Rocket Chiropractic Marketing Podcast: Episode Summary

Title: How Chiropractors Can Make More Money
Host: Dr. Jerry Kennedy
Release Date: November 20, 2024

Introduction

In the episode titled "How Chiropractors Can Make More Money," Dr. Jerry Kennedy delves into various strategies chiropractors can employ to enhance their income. Dr. Kennedy categorizes these strategies into three main areas: Traditional Chiropractor, Chiropractor Plus, and Non-Chiropractor avenues. Throughout the discussion, he emphasizes the importance of understanding net income over gross revenue and building a community to sustain and grow a profitable practice.

Key Discussion Points

1. Traditional Chiropractor

Dr. Kennedy begins by addressing the traditional chiropractic practice, which primarily focuses on adjustments. He outlines three critical factors influencing income in this category:

• Volume: The number of patients seen per week is pivotal. Dr. Kennedy shares an anecdote where he discovered that a friend’s larger practice yielded negligible net income compared to his own, highlighting that higher patient volume doesn't always equate to higher earnings due to increased overhead.

  "Make sure that you're keeping in mind when you're... if we're just talking about money now, there's other aspects of practice, but if we're just talking about money, just make sure you understand that Net is what is important, not gross." [12:30]

• Overhead: Managing costs is as crucial as increasing patient volume. Higher overheads, such as employing more staff or operating from a larger facility, require balancing with increased patient numbers to maintain profitability.

  "...the way that you do it. A combination of volume and low overhead, like, that's sort of the, the way that you do it." [09:15]

• Authority: Establishing authority or becoming a "celebrity chiropractor" can attract more patients willing to pay premium prices. Dr. Kennedy cites examples like chiropractors Chris Dorsa and Strap Polson, who leverage platforms like Instagram to build their reputation.

  "If you have a big following, the ability to make money and the opportunities to make money really are just endless at this day and age." [10:45]

2. Chiropractor Plus

Expanding beyond traditional adjustments, the "Chiropractor Plus" model incorporates additional services and products to diversify income streams. Dr. Kennedy explains that integrating billable therapies and cash services can significantly enhance profitability.

• Insurance-Billable Services: Adding therapies that insurance can cover, such as neuropathy treatment or acupuncture, allows chiropractors to tap into insurance reimbursements, albeit with the complexity of managing insurance claims.

  "...if you're just doing adjustments, there's just not a lot of meat on the bone when it comes to insurance." [15:20]

• Cash Services and Products: Offering services like nutrition counseling, weight loss programs, supplements, and equipment (e.g., pillows for spinal support) can attract patients willing to pay out-of-pocket for these enhancements.

  "Nutrition, weight loss, supplements, those are really common things chiropractors have sold." [17:05]

• Diversifying Offerings: Incorporating complementary services such as massage therapy, physical therapy, or even yoga classes can create a holistic wellness center, appealing to a broader patient base.

  "...if you're only in your office three days a week and you have, you know, four days a week that is just sitting there empty, you could allow another chiropractor." [21:40]

3. Non-Chiropractor Income Streams

Beyond direct chiropractic services, Dr. Kennedy explores avenues where chiropractors can generate income without directly providing chiropractic care.

• Content Creation and Online Presence: Building a substantial online following through platforms like YouTube, podcasts, or Instagram can open revenue channels such as ad revenue, sponsorships, and affiliate marketing. However, Dr. Kennedy cautions that building a meaningful following requires significant effort and authenticity.

  "Making money is easy. Building a community is hard." [25:10]

• Real Estate Investments: Chiropractors with sufficient capital might invest in real estate, such as owning and leasing space within their practice's location or acquiring additional properties like gyms or rental units.

  "...you can sublease some space, whatever you're doing. So those are ways as a chiropractor, plus you're not just doing adjustments." [28:55]

• Entrepreneurial Ventures: Engaging in side businesses like gym ownership or publishing can diversify income but necessitates expertise and dedication to ensure profitability.

  "If you have a big following, making money as a chiropractor is easy." [30:25]

Notable Insights

• Net vs. Gross Income: Dr. Kennedy underscores the significance of focusing on net income rather than gross revenue. High patient volumes can inflate gross numbers, but without controlling overhead costs, net income may not reflect true profitability.

  "Net is what is important, not gross. The shiny numbers that we like to brag about isn't necessarily what you're bringing home." [12:30]

• Authority Building: Establishing authority through media appearances, publications, or social media can justify higher service prices and attract a loyal patient base. However, achieving such authority demands consistent and strategic effort.

  "...if you have a big following, you have a bunch of people interested in going in your gym." [32:15]

• Aligning Interests with Opportunities: Dr. Kennedy advises chiropractors to align their interests and talents with their business opportunities. Pursuing income streams that don't resonate personally can lead to ineffective results and diminished satisfaction.

  "...where making money, where all that stuff overlaps, and then go in that direction." [34:40]

• Avoiding Misaligned Ventures: Engaging in income-generating activities that don't align with one's skills or interests, such as mass-producing low-quality content, can be counterproductive and fail to provide sustainable income.

  "...people don't go from sucking at something to being competent or being good. Generally, you go from good to great." [36:10]

Conclusion

Dr. Jerry Kennedy's episode provides a comprehensive overview of various strategies chiropractors can adopt to increase their earnings. By categorizing income streams into traditional practice enhancements, expanding service offerings, and exploring non-chiropractic revenue avenues, chiropractors can make informed decisions tailored to their strengths and interests. Emphasizing the importance of net income and community building, Dr. Kennedy offers actionable insights aimed at reducing the stress associated with practice growth and enhancing financial stability.

Additional Resources

• Rocket Chiro Websites: For chiropractors seeking to improve their online presence, Dr. Kennedy recommends checking out Rocketchiro.com for lightweight and affordable websites designed to attract more patients.

• Search Engine Optimization & Google Ads: Chiropractors interested in boosting their online visibility can reach out to Dr. Kennedy for assistance with SEO and Google Ads to drive more traffic to their practices.

• Next Step Program: For those feeling stuck or needing personalized guidance, Dr. Kennedy offers the Next Step Program, a membership designed to help chiropractors get started, overcome challenges, and achieve business growth.

Quotes:

• “Make sure that you're keeping in mind when you're... if we're just talking about money now, there's other aspects of practice, but if we're just talking about money, just make sure you understand that Net is what is important, not gross.” — Dr. Jerry Kennedy [12:30]

• “Nutrition, weight loss, supplements, those are really common things chiropractors have sold.” — Dr. Jerry Kennedy [17:05]

• “Making money is easy. Building a community is hard.” — Dr. Jerry Kennedy [25:10]

• “Net is what is important, not gross. The shiny numbers that we like to brag about isn't necessarily what you're bringing home.” — Dr. Jerry Kennedy [12:30]

• “People don't go from sucking at something to being competent or being good. Generally, you go from good to great.” — Dr. Jerry Kennedy [36:10]

For more insights and practical tips, subscribe to the Rocket Chiropractic Marketing Podcast and join Dr. Jerry Kennedy in navigating the business and marketing landscape tailored for chiropractors.