3 Mistakes Most Chiros Make with Cash Niches

Hey everyone, Dr. Vince Leone here from Specialized Practice Consulting. We help doctors add and grow high-value cash service niches like spinal decompression, peripheral neuropathy, and chronic knee pain. And today I want to talk to you about the 3 biggest mistakes, pitfalls that doctors fall into when they try to add a high-value cash service. So this doctor, just give you this scenario, they recognize that insurance is dwindling, they're tired of going through all the hoops with paperwork only to get a very meager check. And so they want to diversify their revenue streams and they want to add a high-value cash service. So they recognize, rightly so, the value and the benefit of adding a high-value cash service. But so here are the 3 mistakes. The first one is they can't enroll cash patients. They've been doing insurance so long, they treat a cash patient just like an insurance patient. And that is a very different type of patient because this patient, the insurance patient, is going to do a copay of $15 or whatever it is, and they'll just use their insurance and they're probably done after that. Well, this patient over here, the cash patient, They're not going to use their insurance. Maybe for the exam and the x-rays, but they're going to be writing a check for $3,000, $5,000, $6,000, whatever the number is. They are going to pull out their pocketbook and write a check or give you a credit card. The way you speak to an insurance patient versus the way you speak to a cash patient is very different, or it needs to be very different. When you're in a report of findings, you cannot use your father's report of findings with these high-value cash service patients. We've got to just differentiate why is this service so much better than whatever else they could use their insurance for. If you don't delineate that with the patient, they'll just use their insurance, right? They have to understand why is spinal decompression so much better for a disc condition versus all the other therapies out there. You've got to do that in the report of findings. Otherwise, you will not be able to enroll that patient into care. So That's a big one, that's number 1. Number 2 is no protocols, right? So if the doctor does get the patient into care and they don't have a solid proven protocol that's been used thousands of times and delivered excellent clinical results thousands of times, it will just crush the confidence of the doctor, right? Because any ethical doctor does not want to take money and not deliver a result. Right? So what happens is the doctor gets all excited, so they invest in the equipment, and the equipment manufacturer— now there's better ones than others, right? I really like KDT, they have a lot of support. A lot of equipment manufacturers, you know, they're not in practice, you know, they, they have some recommendations, of course, but they haven't been in practice for 10 or 20 years and seen thousands of patients and enrolled these patients into care and seen the results. So that's what you need, because if you enroll a patient into care and they write you a check for $4,000 or $5,000 or whatever the number is, and then they don't get the results, and that happens more than a couple times, man, that equipment will start to gather dust, and you will not continue down that road with that cash niche because you won't have any confidence in it. How in the world would you be able to, with a straight face, in your report of findings, tell someone that you can help them When you haven't been able to help anybody before you, right? So you got to have proven protocols. That is a must when you're in these niches. If you're going to play at this higher level, you have got to deliver outstanding clinical outcomes. Otherwise, you will no longer be in that business. And then finally, number 3 biggest pitfall, they do not hire a mentor. Now, this obviously is self-serving because this is what I do. I am a mentor and coach to doctors who want to add and grow these high-value cash services. There's not a lot of coaches and mentors out there that have Done the numbers that I have done in practice. But when you try to go on your own, you may be able to figure it out, but you will pay for it either in time or money, right? So if you want to pay for it in money and hire a coach, it will shortcut your success. If you want to pay for it in time, whether that's months or years— minimal months, right? But most likely a year to 2 years to really get it right and honed in. You will pay for it, okay? You can't level up and not pay any price other than the equipment, no, 'cause your skill sets need to rise, your clinical expertise needs to rise, and so you're gonna either figure that out on your own or you're gonna have a coach shortcut the path to you. My recommendation is when doctors go this route and they're gonna figure it out on their own, so they invest in equipment, they do all the stuff in the office to accommodate the equipment and the service, But then they don't make that last investment in terms— okay, how can I learn from someone else? What is the roadmap? Okay, that is the smartest way to go into any business, is to learn as much as you can from someone that's already done it. So that's the third pitfall. So I hope this has been helpful for you, because look, we need more doctors that are offering these high-value cash services for these very specific conditions That, uh, 'cause patients are out there and they're just suffering. And so, um, if this is something that you're interested, um, there's a, a link somewhere below. Um, you can set up a quick call with me, or you can check out, uh, our, uh, masterclass on the 4 keys to adding a high-value cash service. So I'm Dr. Vince Leone with SPC. Thank you so much for watching. We'll see you on the next training video. Take care.