How to Start a High Ticket Niche

Hey everyone, Dr. Vince Leone here with Specialized Practice Consulting. We help doctors add and grow high-ticket niches to their practice efficiently and profitably. And what I want to talk with you about today is what are 3 things you can do to get started in high-ticket niches? In other words, if you're in just a traditional chiropractic practice, you're thinking, hey, I want to add more cash services. Or I want to increase my cash revenue versus insurance-based revenue, you know, how to get started. So we're going to go through 3 kind of just action items that you should do. Before we do, please hit the subscribe button if you're not already a subscriber and hit the like button if you find value in this. So let's go ahead. Number 1 is assess which niche would be most appropriate for your practice, and here's how you can do that. So we teach the following niches: spinal decompression for chronic back pain, chronic knee pain treatment, and peripheral neuropathy. Now, I picked those 3 because, one, that's what I did in practice, but two, that's the conditions that have the largest audiences. So in other words, you wouldn't want to pick like carpal tunnel syndrome or wrist pain or even shoulder pain because there's just— There's not as many patients suffering with that condition as back, knee, and neuropathy. So that's the first thing. You want to make sure that you're choosing a niche that has enough people to sustain that in your practice. And so when you're choosing a niche— and by the way, weight loss is a very good niche too. I just don't currently teach that. Yeah. Um, uh, though we're thinking of adding that in. But the point being is, um, spinal decompression can really work with most any chiropractor's office. This is, um, if, if a doctor asks me like, well, which, you know, of the 3, what do you think I should choose? I mean, decompression hands down makes the most sense. You're already a spinal specialist or doctor. Um, you're gonna have disc patients, and it's a very easy way to add, you know, $10,000, $20,000 a month. Yeah. Because you're just using, or you're not using, you are taking your existing patients in, your new patient flow, and some of them are gonna have disc problems, and those that are, you put them into the decompression. Knee pain's a wonderful niche, and so if you have kind of a youngish patient base, like, you know, 50s, 60s, 40s, 50s, 60s, knee pain's a great niche. If you have an older patient base, neuropathy is a great niche. If you have a lot of Medicare patients, Then neuropathy is a great niche because you're just going to have, again, those types of patients in your new patient flow. Now, what I'll say, if you're a thinker, kind of a thinker, like you like to put all the pieces of the puzzle together, you like complexity, you like to be challenged, then neuropathy is a wonderful niche for you. If you're more straightforward and you're more musculoskeletal, then decompression and knee pain's gonna be better for you. So that's the first thing. You're gonna need to choose a niche and use those guidelines on finding the right one for you. The next one is price point. Which niche is going to cost what amount of money or how much to get into it? And I think that decompression, the tables, again, they've come down quite a bit. Um, again, you know, KDT. I always talk about KDT just because, you know, it's a great table, it's a great price, small footprint. Like, I think it's $12,000. So, um, it's not— and by the way, that doesn't mean the other tables aren't good. It just means they're, they're usually higher priced, and, and a lot of times they take up more space. But price point, right? So decompression can get in relatively inexpensively. Um, knee pain, you're probably going to be in that— oh gosh. Probably $25K, I would say, to get into knee pain properly. Neuropathy, you'll be, you're gonna be, you're gonna be in that $25K too. So, and I personally, I wouldn't worry about those numbers, but you know, everyone's a little different place financially and what you want to invest in this. So, you know, surprisingly, decompression is probably the most reasonable to get into neuropathy in knee. The reason why is just, you know, we need more therapies, right, to address those conditions. So that's number 2, the price point. You know, what do you want to invest in this niche to add it to your clinic? And then the 3rd is space, right? So, you know, again, with decompression, you're going to need a table, so you need a room, right? And so a room, or we also have had a lot of success with, you know, just curtaining off that, you know, whatever, a 7 by 5 foot area to, you know, so that the patient has privacy when they're on the table. But with like knee pain, it's, you know, you're essentially in a chair, you know, it's very simple. Same with neuropathy. So space considerations is something to think about for your office. If you're in a larger office, it's It's a non-issue. If you're in a smaller office, then you're gonna, yeah, you're gonna need to think about space requirements. So that's kind of the top 3 things to think about when adding a niche. 1, which one fits your practice and your kind of personality? 2, the price point that you wanna get into. And 3, space in terms of your practice. The final thing I'll say is what not to do. And this is self-serving, I'll just admit it, but don't try to just do it on your own. Okay, this is the— this is what honestly a lot of doctors do, and they typically fail. They invest in the piece of equipment, great, no problem. They take the advice of the equipment manufacturer on, you know, number of visits, and then they talk to a buddy about what, you know, what I should charge, and maybe they talk to another buddy about, oh, add in this therapy, this works well too with it. And you— what you get is kind of a hodgepodge of a quote-unquote protocol. Right? So it's never been run through its paces, it's never treated thousands of patients successfully, you can't lean on it, it's not going to give you a lot of success because it's, it's been hodgepodge put together, right? That's what's— that is what is not to do. I talked to a doctor today and she's like, well, what, what should I not do when I'm, you know, thinking about this? That's it. Don't try to make it up on your own. You're good clinically in terms of assessing and diagnosing, but you're going into a new realm, whether it's disc work, whether it's neuropathy work, or whether it's chronic knee pain work. Like, why would you want to try to guess and figure out how many visits and which therapies should I use to try to treat this? That, that is a— that's a road to, uh, that piece of equipment becoming a paperweight, a giant expensive paperweight. Because what's going to happen is you will have no confidence offering this service to your patients. You consequently won't enroll that many patients, and then you'll get spotty clinical results, and you'll just be like, ooh, I'm just going to go back to chiropractic. I know that that works. I know I can get patients, you know, better with, with these conditions, but that didn't really work for me, and so I've lost confidence with it, and I'm just not going to keep offering it. So, because most doctors are ethically— they have good ethics, and so they don't want to continue to try to sell something that doesn't work necessarily. So, That's what is not to do, right? So, you know, follow a proven model, get a coach or consultant. Obviously, that's what I do, but I just have seen too many doctors get so frustrated and waste money and time trying to do something when really, if they just invested a little bit more, they could have followed a proven path and model, and so they could install these systems and these protocols, you know, quickly, efficiently, and profitably. So, I'm Dr. Vince Leone with Specialized Practice Consulting. We just call it SPC, a little easier that way. But anyways, if you got value from this, please like the video. And if you haven't subscribed yet, go ahead and hit the subscribe button, and then you'll get notifications when— and you can hit that little bell too, but you'll get notifications when I put up new videos like this. Hope this has been helpful for you. Take care.