UPFRONT | Columnist BUSINESS TALK Through the lens F What gets measured gets improved BY ANTHONY LOMBARDI ive young business students (John Collins, Nick DeLuca, Abigail McManus, Olivia Missios, and Yue Wu) from the McMaster Uni-versity Business School ap-proached me this past winter. They re-quested that my practice be the topic of study for one of their group projects in their 3rd-year COMMERCE 3MC3 course. Their objective was to analyze my practice business model, study the market for my services, outline the strengths and weak-nesses of my business and offer objective solutions for improvement. When we assess the direction of our business practice on our own, I feel we limit ourselves from seeing our strengths, or accepting the areas that need improvement. The group of five used interesting metrics to audit my business, allowing me to ponder how to improve my practice continually. In the end, they gener-ated a 58-page report which I can refer to in the future. For the project to be completed, I handed over three years of my business financials, submitted to a group interview, and agreed to be present during their final presentation. Problem identification The group identified three problems as paramount. First, because my practice operates on an “injury” model versus a “wellness” model, my practice requires a constant stream of new patients to sustain the business. They stated that Palmer (2015, and not our Palmer), wrote that most patients cease attending appointments once their primary complaint has abated. Only 31 per cent of people reported continuing seeing a chiropractor even if they were not experiencing pain. The business group found that this could create a conflict of interest for me because if patients get better, then they stop coming, which decreases revenue. However, if I provide the results the patients wanted, this could lead to positive patient referrals. The other problem they identified ANTHONY LOMBARDI, DC, is a private consultant to athletes in the NFL, CFL and NHL, and founder of the Hamilton Back Clinic, a multidisciplinary clinic. He teaches his fundamental EXSTORE Assessment System and practice building workshops to various health professionals. For more information, visit www. exstore.ca. 14 Canadian Chiropractor September 2019 was that according to their research, many people, in gen-eral, are not as clear as to what chiropractors treat. In their survey, over 50 per cent of the participants had never been to a chiropractor. Also, my practice name (Hamilton Back Clinic) could suggest that I only see back problems even though I treat an array of musculoskeletal conditions. I also have five RMTs and physiotherapy services. Strengths From a business point of view, the students commended the various streams of revenue I can generate by offering massage and physiotherapy services. They state that these elements mean that the focus is placed on developing spe-cific strategies to target the awareness issues identified. They considered the community and online reputation I have grown as evidenced by almost 12 new patient referrals per week to be positive. The robust Google, Facebook and affiliated online review platforms are positive as well. The substantial online presence is thanks in part to the www.canadianchiropractor.ca Photo: Adobe Stock
Chiropractic + Naturopathic Doctor September 2019: Page 14
