Co-Owner Developer of the Chiropractic Business Academy
drhuntington@chirobizacademy.com
INTRODUCTION
Yes, I’m talking about that feeling most get once in practice about ten years. It comes earlier for some, and maybe later for others. But I think we all get it. More about that in a moment.
I think that we are all very fortunate to have chosen chiropractic—or, as some suggest, maybe chiropractic chose you. Either way, if you’ve been in practice for ten or more years, I hope you have enjoyed being a chiropractor as much or more than I have enjoyed it.
At the same time, being in this profession comes with some challenges. Hopefully you knew that when you signed up for this game. For an easier time you could have become a stock broker, an attorney, or even a medical doctor. Maybe those professionals would argue with me on this point, but I’m pretty sure that the chiropractor has a tougher, but in my opinion, more rewarding path.
- The feeling I’m talking about is the one that goes something like this:
For most, this is a rather disturbing thought. Some probably push it away, out of site, rather than think about it. Unfortunately, doing so does not solve the problem, and actually shortens the amount of time you have to handle it!
The simple fact is, not all of us are blessed with a body that will allow us to continue practicing past a certain point. And for others, it’s not the physical barrier, but a mental one.
Although things like chiropractic research, or philosophy can be mentally stimulating, the day to day practice of chiropractic for the doctor in practice is rather mundane. The fact is, treating patients is very repetitive and very physical and is only interrupted occasionally by brief moments requiring relatively complex analytical decisions. It’s just the nature of the typical chiropractic practice and is more a comment on most jobs than on the profession itself.
Now, combine those facts with being a health care provider outside the mainstream medical and insurance systems. To make matters more difficult, most chiropractors have few business skills, and yet own and operate a private practice. This typically results in many years of “figuring it out” with only a few years of good success and income.
It all adds up to, “I love what I do, and it’s been good to this point, and I’d love to continue doing something in chiropractic in some way, but I’ve got to earn more income or else I will never retire, and my body is going to demand that I ‘retire’ at some point not to mention, I’d like a real vacation one of these days”.
DISCUSSION
So… What options does a chiropractor have at this point?
- Option #1. Continue treating most or all the patients in the clinic, as well as doing most other critical jobs of the business. Do this as long as you can.
This is probably the most commonly chosen option. Possibly due to some degree of non-confront on the part of the doctor, “this isn’t really happening” or “I won’t let this happen” and/or because the doctor does not know what else to do-- it’s easier to do what you know rather than to figure out a new solution. Unfortunately, this strategy does not win in the long run and wastes valuable time that could be used to create a real viable future.
- Option #2. Semi-retire. Continue seeing some patients but let the practice shrink over time.
This option is pretty apathetic and is indicative of not knowing what else to do. It’s a slow death for the practice, as well as the career and finances of the doctor. Few can afford to do this.
- Option #3. Bring on an independent contractor to build their own practice in your location. This helps cover the overhead while allowing you to let your own volume drop, giving the body a break and allowing you to take some vacations or have more family time.
This is only slightly better than the second option. It’s a slow death with a bit of financial first aid.
- Option #4. Hire an associate doctor.
Now here is a good idea! However, we should be more specific about how to do this because there is probably an infinite number of ways to do this wrong and a limited number of ways to do this right. The key is, hiring staff, including an associate, and growing the practice. This is the most viable long-term option. It helps new grads too!
- Option #5. Hire an associate in addition to other key staff and build a business that will run without you or with much less of your time.
Many hundreds of CBA clients all over the country are either on their way to building, or have already created very profitable, staff-run practices. These doctors earn more income and often work less than they ever have in the past.
The ability to do this is not natural to most people. The good news is that it is completely within the ability of most chiropractors to learn!
SUMMARY
If you would like to learn about the CBA approach to building a highly profitable practice that runs with or without you, call CBA today and speak to one of our consultants.
Call Now 888-989-0855
Tell the consultant that you want to learn the CBA system that gets staff to do the work! Our consultant will show you the exact system we teach our clients. If you are bright, and really participate in learning from this free consultation, you may be able to improve your practice even without any further help from CBA.
From the French Polynesian island of Moorea, I am postulating for you the future of your dreams!