Money Management Are you carrying any balances on credit cards? Do you have any practice debt? Is your X-ray system and other equipment paid for? Do you owe any back taxes? How much do you owe on cars, trucks, boats, and other toys? How much do you owe on your home? How much interest on debt are you paying every month compared to how much interest you earn? DCs tend to avoid thinking about these numbers, because they don’t like the feeling that debt brings.
Marketing Matters Building relationships with medical doctors who can refer patients to you is by far one of the most affordable ways to grow your practice. It costs nothing up front, but does require an investment of your time to nurture that connection and create a referral network that will last. While many chiropractors resist the idea of working with their medical counterparts, let’s take a look at the numbers. In any given year, 12 to 14 percent of the adult population in the U.S. will visit a medical doctor for back pain.
Personal Growth Many DCs are taught that setting practice goals is not only useful but essential to achieving success. Unfortunately, this concept doesn’t always produce the intended result. While having a vision for the future plays a strong role in reaching your goals, the way you enact that vision can make all the difference for experiencing the inner fulfillment and happiness that you desire. How many times have you set out to achieve a goal, struggled to reach it, and then, once you accomplished it, felt satisfied and proud of yourself for only a day?
Wellness Approach The first time you hear it, “syndrome X” sounds a like a villain in a comic book. While it’s actually another way of saying “metabolic syndrome,” it is every bit as pernicious as it sounds. It’s also more pervasive than you might think, affecting nearly 35 percent of adults in the U.S. That’s more than one third of all adults. It’s about as prevalent as the common cold or acne. Statistically speaking, this means that at least one third of your patients are experiencing metabolic syndrome, putting them at risk for heart attack and stroke.
Practice Central Recently, a chiropractor contacted us looking to get his compliance and HIPAA programs in order. In the process, he asked for an analysis of his profitability, because it was not what he thought it should be. During the conversation, he casually mentioned that he never collects copayments and deductibles. “Never?” we asked. “Never!” he replied. Stunned by his response, we asked him why not. He replied that no one else in the area did, and that if he started, he feared that his patients would desert his practice. Gulp!