The Value of Demographic Factors in Opening a Successful Practice: Part IV, Eight Essential Chiropractic Factors
Upon developing the Chiromap, we attempted to visually convey a number of demographic factors. As the number of these factors grew, it became apparent that we needed to use a simpler system to integrate this data. We now put these factors in an Excel file, which automatically ranks these factors from the greatest to the least. The Internet file is color coded to demonstrate these rankings.
The county file has eight factors with the zip codes showing seven factors. Population density for zip codes cannot be determined because of their smaller size. The essential factors are sorted around the central important chiropractic population to DC ratio. The others are ranked in the following order:
- The ideal chiropractic population to chiropractor ratio is the most significant of all the factors as it denotes the potential of the county or zip code involved. By taking the number people ages 25-55 divided by the number of active chiropractors, you will know the ratio of patients per chiropractor in this county or zip code. The second figure you will see in the parentheses is the ratio when you add yourself to this equation;
- Household income gives us the financial quality of the population. Generally, a household income under $30,000 would not enable the family to seek chiropractic care on a regular basis;
- The population density denotes the depth of the population pool: whether it is a rural setting of 50 persons or less per square mile; a suburban setting of 50-500 persons per square mile; or a metropolitan setting of more than 500 persons per square mile. This determination, along with the total population, is a real tie-breaker when determining the potential of the county site data. Population densities are not available for the overall smaller-size zip codes;
- The total ideal chiropractic population gives an added dimension to the depth of the population pool in the county and zip code. It is important that the more potential patients in a given geographical area, the greater the opportunity to serve individuals who may want to switch doctors or have a second opinion about a specific problem. With an area of similar population to DC ratios, always select the one with the greater population;
- Total population includes the population younger than 24, the ideal chiropractic population, 25-55 years, and those older than 55 years. This population factor would determine whether you could engage in a pediatric practice or a senior citizen practice, if so desired;
- The chiropractic population is simply the number of chiropractors practicing in that area;
- Household ownership is the percentage of the population that owns or is in the process of acquiring a home;
- The percentage of females is significant, as they make up 57 percent of chiropractic patients. This also is a tie-breaker.
The eight essential factors are significant, especially as you develop the ability to weigh these factors against one another.
Use the Chiromap program in the Office of Alumni and Career Services or see http://locusmap.com/ to order studies. For information, our e-mail address is: info@locusmap.com or call (800) 743-6676.