Dr. Jeff Berard is a co-owner of Midland Sports Rehab with his wife Kristin. He is a licensed Doctor of Chiropractic who has been in private practice since 2000. Dr. Berard is a Certified Chiropractic Sports Physician (CCSP), one of the highest certifications a Chiropractic Physician can obtain. Dr. Berard has a unique skill set that has been developed over the last 20+ years working with athletes from all over the globe. By developing a niche utilizing a specific technique, he can help the average person suffering with chronic lower back and neck pain to renew.
In this episode of TechTalk Podcast, Brad Cost, Dr. Jay Greenstein, and Dr. Jeff Berard sit down to discuss:
The way stretch centers can be a valuable addition to your business.
The thorough process of becoming a stretch center licensee.
The fine details of having a stretch center in your office.
6:54 – Infinedi’s data tools & how they resonate with TechTalk listeners.
21:46 – Process of becoming a stretch center licensee. “The first thing I want to know is their practice to determine whether or not we can accommodate them. What do they want? What are their needs? Some people want more cash, some want more new patients, some just want a system. Once I figure that out, I share the stretch center with them. Of course, the stretch centers have three main prongs to meet some practice challenges. Number one is new client acquisition. Number two is cash revenue. Number three is client retention. When they engage with us, as far as a license, they begin the modules on our robust online learning management system. It's a thorough platform that trains you on the technical component. It takes about eight weeks to go through all the training and then you’re off making money. The licensees will pay a small annual renewal fee, so we have a team that keeps track of their data to make sure they're successful. We're growing like crazy. We also have an arm of the stretch center where we certify individuals to become assisted stretch therapists and we're selling those all over the world. We're in Malaysia, the Middle East, Europe. It's really outstanding.”
25:07 – Training remote or in-person. “They have the option to be remote or come to our training facility. I would say 90% of them are remote because we have people all over the world. We are traveling to Malaysia and have a program we're launching over there with affiliates that will be training for us soon.”
25:35 - The biggest obstacle. “They don't know their data, their key performance indicators, their problems. They don't know what they need. For that reason, I need to know about their practice so I can help them navigate that. The business owners don't know what they don't know. They don't know the metrics on how it can facilitate growth, a higher level of solvency or a higher utilization of their team members. They just struggle with the integration component, but we've made it really simple for them. If they're willing to listen, they're open to it. That's the biggest challenge. We try to target doctors who want growth and are willing to push the rock.”
27:20 - Average revenue per new client. “A case visit average is $2000. With Stretch Center, they'll buy a reoccurring (every three months) $400 package. 75% of the patients that purchase a package convert to a chiropractic patient. Not only do we get the cash component, but we get that CVA on the chiropractic side as well. In my two clinics, we have an additional $600,000 in revenue just from adding stretch. That’s starting with the database of 5,000 and not going external to the market.”
28:34 - Percentage converted to chiropractic patients. “75% of them buy stretch and 50% of those that buy stretch turn into chiropractic.”
28:50 – Visiting the clinic. “You go in and engage with the assisted stretch therapist in the clinic. Our centers have four tables, multiple stretch therapists, and they're just cranking out stretches all day long.”
29:24 – Why Malaysia? “I had an Olympic national team track coach tell me I had the best assisted stretch platform, and he made me a proposition. He has a huge contingency in Malaysia, and we've been getting on phone calls every week. He has an initiative to educate the Malaysian providers, coaches, chiropractors, physical therapists on assisted stretch and wants to proliferate that in the Malaysia region.”
35:20 - Average hourly rate and average hourly revenue. “We pay our stretch therapists between $14-$15 an hour for external events. We're actually doing stretches at $25-$30 an hour. Our profit margin runs about 64% to cut through the chase. It varies on region. Someone in Miami can charge more for a stretch than someone in Midland, Michigan. The licensees have the autonomy to adjust their fee schedule accordingly.”
36:31 – Paying for a license. “It's $12,995 for the license, but a brick and mortar stretch lab franchise is going to run you about $275,000. It's a no brainer to go right into the existing clinic and co-brand with the stretch center.”
37:22 - Making space for stretch centers. “Most chiropractors have everything that's needed. Some chiropractors are tight with space, but there's a lot of people that bite off more than they can chew. They try to grow into something instead of out of something. There's plenty of chiropractors that have ample space, but at the end of the day, you can start with one table. You don't need a whole center, so it's a pretty lean machine.”
CONTACT JEFF
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