The Joint Corp. (NASDAQ:JYNT) Q4 2022 Earnings Call Transcript

And we see that as only more important, especially in younger generations. Okay, maybe like myself as the baby boomer, I’m going to talk to friends and families, I decide who’s going to be my medical provider or, or a chiropractor or dentist. Younger generations are doing that same process, but it’s online. And so it’s important that you have a strong digital presence to be able to be where they are when they’re looking for that relief from their pain. And then the third aspect of our patient counts really comes from that very traditional, what I call grill marketing activities in a small box retail environment. So it’s a coupon drop, it’s reaching out to the schools, the gyms, the hospitals, and again, doing everything that you can to educate those consumers who are working, traveling around at five to 50 minute radius of that box or that clinic.

But you’re there when they need there you need that at your service.

Jeff Van Sinderen: Okay. That’s really helpful. And then just one follow up, if I could just wondering kind of your latest take or outlook regarding what you’re experiencing in retaining chiropractors.

Peter Holt: Well, I think that we are increasingly improving our retention rate of our doctors. And so if I look at the full 20, the full year of 2022 that I, our, our turnover rate with our doctors was 34%. Now I compare that to 2021, it was 56%. And that’s a result of a lot of effort in terms of improving, compensation. And we’ve talked about that under calls, improving our onboarding process doing all the things that we can do to make that, that environment as attractive to doctors as not just to recruit them but to retain them. And so I’d say we’ve seen really positive results in that area. We are also focused on the WC are that wellness coordinator. There’s not a lot of people in our clinics and we again have increased compensation, increased onboarding process, trying to make sure there’s paths for them to continue to grow within the organization so that we can improve their turnover rate.

And so while we haven’t seen as dramatically improved as we’ve seen with the doctors, we have seen significant improvement from the WC turnover. So we’re really pleased with that direction.

Jeff Van Sinderen: Okay, great to hear. Thanks for taking my questions and continued success.

Operator: Thank you. Our next question will be from Anthony Vendetti, Maxim Group. Please go ahead.

Anthony Vendetti: Thanks. I was wondering if you could just talk about the greenfield opportunities and the goal for 2023. Has that changed at all in terms of the end of the year goal based on your guidance for now?

Jake Singleton: Yeah, I think the way I would characterize that, Anthony, is that the strategy remains the same. we’ll continue to grow this brand through a mix of franchise and corporate development. I would say the change is that we’ve somewhat moderated the pace, so moving from 16 green fields in 2022 to an estimate of between eight and 12 for 2023. And so I think you’re seeing that pace moderate but we’re still continuing the strategy. We’re still continuing to develop that, that portion of the portfolio just at a more moderated pace.

Anthony Vendetti: Okay. So, I guess, though the question is the follow up to that would be then, then is there’s still a goal of having a thousand clinics by the end of ’23. Is that still, still a reasonable goal, is just how you get there?