Published: 2009-09-14 23:42:48
Author: Shelley Simon | Dynamic Chiropractic | August 26, 2009
According to Wikipedia, the term business cycle refers to fluctuations in production or economic activity over several months or years. These kinds of business trends tend to span a period of several years, and the same may hold true for patient volume/revenue cycles in chiropractic practices; however, more common are shorter cycles that can be as brief as a few months, weeks or even days. These natural and inevitable dips in practice volume do not necessarily indicate a negative trend worthy of panic or despair, assuming you can move beyond the prevalent thinking that such dips can be "fixed" or avoided through better control, firmer management, stronger affirmations or more worthy goal statements.
Outdated myths sustain this control ethos and support the notion that a dip in volume is a sign of a defect in your philosophy, belief system, procedures, purpose or intention. Many chiropractors have adopted the point of view that "downs" can never be part of a successful practice, that progressive, unlimited growth is the only viable business model, and that they are - at all times - in total control of everything that occurs in their practices. This philosophy and the corresponding tactics promoted by a number of sources in our profession, has resulted in a great deal of disappointment and stress for many.
Closer to reality is the fact that fluctuations in patient volume and revenue are inevitable, should be expected and (be sure you are sitting down) can actually be stimulatingfor a practice. Seeing your business through a cyclical lens will help you maintain a more realistic and sustainable perspective on practice growth and resist buying into the fallacy that success always means more.
If, during the inevitable slow times (days, weeks, months) in your practice, you keep moving forward with appropriate strategic actions because you love what you do and genuinely want to make a difference in people's lives, you can trust that the tide will turn for you. The key is staying in flow during the natural ebbs in business by making them work for you, rather than against you.
What to Do During an Ebb: Eight Action Steps
Following each ebb is a return to flow. The tide recedes and comes back in. The river is low or dry until the snow melts and it once again runs full. We even see it in politics. One party rides higher for a few years or terms, and then the other. During an ebb, the tendency is to pull back and become conservative in the use of resources. It may seem counterintuitive, but an ebb is often the best time to invest in yourself and your practice. The tide will shift when you change your own focus and attention. Instead of fretting, stewing, stressing and becoming anxious, work toward being in flow. Here are eight actions to consider when you find yourself in an ebb.
1. Consider numbers in context.An ebb in patient volume or collections is not necessarily a trend. Two days with an increase in cancellations or no-shows does not constitute a trend, nor does one week with a drop in new-patient referrals or office visits. Review your numbers for the current month and quarter and compare them with the same time periods for the past several years. You may find that the ebb you are experiencing is seasonal (despite prevailing wisdom that a practice is not seasonally or demographically influenced) or you might simply take comfort in noticing that your practice has always had ups and downs - and probably always will.