Have you ever heard of the Pareto principle? More commonly known as the 80/20 rule, it basically states that 20 percent control 80 percent and vice versa. The principle is named after Italian engineer, sociologist, economist, political scientist and philosopher Vilfredo Pareto, who observed in the late 19th century that 20 percent of the people owned 80 percent of the land in Italy at that time. Since then, the Pareto principle has been applied to a variety of other situations.
The Principle in Action: Your Practice
You will find this principle holds true for you in your life and in your practice. I bet approximately 20 percent of your patients provide 80 percent of your income – the patients with good insurance, who come in regular, refer, buy from you, etc. I bet 20 percent of the patients cause 80 percent of your headaches. There is not much getting away from this rule. It is life!
Not only does this apply to your patients, it also applies to your own activities. Twenty percent of what you do in your practice yields 80 percent of the results. So, for most chiropractors, the essential tasks give the best results: marketing, running the practice and adjusting patients.
How to Use the Principle to Your Advantage
Your first task is to understand and appreciate the principle. This is how life works Second, you must use it to your advantage. Which 20 percent are your best patients? For my practice, teachers are a big chunk of that 20 percent: they are great patients, they pay, stay and refer, and they have great insurance.
Whatever patient demographic constitutes your 20 percent, why not go out and get more? Recruit the people you like, hold events for them, offer them specials, etc. Recruit more.
Your third task: Don't fight the principle. Some would suggest you should get rid of the 20 percent of patients who cause your headaches. Yes, you should get rid of some, but a percentage of those headaches will be replaced by new people with the same headaches. Why? That is how the principle works. You will never achieve 100 percent great patients who pay, stay and refer. It's a way to put perspective in your life and practice.
What is the 20 percent you do that produces 80 percent of your results? Is it treating patients? Doing marketing? Find what it is and do more of it – and less of what isn't helping you out.
Do some more research on the Pareto principle and see how you can apply it to your life and practice. After all, the 20 percent extra time you spend may end up generating 80 percent more results!
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