that range anywhere from $500‑1,000 a month. It's an interesting analogy and a shift in your financial consciousness when you realize that these payments can be looked at as an investment in lifetime chiropractic care for yourself.

In fact, most chiropractors will discover that the rate they are paying for their "lifetime chiropractic care" (while well worth it) is still much lower than what they are willing to charge their own patients when they come in for care.

For instance, when patients first enroll in care, the maximum they're likely to pay per month for their chiropractic care is $200-500. Then, after their spine is stabilized, the cost of care (over the reminder of their lifetime or care plan) should drop to around $100 a month -- much lower than the $500‑1,000 a month you are paying for your chiropractic care each month.

When you look at the financial exchange between you and your patients and (you and your chiropractor) with this perspective, it will increase your confidence in presenting and standing by the fees that you have chosen to charge your new and current patients.

When deciding on a fee system for your practice, remember that a healthy human body is "priceless" and so is the value of the service that your patients will be receiving once they entrust their health care to you. Make sure that the financial fee systems and structure you select will support you in this reality.

It's really not necessary to play games or decrease your prices in order to get your patients to commit to care. Learn how to set your fees in a way that is affordable and inviting to people in your community and their families. In The Family Practice, chiropractors are using family‑oriented fee systems to bill anywhere from $15,000‑60,000 a month while still maintaining a low overhead.

One of the reasons why they are succeeding is because they have shifted their own financial consciousness and that of their patients to reflect the true value of lifetime care. As their confidence and certainty has grown in the quality and value of what they offer, so has their patient base.

When you feel good about the exchange, enrollment will become effortless, and you will find that you attract more patients, care plan commitments and revenue than ever before.

Learn how to "own" this financial consciousness and confidence and watch your ability to deliver and communicate the value of your care to your patients grow. Give yourself the ability to lay more hands on people by picking financial policies that will serve you and your community.

Remember, you are a healing force in your community and the world.

(Dr. Eric Plasker is the founder of The Family Practice where chiropractors are uniting to lead family health care. Nationally recognized as a speaker, educator, and author, he is best known for rallying chiropractors around the "Lifetime Care For Everyone" (LCfE) and Family Practice visions in the chiropractic profession. For seminar, coaching, training, or product information, call The Family Practice (toll‑free) at 866/532‑3327, ext. 118. Or visit The Family Practice website at www.thefamilypractice.net to learn more about how you can build a first class family practice.)