Consider the merits of a mentor
By David Foster, DC

Opening a practice is full of risks, especially for a newly graduated chiropractor who has student loans, no savings, no business experience, and no formal training as a chiropractor.

You can reduce your level of risk, however, by becoming a student of the business of chiropractic and by learning from successful chiropractors. Experienced chiropractic mentors and consultants can share with you their business savvy about a number of things:

• Buying and leasing. Mentors can advise on leasing space, the advantages (and disadvantages) of purchasing or leasing office equipment, and buying supplies.

• Systems. Mentors can also help you develop and put into place procedural and administrative systems, including systems for accounting, marketing and promotions, patient education, documentation and compliance, billings and collections, and overall office flow.

• Goal setting. They can show you how to perform a statistical analysis of your practice and apply this data to the improvement of your practice.

• Staffing. Creating a team is not as simple as merely hiring the first person who comes through your door. Your mentor or consultant can teach you how to hire (and fire), train, and motivate.

• Focus. A mentor can, if you allow him or her, keep you focused and motivated, especially during start-up times or slower periods.

Mentoring is the ingredient accompanied with raw talent that can catapult you to success. A Chinese proverb states, “A single conversation across the table with a wise man is worth a month’s study of books.”

The cost of associating with a consultant will save you time, energy, and money. By learning from the experience of others, you will speedily move along the learning curve with little stumbling.

How do you pick a mentor or a consultant?

• Know yourself. You must first determine your weaknesses and find a consultant that will educate, instruct, and motivate you in these areas. His or her approach must be tailored to your needs.

• Choose a firm that has a philosophy similar to your own. Do not allow the practice management firm to sell you its service. The match should feel good.

Some management firms have a “feel good” method to their sales and management style. When you are in their presence at a seminar or on a phone consultation, you feel good about yourself and our profession

Other use the “be good” method of consulting. The “be good” method focuses on satisfying a need for mentoring in the area of the business of chiropractic.

• Evaluate your mentor’s effectiveness. To evaluate the effectiveness of a management firm, look at your own practice statistics. If you hire a mentor or consultant and your practice is improving, the firm is doing their job. If the statistics stay the same or get worse, the mentor is not doing his or her job.

Set your sights high. Make a plan. Evaluate your talent and strengths. Consider risk. Recruit mentors. Work your plan. Practice for life.

David G. Foster, DC, co-owns and operates four chiropractic practices and employs six chiropractic associates. He consults in all areas of chiropractic business. He can be reached at 800-908-3040, by e-mail at Chirodave@aol.com, or through his Web site at www.DavidFosterDC.com.