Make Money Your an X-Ray Machine – Part 3
Welcome to part 3 of this series called Should You Buy an X-Ray Machine?
There are five benefits of owning your own X-Ray machine are:
Higher case fees. These come about due to…
Better and more dramatic Report of Findings
You can charge for x-rays, so it becomes a new profit center
Follow up x-rays can stimulate word of mouth and referrals
X-rays are something patients can relate to and understand
Still unsure if you should purchase an X-Ray Machine? Here is the best rule of thumb to use when considering the purchase of any office medical equipment:
The 20 Times Rule
One successful doctor taught me The 20 Times Rule. Before purchasing equipment he asks himself, “Am I going to use this equipment at least 20 times a month?” If the answer is no, it’s probably not a wise investment of practice income. If the answer is yes, he will give the purchase serious consideration – if he can obtain it for a steep discount used or refurbished. (Learn how to purchase an x-ray machine for 70% discount in this article)
What does the 20 Times Rule look like in actual practice? Consider a muscle stimulation machine in a Chiropractic office. Would a chiropractor use a muscle stimulation machine 20 times a month? Most definitely. So this purchase would most likely make sense and be a wise use of practice income. But only if he can obtain it for a deep discount used.
Are you going to use an X-Ray machine at least 20 times a month? For most established practices, the answer is yes. When you consider the increased practice revenue that will result from higher Case Plans and better Case Acceptance, in most cases investing in one makes a wise investment. Unlike other equipment that sits collecting dust, an X-Ray Machine can be a source of significant new practice income.
How Do You Make Money With an X-Ray Machine?
You’ve always determine on a patient by patient basis, Who’s Going to Pay for the X-Ray Service?
A new patient with insurance will have the initial diagnosis costs covered. That normally means the patients insurance will pay for the x-rays you take when they’re a new patient. This is very nice, since we know an x-ray is a superb visual tool when used during the case presentation. It’s as if the insurance companies are helping you make more money!
Yes, one of the rare and only instances where insurance companies benefit the practice!
Doing ‘Before and After’ x-rays is another issue. You must be careful. Often insurance only pays for the initial x-ray. Not follow up x-rays.
However, I advise our clients to do follow up x-rays anyway. Do them for free if you have to! Trust me, there’s a good recent to do the follow up x-ray for free:
First of all, your hard cost to produce an x-ray is around $1 to $2 for x-ray film.
Second, going over the follow up x-ray is very inspiring to the patient. It’s the ideal time to discuss referrals with a patient.
Finally, sending the patient home with a before and after copy of x-rays can lead to word of mouth and referrals.
One doctor told me he can attribute $150,000 a year in referrals as a result of sending x-rays home with the patient. You see, people love to talk about themselves. A patient given an x-ray will show friends and co-workers. You can’t buy the word of mouth that using an x-ray produces.
That’s why I think owning an X-Ray Machine is a smart move for any serious practice builder.
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