How I Helped Chiropractique Increase Revenue from $5k to $115k Monthly in 5 Months
Eric Bender, introduced to me by a mutual business contact, had a small chiro business within a gym/health group in which he was a partner. For Eric, the idea of reaching out to me stemmed from his experience of trying to manage not only the business operations, but also growing the business to profit – which at the time was still heavy with significant debt. I suggested to Eric that he partner in an MSO (Management Services Organization) and grow his and other chiros’ businesses together.
The chiropractic industry is a $16 billion one with an annual growth of 1.9%. The issue, however, is when that number gets broken down amongst the 68,000 U.S. chiropractic businesses, the average chiropractic group will bring in around $19,000 monthly. The overhead immediately becomes a problem. This is a fractured industry; staying lean and systemizing is essential while still maintaining best care practices for each patient.
In June, Eric and I met to discuss goals. I proposed that Eric separate from his current business and partner to accept and carry the $50k debt he personally took on with the business. Eric had one other chiropractor working under him and one part-time front desk person. Michael of Canu Group led the development of the MSO and set up the new business entity.
July was our first month of full business with the MSO in place, and we rebranded and worked on systemizing the front-end business.
By August, we had seen growth of 140%, and word started spreading throughout the chiropractic community in the San Diego area. Eric had a long-time chiropractic contact, Paul, who in September heard about what we were accomplishing. A short time later, we met with Paul to discuss us taking over his practice. Paul, who had two offices, was suffering from a broken business model and carried large front-end costs. He was about to shut down one of the offices and lay off team members.
By October, we had trimmed some unnecessary costs and started looking at the business model – there were a lot of steps in service and we consolidated those. I worked with each chiropractor individually, looking at each of their own businesses and coaching them into succession.
In just five months after partnering in the MSO Chiropractique, Eric and Paul have seen their business move into profit and saw revenue growth from $7,000 to $115,000 monthly – a 1,500% increase, and a direct result of Billy’s and Canu Group’s leadership.
Overall, Chiropractique went from shutting down to now having two thriving locations that will conduct nearly 50,000 appointments in the next 12 months.
In just five months, the group has:
- Increased monthly revenue by 1,500%
- Generated a 233% increase in new patients
- Increased bookings by 150%
- Increased retention by 95%
“I was struggling. I had a great concept for my business, incredible work ethic, and a ton of experience…but I didn’t have Billy. Teaming up with him and his team just made everything click, and I started thinking about my business in a different way. No joke, in 3 months I went from struggling to crack $10k in revenue per month, to acquiring a company and growing up to $100k per month. They gave me the tools I need to succeed, and it’s working” – Eric Bender