May 4, 2025 • 49 mins
Welcome to the KC CHIROpulse Podcast.
This week’s topic: The Sky is Not Falling on Chiropractic Practices
The KC CHIROpulse Podcast is designed for Chiropractic professionals ready to elevate their practice to new heights, and is hosted by Kats Consultants coaches Dr Michael Perusich and Dr Troy Fox. Michael and Troy are both seasoned experts in Chiropractic business development. This podcast provides invaluable insights and actionable strategies to help you create a flourishing and sustainable Chiropractic business.
In this episode, we discuss:
- Why so many doctors feel like the sky is falling on their practices
- The reality of why the sky is not falling on you
- How to generate profits in a crazy economy
- …and so much more…
In each episode of KC CHIROpulse, we delve into crucial aspects of building a successful Chiropractic practice, covering topics such as establishing a strong foundation, adopting a patient-centric approach, mastering marketing techniques, achieving financial fitness, fostering effective team building and leadership, integrating technology and innovation, and navigating common challenges in the field.
Whether you're a seasoned chiropractor or just starting your practice, the KC CHIROpulse Podcast offers a wealth of knowledge and personalized practical advice to help you navigate the intricate world of Chiropractic business. Join us on this journey as we explore proven strategies, share success stories, and connect with industry experts to empower you in your pursuit of building a thriving Chiropractic practice.
Don't miss out on the latest insights and expert guidance. Subscribe now and unlock the secrets to taking your Chiropractic practice to the next level. Your success is our priority at Kats Chiropractic Business Advisors.
DISCLAIMER: The information presented in this broadcast is for educational purposes only and is not intended to offer legal, investment, accounting, or medical advice, and represents the opinions of the speakers. Seek the consultation of a professional for advice in those areas. And remember…your results using this information may be different than described.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Dr. Michael Perusich (00:09):
Doctors, are you playing Chicken Little
in your practice right now?
Do you feel like the sky is justfalling all around you?
Today we're gonna talk aboutfinances and the markets.
Hi everybody.
Welcome to the KC Chiro PulsePodcast, brought to you by Kats
Consultants and Chiro HealthUSA.
I'm Dr.
Michael Perusich.
Joined by my co-host, Dr.
(00:29):
Troy Fox.
Troy, you're the one that coinedChicken Little, which.
E everybody.
Where do you see the blooperreel on this one?
Dr. Troy Fox (00:38):
Oh my gosh.
Yeah, the blooper reel.
We laughed hard.
We could really get started whenyou're laughing so hard.
Yeah, the first couple of threeminutes of this.
Yeah, definitely.
So chicken little is all overthe place and we're already
hearing it and seeing it.
Unfortunately, I.
And I'll throw in my 2 centsworth.
And then you are really more thefinancial guy.
This is your wheelhouse.
(00:58):
So you're gonna, you're gonna bein total control of this today,
but stand a little time aroundfrom standpoint of Yeah, for
sure.
From a standpoint of chickenlittle, what I see is people get
caught straight in thecrosshairs of anything that's
happening financially.
And if their practice dips evena little bit, oh my God, the
sky's falling.
We've got tariffs.
(01:18):
The stock market fell, and as oftoday when we're recording this,
the stock market was not doingas hot today.
So people get caught in thecross there so that all of a
sudden think, oh my gosh, sure,I'm done.
I'm toast.
Here's where I think you need tobe, and then we're gonna talk
about the reality of it.
Where you need to be is you needto have this off in the
(01:38):
periphery.
In other words, be aware thatyou're gonna have patients come
in that are a little moresensitive about finances.
Be aware that you're gonna havepatients that are a little bit
more emotionally attached towhat's going on around them with
finances in the market, right?
Yep.
It doesn't need to be in themiddle of the cross here.
It's not the first thing youtalk about with every patient
(01:59):
that comes through the door.
You still have a focus to takecare of that patient, because
guess what?
If I'm emotionally needy.
Because I feel like maybe themarket's not doing as well, or
my finances aren't doing aswell, or my dollar isn't, is
having to be stretched a littlebit more.
Yep.
Guess what I need?
I need an emotional support.
Yep.
(02:19):
And a lot of times that comesfrom the spinal adjustment.
The normalization of my emotionsas a result of that spinal
adjustment.
Yep.
Not to get too deep into theweeds, but we as chiropractors
understand that works.
So that's where I am at withthis whole situation.
But Dr.
Perusich, you're gonna get waydeeper into the financial weeds.
Dr. Michael Perusich (02:41):
Yeah.
Number one, we're at a crazytime where the economy's got a
little bit of a ripple to it,meaning it's up and down.
And of course, I'll go back tomy investment banking days.
The old adage was, when theripples are high, you sell.
When the dips are low, you buy.
And so that's what we're seeingis we're really seeing a market
that has some tremendousopportunity to it because it's
(03:04):
got some volatility.
Okay?
So number one, if you're lookingat the market and you're
panicking yourself'cause you'rewatching your 401k or your IRA,
whatever, go up and down alittle bit.
Don't panic.
Don't panic.
Even if you're getting ready toretire, don't panic because what
goes down always comes back up.
And there's a lot ofmisunderstanding in the
(03:24):
marketplace right now about thetariffs.
Honestly, the tariffs reallyaren't that bad of a thing, and
we've had tariffs aroundforever, and you just don't even
realize it.
So it, it's just becauseeverybody's talking about it,
and it's a confusing topic thatpeople get it mixed up and
think, oh my gosh, all of asudden everything's gonna be
more expensive.
You're not really gonna see awhole lot of that, but your
(03:48):
patients are gonna walk in thedoor and they're gonna be
feeling this.
And Troy, you talked aboutstress.
And this is starting to remindme a little bit of when the
pandemic hit.
Now here's the cool thing aboutthe pandemic.
All of our clients saw theirpractices grow during the
pandemic.
And here's why.
Because and Troy, you justalmost hit the nail on the head
(04:08):
a second ago.
Our patients are stressed.
We are great stress relieversbecause what happens with the
adjustment, we put the body backinto balance.
We put the nervous system backinto balance.
We put our physiology back intobalance.
We have dopamine release withthe adjustment, and boom, we
(04:30):
feel better.
Plus, for the most part, I thinkchiropractors are pretty darn
good at building greatrelationships with patients.
And so that makes people feelbetter.
A hundred percent.
And so I wanna dig into thisidea of, okay, if the sky looks
like it's falling outside, whatdo we do inside of our practice
(04:50):
to protect it?
From that Skyfall attitudecoming in and affecting the
practice in a negative way.
So we needed a quick, I cannottalk today.
We need to take a quick breakand hear a word from our
sponsors, so we'll be rightback.
We're talking about Chickenlittle and Skyes balling.
ChiroHealth USA (05:11):
In today's economy, every dollar counts.
Families are facing toughchoices, having to reconsider
what was once essential to them,but close to healthcare, no one
should have to compromise ontheir wellbeing because of
financial constraints.
That's where Chiro, health, USAsteps in the solution for your
practice.
We understand the financialpressures families are under.
Whether they're insured onMedicare or paying out of pocket
(05:35):
for treatment.
By offering discounts on care,you can ensure that your
patients can still afford thetreatment they need.
At Chiro Health USA, we'recommitted to making sure no
family has to sacrifice theirhealth due to financial
hardship.
We will work with you to createa game plan that keeps your
waiting room full and yourpractice thriving.
And here's the best part,offering affordable care not
(05:56):
only benefits your patients, butalso positively impacts your
bottom line.
So why wait?
Join Chiro Health USA Today andjoin the ranks of the most
successful practices becausewhen you put your patients
first, everyone wins.
Dr. Michael Perusich (06:21):
All right, all you chicken littles, welcome
back.
This is the KC Chiro Pulsepodcast.
We're talking about how crazyeconomic times sometimes can
negatively impact the practice,but there are some things that
we can do to protect it.
And I mentioned before the breakthat this kind of feels like the
pandemic.
So the reason why so manypractices did well during the
pandemic is number one, theyplanned for what to do.
(06:44):
What are the steps that we needto take now?
We don't need to go back to sixfeet apart and social distancing
and all that during crazyeconomic times.
But we are gonna hear patientswalking in saying, Hey Doc, I
think coming in every threeweeks, I think I might need to
stretch that out to every sixweeks.
And we need to be prepared forthat.
And we get prepared for that bypreempting that conversation.
(07:08):
So doctors, I'm gonna ask you aquestion and you're probably
gonna look at me with that.
Questionable look on your facebecause you're not gonna
understand what I mean.
What are your valuepropositions?
What are you telling patients?
How are you talking to patientsin a way that shows the value of
chiropractic?
And I think everybody out therewould agree that the service
(07:31):
that we provide, whileincredibly invaluable, it also
has a low price tag to itrelative to.
The rest of the healthcareworld.
So when it comes to good value,I think chiropractic is at the
top of the totem pole, but doyour patients understand that?
So patient mentality, consumermentality is funny.
(07:53):
I.
People don't know how to domath.
And so when you tell a patient,I wanna see you 18 times, and
then the front desk tells'emyou're gonna pay 50 every visit
to the patient, the calculationcomes out to be about$1.2
million.
I.
I, I'm being a little facetiousbut they automatically think, oh
my gosh, that's a huge number.
(08:14):
How am I ever gonna afford thatwhen the reality is it's already
incredibly affordable.
So we have to make sure thatwe're presenting finances in a
way that they understand thevalue that they're getting.
So making comparisons to otherthings in the healthcare world,
like a good comparison might be,chiropractic care compared to
surgery.
(08:35):
Huge difference.
Chiropractic care compared tophysical therapy, pretty good
difference.
Chiropractic compared toorthodontics, big difference for
the most part.
Be ready and docs, you need toteach your team to do these
things too, because they'reprobably having the financial
conversations with patients morethan you are.
(08:56):
And so you, you need to prepthem to be prepared for that
conversation.
So talk to them about that.
But that's gonna affect more ofyour new patients.
What about your existingpatients that are coming in?
Those patients need a differentconversation.
They already understand thatchiropractic care is important
because they're coming in.
Maybe it's Bill Smith.
(09:18):
We'll just make up a patient.
Bill Smith's been coming to youfor five years.
He comes every three weeks andhe has for the last five years,
ever since he went through hisacute care plan in the
beginning.
Now Bill comes in and he's thatguy that says, Hey Doc, I think
I need to stretch this out alittle bit.
Let's go to six weeks instead ofthree.
And you're faced with having toanswer him.
(09:39):
And the kneejerk reaction ifyou're not prepared, is going to
be okay, bill.
That sounds fine.
I understand.
I.
We'll just cave in and agree,but what if we start telling
Bill ahead of time?
Hey Bill, I don't know if yourealize this, but the value of
chiropractic care that you'vebeen receiving all this time is
huge.
You probably don't realize thatchiropractors actually help you
(10:01):
not have to go see other doctorswith more expensive care.
In a lot of situations and it'ssaving you money that you're not
even realizing.
That's a value proposition.
That's putting chiropractic in alight that shows its value.
So what are you doing aboutthat?
If you have a cash program, I'mgonna call it a qualified cash
(10:25):
program like a Chiroo Health USAplan in your practice, make sure
your patients understand thatyou offer that and that it's at
a lower fee than what yourinsurance-based fees are.
So they see and feel thatdifference.
It's the whole idea of going toCostco.
What do people do when they goto Costco?
They pay an annual membershipthat unlocks discounted pricing.
(10:50):
Or bulk pricing is Costco's waymeasure.
So you can do the same thing inyour practice to again, show the
value of care by offeringpackages good well thought out
cash plans so that your feestrategies are set correctly.
(11:11):
And there's a whole podcastright there, Troy talking about
fee.
Oh yeah.
Because we're so randomsometimes with how we set our
fees.
Or we're chasing the guy downthe street to the bottom.
Yeah.
That's my favorite one.
I like that one the best.
It's a race to the bottom.
It's a race to the bottom, soyou don't have to get cheap
during this time.
(11:31):
You just have to show value.
So we need to take another quickbreak, but I wanna come back and
I wanna talk about that a littlebit more.
And I know you do some things inyour practice.
Did you wanna say something?
Dr. Troy Fox (11:39):
Yeah, I was gonna say, I've got another preemptive
conversation that we're usingright now and it works really
well.
Dr. Michael Perusich (11:44):
Beautiful.
We're gonna hear the chickenlittle version of, no, I'm just
kidding.
So when we come back, we'regonna talk about some other
preemptive ways to talk to yourpatients about the value of
chiropractic.
We'll be right back.
Kats Consultants (12:00):
Kats Chiropractic consultants, your
partner in chiropractic success.
We are dedicated with one-on-oneguidance to bring you all your
practice management needs.
Let's supercharge your practice.
Give us a call today.
You can say it now.
(12:20):
Alright.
Chicken little.
All right.
All right.
Doctors, are you playing chickenlittle or are you Foxing the hen
house.
That's right.
All right.
Let's see.
How do we bring this in?
(12:41):
Okay.
I.
Is your practice financially?
Nope.
That wasn't, it sounded waybetter in my head.
Way better.
Oh gosh.
Way better.
Way better.
Here, I gotta, I gotta turn themarket off.
It's distracting me.
(13:02):
All right.
Okay.
Doctors is your practice?
Yep.
It's the chicken little commentthat threw me off.
All right, here we go.
(13:22):
Oh my gosh.
This is the best blooper reelever.
Hey, doctors.
Yep.
Yep.
Nope, Nope.
All right.
This is why we're always sohappy during the podcast because
(13:45):
we just got done with, we laugh.
Yeah.
At ourselves.
All right.
That's right.
Maybe I need to think of adifferent way to bring this in.
Yeah.
Okay.
Doctors is your practice?
(14:06):
Nope.
Okay.
That's just not gonna work.
Okay.
Do you feel like, do you feellike Chicken Little in your
practice right now?
Okay.
I'm gonna do that.
Do that.
I think it's a catchy little oneand then we can talk about it.
(14:28):
Yeah.
It's the sky falling.
Do you feel like chicken littleis the sky falling?
We're gonna discuss economics inthe market today and how it
affects your practice.
There you go.
Boom.
Yeah.
Boom.
Doctors, are you playing ChickenLittle in your practice right
now?
Do you feel like the sky is justfalling all around you?
(14:51):
Today we're gonna talk aboutfinances and the markets.
Hi everybody.
Welcome to the KC Chiro PulsPodcast, brought to you by Cats
Consultants and CAIR Health USA.
I'm Dr.
Michael Perus.
Joined by my co-host, Dr.
Troy Fox.
Troy, you're the one that coinedChicken Little, which.
E everybody.
(15:11):
Where do you see the blooperreel on this one?
Oh my gosh.
Yeah, the blooper reel.
We laughed hard.
We could really get started whenyou're laughing so hard.
Yeah, the first couple of threeminutes of this.
Yeah, definitely.
So chicken little is all overthe place and we're already
hearing it and seeing it.
Unfortunately, I.
And, and I'll throw in my 2cents worth.
And then you are really more thefinancial guy.
(15:32):
This is, this is yourwheelhouse.
So you're gonna, you're gonna bein total control of this today,
but stand a little time aroundfrom standpoint of Yeah, for
sure.
From a standpoint of chickenlittle, what I see is people get
caught straight in thecrosshairs of anything that's
happening financially.
And if their practice dips evena little bit, oh my God, the
sky's falling.
(15:53):
We've got tariffs.
Uh, the stock market fell, andas of today when we're recording
this, the stock market was notdoing as hot today.
So people get caught in thecross there so that all of a
sudden think, oh my gosh, sure,I'm done.
I'm toast.
Here's where I think you need tobe, and then we're gonna talk
about the reality of it.
Where you need to be is you needto have this off in the
(16:15):
periphery.
In other words, be aware thatyou're gonna have patients come
in that are a little moresensitive about finances.
Be aware that you're gonna havepatients that are a little bit
more emotionally attached towhat's going on around them with
finances in the market, right?
Yep.
It doesn't need to be in themiddle of the cross here.
It's not the first thing youtalk about with every patient
(16:36):
that comes through the door.
You still have a focus to takecare of that patient, because
guess what?
If I'm emotionally needy.
Because I feel like maybe themarket's not doing as well, or
my finances aren't doing aswell, or my dollar isn't, is is
having to be stretched a littlebit more.
Yep.
Guess what I need?
I need an emotional support.
(16:56):
Yep.
And a lot of times that comesfrom the spinal adjustment.
The normalization of my emotionsas a result of that spinal
adjustment.
Yep.
Not to get too deep into theweeds, but we as chiropractors
understand that that works.
So that's where I am at withthis whole situation.
But Dr.
Perus, you're gonna get waydeeper into the financial weeds.
(17:19):
Well, yeah.
I mean, number one, you know,we're, we're at a crazy time
where the economy's got a littlebit of a ripple to it, meaning
it's up and down.
Um.
And of course, I'll go back tomy investment banking days.
The old adage was, when theripples are high, you sell.
When the dips are low, you buy.
And so that's what we're seeingis we're, we're really seeing a
(17:41):
market that has some tremendousopportunity to it because it's
got some volatility.
Okay?
So number one, if you're, ifyou're looking at the market and
you're panicking yourself'causeyou're watching your 401k or
your IRA, whatever, kind of goup and down a little bit.
Don't, don't panic.
Don't panic.
Even if you're getting ready toretire, don't panic because what
(18:01):
goes down always comes back up.
Um.
And there's, there's a lot ofmisunderstanding in the
marketplace right now about thetariffs.
Um, honestly, the tariffs reallyaren't that bad of a thing, and
we've had tariffs aroundforever, and you just don't even
realize it.
So it, it's just becauseeverybody's talking about it,
and it's kind of a confusingtopic that people kind of get it
(18:25):
mixed up and think, oh my gosh,all of a sudden everything's
gonna be more expensive.
You're not really gonna see awhole lot of that, but your
patients are gonna walk in thedoor and they're gonna be
feeling this.
And, and Troy, you talked aboutstress.
And you know, this is startingto remind me a little bit of
when the pandemic hit.
Now here's the cool thing aboutthe pandemic.
(18:46):
All of our clients saw theirpractices grow during the
pandemic.
And here's why.
Because, and, and Troy, you justkind of almost hit the nail on
the head a second ago.
Our patients are stressed.
We are great stress relieversbecause what happens with the
adjustment, we put the body backinto balance.
(19:06):
We put the nervous system backinto balance.
We put our physiology back intobalance.
We have dopamine release withthe adjustment, and boom, we
feel better.
Plus, for the most part, I thinkchiropractors are pretty darn
good at, uh, building greatrelationships with patients.
And so that makes people feelbetter.
(19:26):
A hundred percent.
And so I wanna, I wanna kind ofdig into this idea of, okay, if
the sky looks like it's fallingoutside, what do we do inside of
our practice to protect it?
From that Skyfall attitudecoming in and affecting the
practice in a negative way.
So we needed a quick, I cannottalk today.
(19:47):
We need to take a quick breakand hear a word from our
sponsors, so we'll be rightback.
We're talking about Chickenlittle and Skyes balling.
All right, all you chickenlittles, welcome back.
This is the Casey Puls podcast.
We're talking about how crazyeconomic times sometimes can
(20:08):
negatively impact the practice,but there are some things that
we can do to protect it.
And I mentioned before the breakthat this kind of feels like the
pandemic.
So the reason why so manypractices did well during the
pandemic is number one, theyplanned for what to do.
What are the steps that we needto take now?
We don't need to go back to sixfeet apart and social distancing
and all that during crazyeconomic times.
(20:31):
But we are gonna hear patientswalking in saying, Hey Doc, I
think coming in every threeweeks, I think I might need to
stretch that out to every sixweeks.
And we need to be prepared forthat.
And we get prepared for that bypreempting that conversation.
So doctors, I'm gonna ask you aquestion and you're probably
gonna look at me with that.
(20:52):
Questionable look on your facebecause you're not gonna
understand what I mean.
What are your valuepropositions?
What are you telling patients?
How are you talking to patientsin a way that shows the value of
chiropractic?
And I think everybody out therewould agree that the service
that we provide, whileincredibly invaluable, it also
(21:14):
has a low price tag to itrelative to.
The rest of the healthcareworld.
So when it comes to good value,I think chiropractic is at the
top of the totem pole, but doyour patients understand that?
So patient mentality, consumermentality is kind of funny.
I.
People don't know how to domath.
And so when you tell a patient,I wanna see you 18 times, and
(21:38):
then the front desk tells'emyou're gonna pay 50 every visit
to the patient, the calculationcomes out to be about$1.2
million.
I.
I, I'm being a little facetious,but, but they automatically
think, oh my gosh, that's a hugenumber.
How am I ever gonna afford thatwhen the reality is it's already
incredibly affordable.
So we have to make sure thatwe're presenting finances in a
(22:01):
way that they understand thevalue that they're getting.
So making comparisons to otherthings in the healthcare world,
like a good comparison might be,um.
Chiropractic care compared tosurgery.
Huge difference.
Chiropractic care compared tophysical therapy, pretty good
difference.
(22:21):
Chiropractic compared toorthodontics, big difference for
the most part.
So, you know, be ready and, anddocs, you need to teach your
team to do these things too,because they're probably having
the financial conversations withpatients more than you are.
And so you, you need to prepthem to be prepared for that
conversation.
So talk to them about, aboutthat.
(22:43):
But that's gonna affect more ofyour new patients.
What about your existingpatients that are coming in?
Those patients need a differentconversation.
They already understand thatchiropractic care is important
because they're coming in.
Maybe it's Bill Smith.
We'll just make up a patient.
Bill Smith's been coming to youfor five years.
He comes every three weeks andhe has for the last five years,
(23:06):
ever since he went through hisacute care plan in the
beginning.
Now Bill comes in and he's thatguy that says, Hey Doc, I think
I need to stretch this out alittle bit.
Let's go to six weeks instead ofthree.
And you're faced with having toanswer him.
And the kneejerk reaction ifyou're not prepared, is going to
be okay, bill.
That sounds fine.
I understand.
(23:27):
I.
We'll just cave in and agree,but what if we start telling
Bill ahead of time?
Hey Bill, I don't know if yourealize this, but the value of
chiropractic care that you'vebeen receiving all this time is
huge.
You probably don't realize thatchiropractors actually help you
not have to go see other doctorswith more expensive care.
(23:48):
In a lot of situations and it'ssaving you money that you're not
even realizing.
That's a value proposition.
That's putting chiropractic in alight that shows its value.
So what are you doing aboutthat?
If you have a cash program, I'mgonna call it a qualified cash
program, like, uh, like a CairoHealth USA plan in your
(24:10):
practice, make sure yourpatients understand that you
offer that and that it's at alower fee than what your
insurance-based fees are.
So they see and feel thatdifference.
It's the whole idea of going toCostco.
What do people do when they goto Costco?
They pay an annual membershipthat unlocks discounted pricing.
(24:33):
Or bulk pricing is Costco's way,uh, measure.
So you can do the same thing inyour practice to again, show the
value of care by offeringpackages good well thought out,
uh, cash plans so that your feestrategies are set correctly.
(24:54):
And there's a whole podcastright there, Troy talking about
fee.
Oh yeah.
Because we're so randomsometimes with how we set our
fees.
Uh, or, or we're chasing the guydown the street to the bottom.
Yeah, yeah, yeah.
That's my favorite one.
Right.
I like that one the best.
It's a race to the bottom.
It's a race to the bottom, so.
So you don't have to get cheapduring this time.
(25:16):
Right.
You just have to show value.
So we need to take another quickbreak, but I wanna come back and
I wanna talk about that a littlebit more.
And I know you do some things inyour practice.
Did you wanna say something?
Yeah, I was gonna say, I've gotanother preemptive conversation
that we're using right now andit works really well.
Beautiful.
So.
We're gonna hear the, uh,chicken little version of, no,
I'm just kidding.
So when we come back, we'regonna talk about some other
(25:38):
preemptive ways to talk to yourpatients about the value of
chiropractic.
We'll be right back.
Alright, everybody.
Welcome back to the KC Carpulepodcast.
We are talking about the valueproposition that chiropractic
brings to patients, but we haveto make sure that patients
understand it.
Otherwise, during tough economictimes, they will have a tendency
(26:00):
to wanna slow down on care ordrop out of care altogether
thinking that they're savingmoney.
Terry, right before the break,you mentioned a, a strategy that
you guys use in your office.
Yeah.
So here's how we do it.
And, and the goal is not toshorten up treatment schedules.
Let's say we've got Bill Smiththat's coming every three weeks.
The conversation I'm havingwhile I'm adjusting Bill, I got
(26:21):
him down on the table and I'mdoing the, uh, Uhuh, uh, uh, uh,
you know, my thing.
Right.
So I'm doing my thing on him,and while I'm working with him,
I basically say, Hey, you knowwhat, bill, this is, you know,
the, the economy's been a littletougher lately and I know you
guys are, you guys are hopingwe're, we're in a small farming
town or a, a small, you know,smaller farming area.
(26:43):
I know you guys have beenwishing for rain.
'cause otherwise it's gonna be atough year with crops and all
that too.
I've noticed with the increasedstress.
We're seeing patients that areneeding more chiropractic care
right now than they ever havebecause of the amount of
emotional stress.
And I just feed that little seedinto the head.
Yeah.
And then that's great.
(27:03):
And then basically what I sayis, I think you're right on
track with where we're at withyou right now, and I leave it
now.
He may say that's on.
Yeah, he may say, you know what,you're right.
I think I, you know, I think Ineed to go down to every two
weeks instead of three.
That has happened.
Mm-hmm.
Others go, oh,'cause I wasthinking about spreading my care
out a little bit.
(27:24):
But you're right, it's literallypreemptive to the point of where
you start a conversation.
Mm-hmm.
And they will respond almostimmediately.
Or you can see the wheelsturning and then I go, Hey, I'll
see you in three weeks.
And they go, okay.
There is, there is no spreadingit out at that point because
I've already taken the legs outfrom underneath their argument
that they need to spread it out.
(27:45):
They just realize that care'sreally important.
So that's the other preemptiveconversation.
It's a really easy one that we,you just kind of interjected
into your conversation whileyou're adjusting.
Wow.
You know, you're a little tighttoday.
I've noticed a lot of ourpatients right now are a little
more stressed than usual becausethe economy and maybe the.
Farming environment right now,and we're noticing people need a
(28:06):
little more care than a littlebit less.
I think you're right on trackwith that three week number, so
know what your interval is withthat patient before you adjust
'em.
Don't, don't get in the middleof the sentence and have to lean
over and look at your computer.
Right, right.
No, you a great, it kills, itkills the mood.
It, it does.
You bring up a great point.
You know, I think a lot of timesas doctors we're afraid to get
(28:28):
into those conversations, but,but you want that conversation
to happen.
You wanna, you wanna bring it upbefore the patient.
That's the whole point.
And And you want the patient tohave a response.
Yeah.
And you're spot on because theresponse is either gonna be, you
know what, doc, you're right.
Let's move things in a littletighter.
I'll see you more often.
Or it's gonna be the other sidethat you said, Hey, I was
(28:50):
thinking about.
Kind of spreading things outjust a little bit more.
So I'm glad you brought this up,so you wanna open up that
conversation.
Otherwise, when the patient getsto the front desk, they're gonna
say, you know what?
I'll call you when I feel like Ineed you.
Yeah.
They also at that point feltlike that you cared enough to
actually dive into thatconversation, which meant you
(29:11):
took extra time with them, eventhough you didn't,'cause you
were just adjusting'em likenormal.
Right.
But you, you approached thetopic with them, which makes
them think, Hey, he thoughtabout my case before I walked in
the door today.
Yeah, yeah, exactly.
Exactly.
So doctors, the whole point ispreemptive communication.
(29:32):
Bringing the value propositionof chiropractic into the
conversation ahead of thepatient, thinking about quitting
care, cutting back on care,whatever it might be, will help
insulate your practice from upand down economic times.
And, you know, we're in oneright now.
How long is it gonna last?
(29:52):
Who knows?
Um, it doesn't matter.
Look at it as a huge opportunityto kind of reconnect with some
of your patients, to talk tothem about the value of
chiropractic care.
Help them understand that it'snot an expense, it's an
investment in their futurehealth.
I.
Yeah.
Turn chicken little upside downon his head and drop him on his
(30:14):
head.
Exactly.
You don't need that.
You don't need that in themiddle of your practice.
Put it in the periphery.
Have that little conversation.
You already know that.
Guess what?
As a chiropractor, you know thatwhen you get stressed, you're
gonna get adjusted more often.
Right.
When I'm in, when I'm in astressful situation, what am I
dying for?
An adjustment.
Right.
Your patients are the same way.
(30:35):
Mm-hmm.
So all you have to do is broachthat conversation preemptively.
You take chicken little and drophim on his fat little head.
Yep.
And real quick docs, here's acouple of little things too.
If your practice is feeling alittle down or feeling a little
financially stressed duringthese times, number one, don't
sit and watch the markets allday.
Markets go up and down.
(30:55):
It's not meant to be somethingyou look at on a daily basis
unless you're a day trader andyou're probably not'cause you're
a chiropractor.
You're too busy to be a daytrader.
The guy, the guy that doesn'tknow much other than I just like
to make money in the market,went and looked at the Nasdaq
five year.
Yeah, that's all I did.
The Nasdaq five year is like, ifyou're looking at my screen,
(31:18):
lemme see if I can get my handin the right spot.
Bam.
It's like that, but it's gotripples in it all the way up.
Sure.
Where it's at with a couple dipsand climbs, but the whole thing
is vertical at a 45 degreeangle.
Yep.
Mean, my gosh, you cannot losewith that deal.
It just keeps going up.
As long as it, as long as itoutpaces inflation, you're
(31:41):
actually making money with thatthing going up.
And that's the only, that'sactually something you gotta
think about.
But that standpoint, when youlook at it, this little dip we
got going on right now is a blipon the radar screen.
That's why.
When you go to any financialadvisor, they tell you just
wait.
The market's gonna go back up.
It historically, always does.
Always does.
My financial advisor has that.
(32:02):
I mean, he could.
He says that in his sleep, Ithink because it's so true, but
it's a true statement.
He's not telling me a story.
Yeah.
So quit worrying about it.
Quit worrying about it.
Buy, uh, yeah, buy the dip.
Sell the rips, as we alwayssaid.
Yeah.
In in the investment bankingworld, and you know, this is a
good time to go through your pand l.
What can you cut out expensewise?
(32:23):
You know, maybe it's time to sitdown and look at that side of
the practice and clean it up alittle bit.
Don't, don't make it presentunconsciousness, but go through
it and where can I save?
You know, if you can consolidateright now, that's also, and when
I mean consolidate, here's whatI'm doing.
What I'm doing is I'm paying offhigh interest rate loans
(32:43):
quickly.
Yep.
Taking the extra money andapplying those now to the lower
and now.
So I've paid off my highinterest rate.
Now I'm on that mid interestrate loan tier right now, and
I'm paying those off by bumpingall those at this point, and so
I'm accelerating my payoffprocess.
Now, what would stop that ifthis market keeps dropping?
(33:07):
I'm gonna have a panic attack.
No, that's not what's gonnahappen.
If this market keeps dropping,I'm gonna quit making extra
payments and I'm gonna pull allthat money and I'm gonna dump it
right in the market.
Yep.
That way I can catch the climb.
Yep.
So when you're on a dip, you canalways go, you know what?
I'm not gonna pay that thismonth and next month I'm gonna
throw$5,000 at the market rightnow.
(33:29):
Yep.
You know?
I think historically you'regonna win with that bet every
time, just make your minimumpayment.
But if the, if the market's upand you're like, eh, it's up
right now, I don't know what Iwanna do.
If you're indecisive, make thepayment on that loan and drop
that loan payment down.
If as long as, as long as yourtax people are telling you to do
that, if it's a something wherethey're going, Hey, we don't
(33:50):
want you to make more than theminimum payment, then don't
listen to me on that one.
But I'm saying, if this issomething you need to get paid
down, then make a little extraIf you're indecisive.
Yep.
Yep.
So this is just a good time tobe financially astute.
Take a look at your p and l.
Where can you cut the fat?
Pay down high interest ratecredit cards if you can.
And above all, focus on therevenue stream in your practice
(34:15):
and how you can grow it.
Because remember in downtimes iswhen the most money is made, and
you can do the same thing inyour practice.
So if you wanna know more aboutwhat we do and how we're
helping.
Doctors, build those practicesand find those revenue
opportunities, go to katzconsultants.com.
Go check us out.
We've been around a long time.
(34:35):
Um, we've got an incrediblyexperienced team and, uh, I, I
think you'll see why our clientsare so happy and so profitable.
So, uh, Troy, anything else toadd?
Uh, I haven't been around aslong as you, um, so I just want
to clarify that real quickly,that I'm younger than you, um, I
think by about 25 years orsomething.
(34:57):
Oh, yeah, yeah, yeah.
I mean, I look at, look at me.
I look 25 years younger, but No,he's exactly right.
We got a ton of experience andhere's what's interesting to me.
Sometimes I talk to prospectiveclients that are interested in
talking with us, and sometimesthey say.
Well, there's this new younggroup that come together and,
you know, and a lot of timesthey're talking about new
(35:18):
patient volume and visit volumeand all the stuff That was the
big thing back in the eighties.
But they've, they've dolled itup to make it look like the
newest, biggest thing.
Here's, here's where we're at.
I don't really buy into the highPVA high new patient high visit
practice.
You know what we, you know whatwe like to do?
(35:39):
We like to create a good.
Margin for you.
Margin is where it's at.
Yeah.
Because if it costs me$19,000 amonth in marketing, advertising,
staff, building, and equipmentto make$19,000 a month.
It looks really cool on paperuntil you try to take that to
(35:59):
the bank.
Exactly.
But we try to create practicesthat have a margin and are
actually profitable.
We, we approach your practicefrom a business standpoint, not
just from a rah rah standpoint.
And so for me, I'm excited aboutthe way we work and that's a
little bit of maturity.
So sometimes having a guy that'smissing his hair or having a guy
that's got a little gray hair onhis head and you younger folks.
(36:22):
Going, well, I identify morewith this guy that's 30 years
old that drove up in a big fourwheel drive truck in his ad, and
they've got the coolestchiropractic marketing system on
the planet.
Yeah.
Yeah.
Okay.
So my, my, my take on that isnot to bash any other group.
(36:43):
But I think sometimes with agecomes wisdom and I think we've
got a pretty good program puttogether that actually addresses
profit and it addresses yourprofit or your, your profit
status from an individualstandpoint.
So there's my, there's my rantabout that is I feel like we
individualize your practice andwe're looking at profit for you.
(37:03):
Not just, gee, we're gonnaincrease your collections, but
we're also gonna increase yourexpenses.
'cause you're gonna spend somuch on marketing, you don't
make any more money.
That doesn't make any sense.
Don't get sucked in by the, bythe glitz, the glamor and the,
the newest, shiny thing.
Keep it simple, stupid.
Keep it simple.
Keep it simple.
Yep.
(37:23):
All right, everybody after that,shameless plug.
Thanks Troy.
Uh, yep.
We'll, uh, we'll check out here.
So thanks everybody for tuninginto the KC Catapults Podcast,
brought to you by KazConsultants in Cairo Health,
USA.
We appreciate you guys beinghere.
It's because of you that we, ourpodcast is growing by leaps and
bounds, so be sure to subscribeand like, and we'll see you next
(37:44):
time.
We'll see you.
Dr. Michael Perusich (37:52):
Alright, everybody.
Welcome back to the KCChiroPulse podcast.
We are talking about the valueproposition that chiropractic
brings to patients, but we haveto make sure that patients
understand it.
Otherwise, during tough economictimes, they will have a tendency
to wanna slow down on care ordrop out of care altogether
thinking that they're savingmoney.
Troy, right before the break,you mentioned a strategy that
(38:14):
you guys use in your office.
Yeah.
So here's how we do it.
And the goal is not to shortenup treatment schedules.
Let's say we've got Bill Smiththat's coming every three weeks.
The conversation I'm havingwhile I'm adjusting Bill, I got
him down on the table and I'mdoing the Uhuh my thing.
So I'm doing my thing on him,and while I'm working with him,
I basically say, Hey, you knowwhat, bill, this is, the
(38:37):
economy's been a little tougherlately and I know you guys are
hoping we're in a small farmingtown or a small, smaller farming
area.
I know you guys have beenwishing for rain.
'cause otherwise it's gonna be atough year with crops and all
that too.
I've noticed with the increasedstress.
We're seeing patients that areneeding more chiropractic care
right now than they ever havebecause of the amount of
emotional stress.
(38:59):
And I just feed that little seedinto the head.
Yeah.
Dr. Troy Fox (39:03):
And then that's great.
And then basically what I sayis, I think you're right on
track with where we're at withyou right now, and I leave it
now.
He may say that's on.
Yeah, he may say, you know what,you're right.
I think I, I think I need to godown to every two weeks instead
of three.
That has happened.
Others go, oh,'cause I wasthinking about spreading my care
out a little bit.
(39:24):
But you're right, it's literallypreemptive to the point of where
you start a conversation.
And they will respond almostimmediately.
Or you can see the wheelsturning and then I go, Hey, I'll
see you in three weeks.
And they go, okay.
There is no spreading it out atthat point because I've already
taken the legs out fromunderneath their argument that
they need to spread it out.
They just realize that care'sreally important.
(39:46):
So that's the other preemptiveconversation.
It's a really easy one that we,you just interjected into your
conversation while you'readjusting.
Wow.
You're a little tight today.
I've noticed a lot of ourpatients right now are a little
more stressed than usual becausethe economy and maybe the.
Farming environment right now,and we're noticing people need a
little more care than a littlebit less.
(40:06):
I think you're right on trackwith that three week number, so
know what your interval is withthat patient before you adjust
'em.
Don't get in the middle of thesentence and have to lean over
and look at your computer.
Dr. Michael Perusich (40:16):
Right.
No, you a great, it kills themood.
It, it does.
You bring up a great point.
I think a lot of times asdoctors we're afraid to get into
those conversations but you wantthat conversation to happen.
You wanna bring it up before thepatient.
That's the whole point.
And you want the patient to havea response.
Yeah.
And you're spot on because theresponse is either gonna be, you
(40:37):
know what, doc, you're right.
Let's move things in a littletighter.
I'll see you more often.
Or it's gonna be the other sidethat you said, Hey, I was
thinking about.
Spreading things out just alittle bit more.
So I'm glad you brought this up,so you wanna open up that
conversation.
Otherwise, when the patient getsto the front desk, they're gonna
say, you know what?
I'll call you when I feel like Ineed you.
(40:58):
Yeah.
Dr. Troy Fox (40:59):
They also at that point felt like that you cared
enough to actually dive intothat conversation, which meant
you took extra time with them,even though you didn't,'cause
you were just adjusting'em likenormal.
But you approached the topicwith them, which makes them
think, Hey, he thought about mycase before I walked in the door
today.
Dr. Michael Perusich (41:17):
Yeah, exactly.
Exactly.
So doctors, the whole point ispreemptive communication.
Bringing the value propositionof chiropractic into the
conversation ahead of thepatient, thinking about quitting
care, cutting back on care,whatever it might be, will help
insulate your practice from upand down economic times.
(41:40):
And, we're in one right now.
How long is it gonna last?
Who knows?
It doesn't matter.
Look at it as a huge opportunityto reconnect with some of your
patients, to talk to them aboutthe value of chiropractic care.
Help them understand that it'snot an expense, it's an
investment in their futurehealth.
(42:00):
I.
Dr. Troy Fox (42:02):
Yeah.
Turn chicken little upside downon his head and drop him on his
head.
Exactly.
You don't need that.
You don't need that in themiddle of your practice.
Put it in the periphery.
Have that little conversation.
You already know that.
Guess what?
As a chiropractor, you know thatwhen you get stressed, you're
gonna get adjusted more often.
When I'm in, when I'm in astressful situation, what am I
dying for?
(42:22):
An adjustment.
Your patients are the same way.
So all you have to do is broachthat conversation preemptively.
You take chicken little and drophim on his fat little head.
Dr. Michael Perusich (42:31):
Yep.
And real quick docs, here's acouple of little things too.
If your practice is feeling alittle down or feeling a little
financially stressed duringthese times, number one, don't
sit and watch the markets allday.
Markets go up and down.
It's not meant to be somethingyou look at on a daily basis
unless you're a day trader andyou're probably not'cause you're
(42:52):
a chiropractor.
You're too busy to be a daytrader.
Dr. Troy Fox (42:54):
The guy that doesn't know much other than I
just like to make money in themarket, went and looked at the
Nasdaq five year.
Yeah, that's all I did.
The Nasdaq five year is ifyou're looking at my screen,
lemme see if I can get my handin the right spot.
Bam.
It's like that, but it's gotripples in it all the way up.
(43:14):
Sure.
Where it's at with a couple dipsand climbs, but the whole thing
is vertical at a 45 degreeangle.
Dr. Michael Perusich (43:21):
Yep.
Dr. Troy Fox (43:22):
Mean, my gosh, you cannot lose with that deal.
It just keeps going up.
As long as it, as long as itoutpaces inflation, you're
actually making money with thatthing going up.
And that's the only, that'sactually something you gotta
think about.
But that standpoint, when youlook at it, this little dip we
got going on right now is a blipon the radar screen.
That's why.
(43:42):
When you go to any financialadvisor, they tell you just
wait.
The market's gonna go back up.
It historically, always does.
Always does.
My financial advisor has that.
He could.
He says that in his sleep, Ithink because it's so true, but
it's a true statement.
He's not telling me a story.
Dr. Michael Perusich (43:57):
Yeah.
Dr. Troy Fox (43:58):
So quit
Dr. Michael Perusich (43:58):
worrying about it.
Quit worrying about it.
Buy yeah, buy the dip.
Sell the rips, as we alwayssaid.
Yeah.
In the investment banking world,and this is a good time to go
through your p and l.
What can you cut out expensewise?
Maybe it's time to sit down andlook at that side of the
practice and clean it up alittle bit.
Don't make it presentunconsciousness, but go through
it and where can I save?
Dr. Troy Fox (44:21):
If you can consolidate right now, that's
also, and when I meanconsolidate, here's what I'm
doing.
What I'm doing is I'm paying offhigh interest rate loans
quickly.
Yep.
Taking the extra money andapplying those now to the lower
and now.
So I've paid off my highinterest rate.
Now I'm on that mid interestrate loan tier right now, and
(44:42):
I'm paying those off by bumpingall those at this point, and so
I'm accelerating my payoffprocess.
Now, what would stop that ifthis market keeps dropping?
I'm gonna have a panic attack.
No, that's not what's gonnahappen.
If this market keeps dropping,I'm gonna quit making extra
payments and I'm gonna pull allthat money and I'm gonna dump it
(45:03):
right in the market.
Yep.
That way I can catch the climb.
Yep.
So when you're on a dip, you canalways go, you know what?
I'm not gonna pay that thismonth and next month I'm gonna
throw$5,000 at the market rightnow.
Yep.
I think historically you'regonna win with that bet every
time, just make your minimumpayment.
But if the market's up andyou're like, eh, it's up right
(45:24):
now, I don't know what I wannado.
If you're indecisive, make thepayment on that loan and drop
that loan payment down.
If as long as your tax peopleare telling you to do that, if
it's a something where they'regoing, Hey, we don't want you to
make more than the minimumpayment, then don't listen to me
on that one.
But I'm saying, if this issomething you need to get paid
down, then make a little extraIf you're indecisive.
Dr. Michael Perusich (45:43):
Yep.
Yep.
So this is just a good time tobe financially astute.
Take a look at your p and l.
Where can you cut the fat?
Pay down high interest ratecredit cards if you can.
And above all, focus on therevenue stream in your practice
and how you can grow it.
Because remember in downtimes iswhen the most money is made, and
(46:05):
you can do the same thing inyour practice.
So if you wanna know more aboutwhat we do and how we're
helping.
Doctors, build those practicesand find those revenue
opportunities, go to katzconsultants.com.
Go check us out.
We've been around a long time.
We've got an incrediblyexperienced team and I think
you'll see why our clients areso happy and so profitable.
(46:26):
Troy, anything else to add?
Dr. Troy Fox (46:28):
I haven't been around as long as you so I just
want to clarify that realquickly, that I'm younger than
you I think by about 25 years orsomething.
Oh yeah.
I look at me.
I look 25 years younger, but No,he's exactly right.
We got a ton of experience andhere's what's interesting to me.
Sometimes I talk to prospectiveclients that are interested in
talking with us, and sometimesthey say.
(46:51):
There's this new young groupthat come together and, and a
lot of times they're talkingabout new patient volume and
visit volume and all the stuffThat was the big thing back in
the eighties.
But they've dolled it up to makeit look like the newest, biggest
thing.
Here's where we're at.
I don't really buy into the highPVA high new patient high visit
(47:12):
practice.
You know what we, you know whatwe like to do?
We like to create a good.
Margin for you.
Margin is where it's at.
Yeah.
Because if it costs me$19,000 amonth in marketing, advertising,
staff, building, and equipmentto make$19,000 a month.
(47:32):
It looks really cool on paperuntil you try to take that to
the bank.
Exactly.
But we try to create practicesthat have a margin and are
actually profitable.
We approach your practice from abusiness standpoint, not just
from a rah standpoint.
And so for me, I'm excited aboutthe way we work and that's a
little bit of maturity.
So sometimes having a guy that'smissing his hair or having a guy
(47:54):
that's got a little gray hair onhis head and you younger folks.
Going I identify more with thisguy that's 30 years old that
drove up in a big four wheeldrive truck in his ad, and
they've got the coolestchiropractic marketing system on
the planet.
Yeah.
Yeah.
Okay.
So my, my, my take on that isnot to bash any other group.
(48:18):
But I think sometimes with agecomes wisdom and I think we've
got a pretty good program puttogether that actually addresses
profit and it addresses yourprofit or your profit status
from an individual standpoint.
So there's my rant about that isI feel like we individualize
your practice and we're lookingat profit for you.
Not just, gee, we're gonnaincrease your collections, but
(48:41):
we're also gonna increase yourexpenses.
'cause you're gonna spend somuch on marketing, you don't
make any more money.
That doesn't
Dr. Michael Perusich (48:47):
make any sense.
Don't get sucked in by theglitz, the glamor and the
newest, shiny thing.
Keep it simple, stupid.
Keep it simple.
Keep it simple.
Yep.
All right, everybody after that,shameless plug.
Thanks Troy.
Yep.
We'll we'll check out here.
So thanks everybody for tuninginto the KC ChiroPulse Podcast,
brought to you by KatsConsultants in Chiro Health,
USA.
(49:08):
We appreciate you guys beinghere.
It's because of you that we, ourpodcast is growing by leaps and
bounds, so be sure to subscribeand and we'll see you next time.
We'll see you.
Doctors, are you playing Chicken Little
in your practice right now?
Do you feel like the sky is justfalling all around you?
Today we're gonna talk aboutfinances and the markets.
Hi everybody.
Welcome to the KC Chiro PulsePodcast, brought to you by Kats
Consultants and Chiro HealthUSA.
I'm Dr.
Michael Perusich.
Joined by my co-host, Dr.
(00:29):
Troy Fox.
Troy, you're the one that coinedChicken Little, which.
E everybody.
Where do you see the blooperreel on this one?
Dr. Troy Fox (00:38):
Oh my gosh.
Yeah, the blooper reel.
We laughed hard.
We could really get started whenyou're laughing so hard.
Yeah, the first couple of threeminutes of this.
Yeah, definitely.
So chicken little is all overthe place and we're already
hearing it and seeing it.
Unfortunately, I.
And I'll throw in my 2 centsworth.
And then you are really more thefinancial guy.
This is your wheelhouse.
(00:58):
So you're gonna, you're gonna bein total control of this today,
but stand a little time aroundfrom standpoint of Yeah, for
sure.
From a standpoint of chickenlittle, what I see is people get
caught straight in thecrosshairs of anything that's
happening financially.
And if their practice dips evena little bit, oh my God, the
sky's falling.
We've got tariffs.
(01:18):
The stock market fell, and as oftoday when we're recording this,
the stock market was not doingas hot today.
So people get caught in thecross there so that all of a
sudden think, oh my gosh, sure,I'm done.
I'm toast.
Here's where I think you need tobe, and then we're gonna talk
about the reality of it.
Where you need to be is you needto have this off in the
(01:38):
periphery.
In other words, be aware thatyou're gonna have patients come
in that are a little moresensitive about finances.
Be aware that you're gonna havepatients that are a little bit
more emotionally attached towhat's going on around them with
finances in the market, right?
Yep.
It doesn't need to be in themiddle of the cross here.
It's not the first thing youtalk about with every patient
(01:59):
that comes through the door.
You still have a focus to takecare of that patient, because
guess what?
If I'm emotionally needy.
Because I feel like maybe themarket's not doing as well, or
my finances aren't doing aswell, or my dollar isn't, is
having to be stretched a littlebit more.
Yep.
Guess what I need?
I need an emotional support.
Yep.
(02:19):
And a lot of times that comesfrom the spinal adjustment.
The normalization of my emotionsas a result of that spinal
adjustment.
Yep.
Not to get too deep into theweeds, but we as chiropractors
understand that works.
So that's where I am at withthis whole situation.
But Dr.
Perusich, you're gonna get waydeeper into the financial weeds.
Dr. Michael Perusich (02:41):
Yeah.
Number one, we're at a crazytime where the economy's got a
little bit of a ripple to it,meaning it's up and down.
And of course, I'll go back tomy investment banking days.
The old adage was, when theripples are high, you sell.
When the dips are low, you buy.
And so that's what we're seeingis we're really seeing a market
that has some tremendousopportunity to it because it's
(03:04):
got some volatility.
Okay?
So number one, if you're lookingat the market and you're
panicking yourself'cause you'rewatching your 401k or your IRA,
whatever, go up and down alittle bit.
Don't panic.
Don't panic.
Even if you're getting ready toretire, don't panic because what
goes down always comes back up.
And there's a lot ofmisunderstanding in the
(03:24):
marketplace right now about thetariffs.
Honestly, the tariffs reallyaren't that bad of a thing, and
we've had tariffs aroundforever, and you just don't even
realize it.
So it, it's just becauseeverybody's talking about it,
and it's a confusing topic thatpeople get it mixed up and
think, oh my gosh, all of asudden everything's gonna be
more expensive.
You're not really gonna see awhole lot of that, but your
(03:48):
patients are gonna walk in thedoor and they're gonna be
feeling this.
And Troy, you talked aboutstress.
And this is starting to remindme a little bit of when the
pandemic hit.
Now here's the cool thing aboutthe pandemic.
All of our clients saw theirpractices grow during the
pandemic.
And here's why.
Because and Troy, you justalmost hit the nail on the head
(04:08):
a second ago.
Our patients are stressed.
We are great stress relieversbecause what happens with the
adjustment, we put the body backinto balance.
We put the nervous system backinto balance.
We put our physiology back intobalance.
We have dopamine release withthe adjustment, and boom, we
(04:30):
feel better.
Plus, for the most part, I thinkchiropractors are pretty darn
good at building greatrelationships with patients.
And so that makes people feelbetter.
A hundred percent.
And so I wanna dig into thisidea of, okay, if the sky looks
like it's falling outside, whatdo we do inside of our practice
(04:50):
to protect it?
From that Skyfall attitudecoming in and affecting the
practice in a negative way.
So we needed a quick, I cannottalk today.
We need to take a quick breakand hear a word from our
sponsors, so we'll be rightback.
We're talking about Chickenlittle and Skyes balling.
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(05:35):
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(05:56):
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Dr. Michael Perusich (06:21):
All right, all you chicken littles, welcome
back.
This is the KC Chiro Pulsepodcast.
We're talking about how crazyeconomic times sometimes can
negatively impact the practice,but there are some things that
we can do to protect it.
And I mentioned before the breakthat this kind of feels like the
pandemic.
So the reason why so manypractices did well during the
pandemic is number one, theyplanned for what to do.
(06:44):
What are the steps that we needto take now?
We don't need to go back to sixfeet apart and social distancing
and all that during crazyeconomic times.
But we are gonna hear patientswalking in saying, Hey Doc, I
think coming in every threeweeks, I think I might need to
stretch that out to every sixweeks.
And we need to be prepared forthat.
And we get prepared for that bypreempting that conversation.
(07:08):
So doctors, I'm gonna ask you aquestion and you're probably
gonna look at me with that.
Questionable look on your facebecause you're not gonna
understand what I mean.
What are your valuepropositions?
What are you telling patients?
How are you talking to patientsin a way that shows the value of
chiropractic?
And I think everybody out therewould agree that the service
(07:31):
that we provide, whileincredibly invaluable, it also
has a low price tag to itrelative to.
The rest of the healthcareworld.
So when it comes to good value,I think chiropractic is at the
top of the totem pole, but doyour patients understand that?
So patient mentality, consumermentality is funny.
(07:53):
I.
People don't know how to domath.
And so when you tell a patient,I wanna see you 18 times, and
then the front desk tells'emyou're gonna pay 50 every visit
to the patient, the calculationcomes out to be about$1.2
million.
I.
I, I'm being a little facetiousbut they automatically think, oh
my gosh, that's a huge number.
(08:14):
How am I ever gonna afford thatwhen the reality is it's already
incredibly affordable.
So we have to make sure thatwe're presenting finances in a
way that they understand thevalue that they're getting.
So making comparisons to otherthings in the healthcare world,
like a good comparison might be,chiropractic care compared to
surgery.
(08:35):
Huge difference.
Chiropractic care compared tophysical therapy, pretty good
difference.
Chiropractic compared toorthodontics, big difference for
the most part.
Be ready and docs, you need toteach your team to do these
things too, because they'reprobably having the financial
conversations with patients morethan you are.
(08:56):
And so you, you need to prepthem to be prepared for that
conversation.
So talk to them about that.
But that's gonna affect more ofyour new patients.
What about your existingpatients that are coming in?
Those patients need a differentconversation.
They already understand thatchiropractic care is important
because they're coming in.
Maybe it's Bill Smith.
(09:18):
We'll just make up a patient.
Bill Smith's been coming to youfor five years.
He comes every three weeks andhe has for the last five years,
ever since he went through hisacute care plan in the
beginning.
Now Bill comes in and he's thatguy that says, Hey Doc, I think
I need to stretch this out alittle bit.
Let's go to six weeks instead ofthree.
And you're faced with having toanswer him.
(09:39):
And the kneejerk reaction ifyou're not prepared, is going to
be okay, bill.
That sounds fine.
I understand.
I.
We'll just cave in and agree,but what if we start telling
Bill ahead of time?
Hey Bill, I don't know if yourealize this, but the value of
chiropractic care that you'vebeen receiving all this time is
huge.
You probably don't realize thatchiropractors actually help you
(10:01):
not have to go see other doctorswith more expensive care.
In a lot of situations and it'ssaving you money that you're not
even realizing.
That's a value proposition.
That's putting chiropractic in alight that shows its value.
So what are you doing aboutthat?
If you have a cash program, I'mgonna call it a qualified cash
(10:25):
program like a Chiroo Health USAplan in your practice, make sure
your patients understand thatyou offer that and that it's at
a lower fee than what yourinsurance-based fees are.
So they see and feel thatdifference.
It's the whole idea of going toCostco.
What do people do when they goto Costco?
They pay an annual membershipthat unlocks discounted pricing.
(10:50):
Or bulk pricing is Costco's waymeasure.
So you can do the same thing inyour practice to again, show the
value of care by offeringpackages good well thought out
cash plans so that your feestrategies are set correctly.
(11:11):
And there's a whole podcastright there, Troy talking about
fee.
Oh yeah.
Because we're so randomsometimes with how we set our
fees.
Or we're chasing the guy downthe street to the bottom.
Yeah.
That's my favorite one.
I like that one the best.
It's a race to the bottom.
It's a race to the bottom, soyou don't have to get cheap
during this time.
(11:31):
You just have to show value.
So we need to take another quickbreak, but I wanna come back and
I wanna talk about that a littlebit more.
And I know you do some things inyour practice.
Did you wanna say something?
Dr. Troy Fox (11:39):
Yeah, I was gonna say, I've got another preemptive
conversation that we're usingright now and it works really
well.
Dr. Michael Perusich (11:44):
Beautiful.
We're gonna hear the chickenlittle version of, no, I'm just
kidding.
So when we come back, we'regonna talk about some other
preemptive ways to talk to yourpatients about the value of
chiropractic.
We'll be right back.
Kats Consultants (12:00):
Kats Chiropractic consultants, your
partner in chiropractic success.
We are dedicated with one-on-oneguidance to bring you all your
practice management needs.
Let's supercharge your practice.
Give us a call today.
You can say it now.
(12:20):
Alright.
Chicken little.
All right.
All right.
Doctors, are you playing chickenlittle or are you Foxing the hen
house.
That's right.
All right.
Let's see.
How do we bring this in?
(12:41):
Okay.
I.
Is your practice financially?
Nope.
That wasn't, it sounded waybetter in my head.
Way better.
Oh gosh.
Way better.
Way better.
Here, I gotta, I gotta turn themarket off.
It's distracting me.
(13:02):
All right.
Okay.
Doctors is your practice?
Yep.
It's the chicken little commentthat threw me off.
All right, here we go.
(13:22):
Oh my gosh.
This is the best blooper reelever.
Hey, doctors.
Yep.
Yep.
Nope, Nope.
All right.
This is why we're always sohappy during the podcast because
(13:45):
we just got done with, we laugh.
Yeah.
At ourselves.
All right.
That's right.
Maybe I need to think of adifferent way to bring this in.
Yeah.
Okay.
Doctors is your practice?
(14:06):
Nope.
Okay.
That's just not gonna work.
Okay.
Do you feel like, do you feellike Chicken Little in your
practice right now?
Okay.
I'm gonna do that.
Do that.
I think it's a catchy little oneand then we can talk about it.
(14:28):
Yeah.
It's the sky falling.
Do you feel like chicken littleis the sky falling?
We're gonna discuss economics inthe market today and how it
affects your practice.
There you go.
Boom.
Yeah.
Boom.
Doctors, are you playing ChickenLittle in your practice right
now?
Do you feel like the sky is justfalling all around you?
(14:51):
Today we're gonna talk aboutfinances and the markets.
Hi everybody.
Welcome to the KC Chiro PulsPodcast, brought to you by Cats
Consultants and CAIR Health USA.
I'm Dr.
Michael Perus.
Joined by my co-host, Dr.
Troy Fox.
Troy, you're the one that coinedChicken Little, which.
E everybody.
(15:11):
Where do you see the blooperreel on this one?
Oh my gosh.
Yeah, the blooper reel.
We laughed hard.
We could really get started whenyou're laughing so hard.
Yeah, the first couple of threeminutes of this.
Yeah, definitely.
So chicken little is all overthe place and we're already
hearing it and seeing it.
Unfortunately, I.
And, and I'll throw in my 2cents worth.
And then you are really more thefinancial guy.
(15:32):
This is, this is yourwheelhouse.
So you're gonna, you're gonna bein total control of this today,
but stand a little time aroundfrom standpoint of Yeah, for
sure.
From a standpoint of chickenlittle, what I see is people get
caught straight in thecrosshairs of anything that's
happening financially.
And if their practice dips evena little bit, oh my God, the
sky's falling.
(15:53):
We've got tariffs.
Uh, the stock market fell, andas of today when we're recording
this, the stock market was notdoing as hot today.
So people get caught in thecross there so that all of a
sudden think, oh my gosh, sure,I'm done.
I'm toast.
Here's where I think you need tobe, and then we're gonna talk
about the reality of it.
Where you need to be is you needto have this off in the
(16:15):
periphery.
In other words, be aware thatyou're gonna have patients come
in that are a little moresensitive about finances.
Be aware that you're gonna havepatients that are a little bit
more emotionally attached towhat's going on around them with
finances in the market, right?
Yep.
It doesn't need to be in themiddle of the cross here.
It's not the first thing youtalk about with every patient
(16:36):
that comes through the door.
You still have a focus to takecare of that patient, because
guess what?
If I'm emotionally needy.
Because I feel like maybe themarket's not doing as well, or
my finances aren't doing aswell, or my dollar isn't, is is
having to be stretched a littlebit more.
Yep.
Guess what I need?
I need an emotional support.
(16:56):
Yep.
And a lot of times that comesfrom the spinal adjustment.
The normalization of my emotionsas a result of that spinal
adjustment.
Yep.
Not to get too deep into theweeds, but we as chiropractors
understand that that works.
So that's where I am at withthis whole situation.
But Dr.
Perus, you're gonna get waydeeper into the financial weeds.
(17:19):
Well, yeah.
I mean, number one, you know,we're, we're at a crazy time
where the economy's got a littlebit of a ripple to it, meaning
it's up and down.
Um.
And of course, I'll go back tomy investment banking days.
The old adage was, when theripples are high, you sell.
When the dips are low, you buy.
And so that's what we're seeingis we're, we're really seeing a
(17:41):
market that has some tremendousopportunity to it because it's
got some volatility.
Okay?
So number one, if you're, ifyou're looking at the market and
you're panicking yourself'causeyou're watching your 401k or
your IRA, whatever, kind of goup and down a little bit.
Don't, don't panic.
Don't panic.
Even if you're getting ready toretire, don't panic because what
(18:01):
goes down always comes back up.
Um.
And there's, there's a lot ofmisunderstanding in the
marketplace right now about thetariffs.
Um, honestly, the tariffs reallyaren't that bad of a thing, and
we've had tariffs aroundforever, and you just don't even
realize it.
So it, it's just becauseeverybody's talking about it,
and it's kind of a confusingtopic that people kind of get it
(18:25):
mixed up and think, oh my gosh,all of a sudden everything's
gonna be more expensive.
You're not really gonna see awhole lot of that, but your
patients are gonna walk in thedoor and they're gonna be
feeling this.
And, and Troy, you talked aboutstress.
And you know, this is startingto remind me a little bit of
when the pandemic hit.
Now here's the cool thing aboutthe pandemic.
(18:46):
All of our clients saw theirpractices grow during the
pandemic.
And here's why.
Because, and, and Troy, you justkind of almost hit the nail on
the head a second ago.
Our patients are stressed.
We are great stress relieversbecause what happens with the
adjustment, we put the body backinto balance.
(19:06):
We put the nervous system backinto balance.
We put our physiology back intobalance.
We have dopamine release withthe adjustment, and boom, we
feel better.
Plus, for the most part, I thinkchiropractors are pretty darn
good at, uh, building greatrelationships with patients.
And so that makes people feelbetter.
(19:26):
A hundred percent.
And so I wanna, I wanna kind ofdig into this idea of, okay, if
the sky looks like it's fallingoutside, what do we do inside of
our practice to protect it?
From that Skyfall attitudecoming in and affecting the
practice in a negative way.
So we needed a quick, I cannottalk today.
(19:47):
We need to take a quick breakand hear a word from our
sponsors, so we'll be rightback.
We're talking about Chickenlittle and Skyes balling.
All right, all you chickenlittles, welcome back.
This is the Casey Puls podcast.
We're talking about how crazyeconomic times sometimes can
(20:08):
negatively impact the practice,but there are some things that
we can do to protect it.
And I mentioned before the breakthat this kind of feels like the
pandemic.
So the reason why so manypractices did well during the
pandemic is number one, theyplanned for what to do.
What are the steps that we needto take now?
We don't need to go back to sixfeet apart and social distancing
and all that during crazyeconomic times.
(20:31):
But we are gonna hear patientswalking in saying, Hey Doc, I
think coming in every threeweeks, I think I might need to
stretch that out to every sixweeks.
And we need to be prepared forthat.
And we get prepared for that bypreempting that conversation.
So doctors, I'm gonna ask you aquestion and you're probably
gonna look at me with that.
(20:52):
Questionable look on your facebecause you're not gonna
understand what I mean.
What are your valuepropositions?
What are you telling patients?
How are you talking to patientsin a way that shows the value of
chiropractic?
And I think everybody out therewould agree that the service
that we provide, whileincredibly invaluable, it also
(21:14):
has a low price tag to itrelative to.
The rest of the healthcareworld.
So when it comes to good value,I think chiropractic is at the
top of the totem pole, but doyour patients understand that?
So patient mentality, consumermentality is kind of funny.
I.
People don't know how to domath.
And so when you tell a patient,I wanna see you 18 times, and
(21:38):
then the front desk tells'emyou're gonna pay 50 every visit
to the patient, the calculationcomes out to be about$1.2
million.
I.
I, I'm being a little facetious,but, but they automatically
think, oh my gosh, that's a hugenumber.
How am I ever gonna afford thatwhen the reality is it's already
incredibly affordable.
So we have to make sure thatwe're presenting finances in a
(22:01):
way that they understand thevalue that they're getting.
So making comparisons to otherthings in the healthcare world,
like a good comparison might be,um.
Chiropractic care compared tosurgery.
Huge difference.
Chiropractic care compared tophysical therapy, pretty good
difference.
(22:21):
Chiropractic compared toorthodontics, big difference for
the most part.
So, you know, be ready and, anddocs, you need to teach your
team to do these things too,because they're probably having
the financial conversations withpatients more than you are.
And so you, you need to prepthem to be prepared for that
conversation.
So talk to them about, aboutthat.
(22:43):
But that's gonna affect more ofyour new patients.
What about your existingpatients that are coming in?
Those patients need a differentconversation.
They already understand thatchiropractic care is important
because they're coming in.
Maybe it's Bill Smith.
We'll just make up a patient.
Bill Smith's been coming to youfor five years.
He comes every three weeks andhe has for the last five years,
(23:06):
ever since he went through hisacute care plan in the
beginning.
Now Bill comes in and he's thatguy that says, Hey Doc, I think
I need to stretch this out alittle bit.
Let's go to six weeks instead ofthree.
And you're faced with having toanswer him.
And the kneejerk reaction ifyou're not prepared, is going to
be okay, bill.
That sounds fine.
I understand.
(23:27):
I.
We'll just cave in and agree,but what if we start telling
Bill ahead of time?
Hey Bill, I don't know if yourealize this, but the value of
chiropractic care that you'vebeen receiving all this time is
huge.
You probably don't realize thatchiropractors actually help you
not have to go see other doctorswith more expensive care.
(23:48):
In a lot of situations and it'ssaving you money that you're not
even realizing.
That's a value proposition.
That's putting chiropractic in alight that shows its value.
So what are you doing aboutthat?
If you have a cash program, I'mgonna call it a qualified cash
program, like, uh, like a CairoHealth USA plan in your
(24:10):
practice, make sure yourpatients understand that you
offer that and that it's at alower fee than what your
insurance-based fees are.
So they see and feel thatdifference.
It's the whole idea of going toCostco.
What do people do when they goto Costco?
They pay an annual membershipthat unlocks discounted pricing.
(24:33):
Or bulk pricing is Costco's way,uh, measure.
So you can do the same thing inyour practice to again, show the
value of care by offeringpackages good well thought out,
uh, cash plans so that your feestrategies are set correctly.
(24:54):
And there's a whole podcastright there, Troy talking about
fee.
Oh yeah.
Because we're so randomsometimes with how we set our
fees.
Uh, or, or we're chasing the guydown the street to the bottom.
Yeah, yeah, yeah.
That's my favorite one.
Right.
I like that one the best.
It's a race to the bottom.
It's a race to the bottom, so.
So you don't have to get cheapduring this time.
(25:16):
Right.
You just have to show value.
So we need to take another quickbreak, but I wanna come back and
I wanna talk about that a littlebit more.
And I know you do some things inyour practice.
Did you wanna say something?
Yeah, I was gonna say, I've gotanother preemptive conversation
that we're using right now andit works really well.
Beautiful.
So.
We're gonna hear the, uh,chicken little version of, no,
I'm just kidding.
So when we come back, we'regonna talk about some other
(25:38):
preemptive ways to talk to yourpatients about the value of
chiropractic.
We'll be right back.
Alright, everybody.
Welcome back to the KC Carpulepodcast.
We are talking about the valueproposition that chiropractic
brings to patients, but we haveto make sure that patients
understand it.
Otherwise, during tough economictimes, they will have a tendency
(26:00):
to wanna slow down on care ordrop out of care altogether
thinking that they're savingmoney.
Terry, right before the break,you mentioned a, a strategy that
you guys use in your office.
Yeah.
So here's how we do it.
And, and the goal is not toshorten up treatment schedules.
Let's say we've got Bill Smiththat's coming every three weeks.
The conversation I'm havingwhile I'm adjusting Bill, I got
(26:21):
him down on the table and I'mdoing the, uh, Uhuh, uh, uh, uh,
you know, my thing.
Right.
So I'm doing my thing on him,and while I'm working with him,
I basically say, Hey, you knowwhat, bill, this is, you know,
the, the economy's been a littletougher lately and I know you
guys are, you guys are hopingwe're, we're in a small farming
town or a, a small, you know,smaller farming area.
(26:43):
I know you guys have beenwishing for rain.
'cause otherwise it's gonna be atough year with crops and all
that too.
I've noticed with the increasedstress.
We're seeing patients that areneeding more chiropractic care
right now than they ever havebecause of the amount of
emotional stress.
And I just feed that little seedinto the head.
Yeah.
And then that's great.
(27:03):
And then basically what I sayis, I think you're right on
track with where we're at withyou right now, and I leave it
now.
He may say that's on.
Yeah, he may say, you know what,you're right.
I think I, you know, I think Ineed to go down to every two
weeks instead of three.
That has happened.
Mm-hmm.
Others go, oh,'cause I wasthinking about spreading my care
out a little bit.
(27:24):
But you're right, it's literallypreemptive to the point of where
you start a conversation.
Mm-hmm.
And they will respond almostimmediately.
Or you can see the wheelsturning and then I go, Hey, I'll
see you in three weeks.
And they go, okay.
There is, there is no spreadingit out at that point because
I've already taken the legs outfrom underneath their argument
that they need to spread it out.
(27:45):
They just realize that care'sreally important.
So that's the other preemptiveconversation.
It's a really easy one that we,you just kind of interjected
into your conversation whileyou're adjusting.
Wow.
You know, you're a little tighttoday.
I've noticed a lot of ourpatients right now are a little
more stressed than usual becausethe economy and maybe the.
Farming environment right now,and we're noticing people need a
(28:06):
little more care than a littlebit less.
I think you're right on trackwith that three week number, so
know what your interval is withthat patient before you adjust
'em.
Don't, don't get in the middleof the sentence and have to lean
over and look at your computer.
Right, right.
No, you a great, it kills, itkills the mood.
It, it does.
You bring up a great point.
You know, I think a lot of timesas doctors we're afraid to get
(28:28):
into those conversations, but,but you want that conversation
to happen.
You wanna, you wanna bring it upbefore the patient.
That's the whole point.
And And you want the patient tohave a response.
Yeah.
And you're spot on because theresponse is either gonna be, you
know what, doc, you're right.
Let's move things in a littletighter.
I'll see you more often.
Or it's gonna be the other sidethat you said, Hey, I was
(28:50):
thinking about.
Kind of spreading things outjust a little bit more.
So I'm glad you brought this up,so you wanna open up that
conversation.
Otherwise, when the patient getsto the front desk, they're gonna
say, you know what?
I'll call you when I feel like Ineed you.
Yeah.
They also at that point feltlike that you cared enough to
actually dive into thatconversation, which meant you
(29:11):
took extra time with them, eventhough you didn't,'cause you
were just adjusting'em likenormal.
Right.
But you, you approached thetopic with them, which makes
them think, Hey, he thoughtabout my case before I walked in
the door today.
Yeah, yeah, exactly.
Exactly.
So doctors, the whole point ispreemptive communication.
(29:32):
Bringing the value propositionof chiropractic into the
conversation ahead of thepatient, thinking about quitting
care, cutting back on care,whatever it might be, will help
insulate your practice from upand down economic times.
And, you know, we're in oneright now.
How long is it gonna last?
(29:52):
Who knows?
Um, it doesn't matter.
Look at it as a huge opportunityto kind of reconnect with some
of your patients, to talk tothem about the value of
chiropractic care.
Help them understand that it'snot an expense, it's an
investment in their futurehealth.
I.
Yeah.
Turn chicken little upside downon his head and drop him on his
(30:14):
head.
Exactly.
You don't need that.
You don't need that in themiddle of your practice.
Put it in the periphery.
Have that little conversation.
You already know that.
Guess what?
As a chiropractor, you know thatwhen you get stressed, you're
gonna get adjusted more often.
Right.
When I'm in, when I'm in astressful situation, what am I
dying for?
An adjustment.
Right.
Your patients are the same way.
(30:35):
Mm-hmm.
So all you have to do is broachthat conversation preemptively.
You take chicken little and drophim on his fat little head.
Yep.
And real quick docs, here's acouple of little things too.
If your practice is feeling alittle down or feeling a little
financially stressed duringthese times, number one, don't
sit and watch the markets allday.
Markets go up and down.
(30:55):
It's not meant to be somethingyou look at on a daily basis
unless you're a day trader andyou're probably not'cause you're
a chiropractor.
You're too busy to be a daytrader.
The guy, the guy that doesn'tknow much other than I just like
to make money in the market,went and looked at the Nasdaq
five year.
Yeah, that's all I did.
The Nasdaq five year is like, ifyou're looking at my screen,
(31:18):
lemme see if I can get my handin the right spot.
Bam.
It's like that, but it's gotripples in it all the way up.
Sure.
Where it's at with a couple dipsand climbs, but the whole thing
is vertical at a 45 degreeangle.
Yep.
Mean, my gosh, you cannot losewith that deal.
It just keeps going up.
As long as it, as long as itoutpaces inflation, you're
(31:41):
actually making money with thatthing going up.
And that's the only, that'sactually something you gotta
think about.
But that standpoint, when youlook at it, this little dip we
got going on right now is a blipon the radar screen.
That's why.
When you go to any financialadvisor, they tell you just
wait.
The market's gonna go back up.
It historically, always does.
Always does.
My financial advisor has that.
(32:02):
I mean, he could.
He says that in his sleep, Ithink because it's so true, but
it's a true statement.
He's not telling me a story.
Yeah.
So quit worrying about it.
Quit worrying about it.
Buy, uh, yeah, buy the dip.
Sell the rips, as we alwayssaid.
Yeah.
In in the investment bankingworld, and you know, this is a
good time to go through your pand l.
What can you cut out expensewise?
(32:23):
You know, maybe it's time to sitdown and look at that side of
the practice and clean it up alittle bit.
Don't, don't make it presentunconsciousness, but go through
it and where can I save?
You know, if you can consolidateright now, that's also, and when
I mean consolidate, here's whatI'm doing.
What I'm doing is I'm paying offhigh interest rate loans
(32:43):
quickly.
Yep.
Taking the extra money andapplying those now to the lower
and now.
So I've paid off my highinterest rate.
Now I'm on that mid interestrate loan tier right now, and
I'm paying those off by bumpingall those at this point, and so
I'm accelerating my payoffprocess.
Now, what would stop that ifthis market keeps dropping?
(33:07):
I'm gonna have a panic attack.
No, that's not what's gonnahappen.
If this market keeps dropping,I'm gonna quit making extra
payments and I'm gonna pull allthat money and I'm gonna dump it
right in the market.
Yep.
That way I can catch the climb.
Yep.
So when you're on a dip, you canalways go, you know what?
I'm not gonna pay that thismonth and next month I'm gonna
throw$5,000 at the market rightnow.
(33:29):
Yep.
You know?
I think historically you'regonna win with that bet every
time, just make your minimumpayment.
But if the, if the market's upand you're like, eh, it's up
right now, I don't know what Iwanna do.
If you're indecisive, make thepayment on that loan and drop
that loan payment down.
If as long as, as long as yourtax people are telling you to do
that, if it's a something wherethey're going, Hey, we don't
(33:50):
want you to make more than theminimum payment, then don't
listen to me on that one.
But I'm saying, if this issomething you need to get paid
down, then make a little extraIf you're indecisive.
Yep.
Yep.
So this is just a good time tobe financially astute.
Take a look at your p and l.
Where can you cut the fat?
Pay down high interest ratecredit cards if you can.
And above all, focus on therevenue stream in your practice
(34:15):
and how you can grow it.
Because remember in downtimes iswhen the most money is made, and
you can do the same thing inyour practice.
So if you wanna know more aboutwhat we do and how we're
helping.
Doctors, build those practicesand find those revenue
opportunities, go to katzconsultants.com.
Go check us out.
We've been around a long time.
(34:35):
Um, we've got an incrediblyexperienced team and, uh, I, I
think you'll see why our clientsare so happy and so profitable.
So, uh, Troy, anything else toadd?
Uh, I haven't been around aslong as you, um, so I just want
to clarify that real quickly,that I'm younger than you, um, I
think by about 25 years orsomething.
(34:57):
Oh, yeah, yeah, yeah.
I mean, I look at, look at me.
I look 25 years younger, but No,he's exactly right.
We got a ton of experience andhere's what's interesting to me.
Sometimes I talk to prospectiveclients that are interested in
talking with us, and sometimesthey say.
Well, there's this new younggroup that come together and,
you know, and a lot of timesthey're talking about new
(35:18):
patient volume and visit volumeand all the stuff That was the
big thing back in the eighties.
But they've, they've dolled itup to make it look like the
newest, biggest thing.
Here's, here's where we're at.
I don't really buy into the highPVA high new patient high visit
practice.
You know what we, you know whatwe like to do?
(35:39):
We like to create a good.
Margin for you.
Margin is where it's at.
Yeah.
Because if it costs me$19,000 amonth in marketing, advertising,
staff, building, and equipmentto make$19,000 a month.
It looks really cool on paperuntil you try to take that to
(35:59):
the bank.
Exactly.
But we try to create practicesthat have a margin and are
actually profitable.
We, we approach your practicefrom a business standpoint, not
just from a rah rah standpoint.
And so for me, I'm excited aboutthe way we work and that's a
little bit of maturity.
So sometimes having a guy that'smissing his hair or having a guy
that's got a little gray hair onhis head and you younger folks.
(36:22):
Going, well, I identify morewith this guy that's 30 years
old that drove up in a big fourwheel drive truck in his ad, and
they've got the coolestchiropractic marketing system on
the planet.
Yeah.
Yeah.
Okay.
So my, my, my take on that isnot to bash any other group.
(36:43):
But I think sometimes with agecomes wisdom and I think we've
got a pretty good program puttogether that actually addresses
profit and it addresses yourprofit or your, your profit
status from an individualstandpoint.
So there's my, there's my rantabout that is I feel like we
individualize your practice andwe're looking at profit for you.
(37:03):
Not just, gee, we're gonnaincrease your collections, but
we're also gonna increase yourexpenses.
'cause you're gonna spend somuch on marketing, you don't
make any more money.
That doesn't make any sense.
Don't get sucked in by the, bythe glitz, the glamor and the,
the newest, shiny thing.
Keep it simple, stupid.
Keep it simple.
Keep it simple.
Yep.
(37:23):
All right, everybody after that,shameless plug.
Thanks Troy.
Uh, yep.
We'll, uh, we'll check out here.
So thanks everybody for tuninginto the KC Catapults Podcast,
brought to you by KazConsultants in Cairo Health,
USA.
We appreciate you guys beinghere.
It's because of you that we, ourpodcast is growing by leaps and
bounds, so be sure to subscribeand like, and we'll see you next
(37:44):
time.
We'll see you.
Dr. Michael Perusich (37:52):
Alright, everybody.
Welcome back to the KCChiroPulse podcast.
We are talking about the valueproposition that chiropractic
brings to patients, but we haveto make sure that patients
understand it.
Otherwise, during tough economictimes, they will have a tendency
to wanna slow down on care ordrop out of care altogether
thinking that they're savingmoney.
Troy, right before the break,you mentioned a strategy that
(38:14):
you guys use in your office.
Yeah.
So here's how we do it.
And the goal is not to shortenup treatment schedules.
Let's say we've got Bill Smiththat's coming every three weeks.
The conversation I'm havingwhile I'm adjusting Bill, I got
him down on the table and I'mdoing the Uhuh my thing.
So I'm doing my thing on him,and while I'm working with him,
I basically say, Hey, you knowwhat, bill, this is, the
(38:37):
economy's been a little tougherlately and I know you guys are
hoping we're in a small farmingtown or a small, smaller farming
area.
I know you guys have beenwishing for rain.
'cause otherwise it's gonna be atough year with crops and all
that too.
I've noticed with the increasedstress.
We're seeing patients that areneeding more chiropractic care
right now than they ever havebecause of the amount of
emotional stress.
(38:59):
And I just feed that little seedinto the head.
Yeah.
Dr. Troy Fox (39:03):
And then that's great.
And then basically what I sayis, I think you're right on
track with where we're at withyou right now, and I leave it
now.
He may say that's on.
Yeah, he may say, you know what,you're right.
I think I, I think I need to godown to every two weeks instead
of three.
That has happened.
Others go, oh,'cause I wasthinking about spreading my care
out a little bit.
(39:24):
But you're right, it's literallypreemptive to the point of where
you start a conversation.
And they will respond almostimmediately.
Or you can see the wheelsturning and then I go, Hey, I'll
see you in three weeks.
And they go, okay.
There is no spreading it out atthat point because I've already
taken the legs out fromunderneath their argument that
they need to spread it out.
They just realize that care'sreally important.
(39:46):
So that's the other preemptiveconversation.
It's a really easy one that we,you just interjected into your
conversation while you'readjusting.
Wow.
You're a little tight today.
I've noticed a lot of ourpatients right now are a little
more stressed than usual becausethe economy and maybe the.
Farming environment right now,and we're noticing people need a
little more care than a littlebit less.
(40:06):
I think you're right on trackwith that three week number, so
know what your interval is withthat patient before you adjust
'em.
Don't get in the middle of thesentence and have to lean over
and look at your computer.
Dr. Michael Perusich (40:16):
Right.
No, you a great, it kills themood.
It, it does.
You bring up a great point.
I think a lot of times asdoctors we're afraid to get into
those conversations but you wantthat conversation to happen.
You wanna bring it up before thepatient.
That's the whole point.
And you want the patient to havea response.
Yeah.
And you're spot on because theresponse is either gonna be, you
(40:37):
know what, doc, you're right.
Let's move things in a littletighter.
I'll see you more often.
Or it's gonna be the other sidethat you said, Hey, I was
thinking about.
Spreading things out just alittle bit more.
So I'm glad you brought this up,so you wanna open up that
conversation.
Otherwise, when the patient getsto the front desk, they're gonna
say, you know what?
I'll call you when I feel like Ineed you.
(40:58):
Yeah.
Dr. Troy Fox (40:59):
They also at that point felt like that you cared
enough to actually dive intothat conversation, which meant
you took extra time with them,even though you didn't,'cause
you were just adjusting'em likenormal.
But you approached the topicwith them, which makes them
think, Hey, he thought about mycase before I walked in the door
today.
Dr. Michael Perusich (41:17):
Yeah, exactly.
Exactly.
So doctors, the whole point ispreemptive communication.
Bringing the value propositionof chiropractic into the
conversation ahead of thepatient, thinking about quitting
care, cutting back on care,whatever it might be, will help
insulate your practice from upand down economic times.
(41:40):
And, we're in one right now.
How long is it gonna last?
Who knows?
It doesn't matter.
Look at it as a huge opportunityto reconnect with some of your
patients, to talk to them aboutthe value of chiropractic care.
Help them understand that it'snot an expense, it's an
investment in their futurehealth.
(42:00):
I.
Dr. Troy Fox (42:02):
Yeah.
Turn chicken little upside downon his head and drop him on his
head.
Exactly.
You don't need that.
You don't need that in themiddle of your practice.
Put it in the periphery.
Have that little conversation.
You already know that.
Guess what?
As a chiropractor, you know thatwhen you get stressed, you're
gonna get adjusted more often.
When I'm in, when I'm in astressful situation, what am I
dying for?
(42:22):
An adjustment.
Your patients are the same way.
So all you have to do is broachthat conversation preemptively.
You take chicken little and drophim on his fat little head.
Dr. Michael Perusich (42:31):
Yep.
And real quick docs, here's acouple of little things too.
If your practice is feeling alittle down or feeling a little
financially stressed duringthese times, number one, don't
sit and watch the markets allday.
Markets go up and down.
It's not meant to be somethingyou look at on a daily basis
unless you're a day trader andyou're probably not'cause you're
(42:52):
a chiropractor.
You're too busy to be a daytrader.
Dr. Troy Fox (42:54):
The guy that doesn't know much other than I
just like to make money in themarket, went and looked at the
Nasdaq five year.
Yeah, that's all I did.
The Nasdaq five year is ifyou're looking at my screen,
lemme see if I can get my handin the right spot.
Bam.
It's like that, but it's gotripples in it all the way up.
(43:14):
Sure.
Where it's at with a couple dipsand climbs, but the whole thing
is vertical at a 45 degreeangle.
Dr. Michael Perusich (43:21):
Yep.
Dr. Troy Fox (43:22):
Mean, my gosh, you cannot lose with that deal.
It just keeps going up.
As long as it, as long as itoutpaces inflation, you're
actually making money with thatthing going up.
And that's the only, that'sactually something you gotta
think about.
But that standpoint, when youlook at it, this little dip we
got going on right now is a blipon the radar screen.
That's why.
(43:42):
When you go to any financialadvisor, they tell you just
wait.
The market's gonna go back up.
It historically, always does.
Always does.
My financial advisor has that.
He could.
He says that in his sleep, Ithink because it's so true, but
it's a true statement.
He's not telling me a story.
Dr. Michael Perusich (43:57):
Yeah.
Dr. Troy Fox (43:58):
So quit
Dr. Michael Perusich (43:58):
worrying about it.
Quit worrying about it.
Buy yeah, buy the dip.
Sell the rips, as we alwayssaid.
Yeah.
In the investment banking world,and this is a good time to go
through your p and l.
What can you cut out expensewise?
Maybe it's time to sit down andlook at that side of the
practice and clean it up alittle bit.
Don't make it presentunconsciousness, but go through
it and where can I save?
Dr. Troy Fox (44:21):
If you can consolidate right now, that's
also, and when I meanconsolidate, here's what I'm
doing.
What I'm doing is I'm paying offhigh interest rate loans
quickly.
Yep.
Taking the extra money andapplying those now to the lower
and now.
So I've paid off my highinterest rate.
Now I'm on that mid interestrate loan tier right now, and
(44:42):
I'm paying those off by bumpingall those at this point, and so
I'm accelerating my payoffprocess.
Now, what would stop that ifthis market keeps dropping?
I'm gonna have a panic attack.
No, that's not what's gonnahappen.
If this market keeps dropping,I'm gonna quit making extra
payments and I'm gonna pull allthat money and I'm gonna dump it
(45:03):
right in the market.
Yep.
That way I can catch the climb.
Yep.
So when you're on a dip, you canalways go, you know what?
I'm not gonna pay that thismonth and next month I'm gonna
throw$5,000 at the market rightnow.
Yep.
I think historically you'regonna win with that bet every
time, just make your minimumpayment.
But if the market's up andyou're like, eh, it's up right
(45:24):
now, I don't know what I wannado.
If you're indecisive, make thepayment on that loan and drop
that loan payment down.
If as long as your tax peopleare telling you to do that, if
it's a something where they'regoing, Hey, we don't want you to
make more than the minimumpayment, then don't listen to me
on that one.
But I'm saying, if this issomething you need to get paid
down, then make a little extraIf you're indecisive.
Dr. Michael Perusich (45:43):
Yep.
Yep.
So this is just a good time tobe financially astute.
Take a look at your p and l.
Where can you cut the fat?
Pay down high interest ratecredit cards if you can.
And above all, focus on therevenue stream in your practice
and how you can grow it.
Because remember in downtimes iswhen the most money is made, and
(46:05):
you can do the same thing inyour practice.
So if you wanna know more aboutwhat we do and how we're
helping.
Doctors, build those practicesand find those revenue
opportunities, go to katzconsultants.com.
Go check us out.
We've been around a long time.
We've got an incrediblyexperienced team and I think
you'll see why our clients areso happy and so profitable.
(46:26):
Troy, anything else to add?
Dr. Troy Fox (46:28):
I haven't been around as long as you so I just
want to clarify that realquickly, that I'm younger than
you I think by about 25 years orsomething.
Oh yeah.
I look at me.
I look 25 years younger, but No,he's exactly right.
We got a ton of experience andhere's what's interesting to me.
Sometimes I talk to prospectiveclients that are interested in
talking with us, and sometimesthey say.
(46:51):
There's this new young groupthat come together and, and a
lot of times they're talkingabout new patient volume and
visit volume and all the stuffThat was the big thing back in
the eighties.
But they've dolled it up to makeit look like the newest, biggest
thing.
Here's where we're at.
I don't really buy into the highPVA high new patient high visit
(47:12):
practice.
You know what we, you know whatwe like to do?
We like to create a good.
Margin for you.
Margin is where it's at.
Yeah.
Because if it costs me$19,000 amonth in marketing, advertising,
staff, building, and equipmentto make$19,000 a month.
(47:32):
It looks really cool on paperuntil you try to take that to
the bank.
Exactly.
But we try to create practicesthat have a margin and are
actually profitable.
We approach your practice from abusiness standpoint, not just
from a rah standpoint.
And so for me, I'm excited aboutthe way we work and that's a
little bit of maturity.
So sometimes having a guy that'smissing his hair or having a guy
(47:54):
that's got a little gray hair onhis head and you younger folks.
Going I identify more with thisguy that's 30 years old that
drove up in a big four wheeldrive truck in his ad, and
they've got the coolestchiropractic marketing system on
the planet.
Yeah.
Yeah.
Okay.
So my, my, my take on that isnot to bash any other group.
(48:18):
But I think sometimes with agecomes wisdom and I think we've
got a pretty good program puttogether that actually addresses
profit and it addresses yourprofit or your profit status
from an individual standpoint.
So there's my rant about that isI feel like we individualize
your practice and we're lookingat profit for you.
Not just, gee, we're gonnaincrease your collections, but
(48:41):
we're also gonna increase yourexpenses.
'cause you're gonna spend somuch on marketing, you don't
make any more money.
That doesn't
Dr. Michael Perusich (48:47):
make any sense.
Don't get sucked in by theglitz, the glamor and the
newest, shiny thing.
Keep it simple, stupid.
Keep it simple.
Keep it simple.
Yep.
All right, everybody after that,shameless plug.
Thanks Troy.
Yep.
We'll we'll check out here.
So thanks everybody for tuninginto the KC ChiroPulse Podcast,
brought to you by KatsConsultants in Chiro Health,
USA.
(49:08):
We appreciate you guys beinghere.
It's because of you that we, ourpodcast is growing by leaps and
bounds, so be sure to subscribeand and we'll see you next time.
We'll see you.
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