Are You Really Prepared To Graduate?
Are You Really Prepared To Graduate?
Are You Really Prepared To Graduate?
A new graduate has accomplished a doctorate of Chiropractic degree and deservedly sports an air of satisfaction. The future looks bright. The fields are green with possibilities. The new graduate wants to serve the public and has the energy to accomplish this desire. It's a happy time.
The reality is that this new graduate has few options on how to serve their community with this newly acquired talent. You are proficient as a clinical Chiropractor and highly inefficient as a Chiropractor that owns there own practice. What you lack is the business experience of Chiropractic. The professional learning institutions have given them the talent but have left them with an inability to find a place to practice.
How does a new graduate with student loans, no savings, lack of experience and no formal training as a Chiropractor start their career? To associate may be a positive learning experience for some and for others not. As a profession we "eat our young." We take advantage of the naivety of the recent grad, and work them hard and pay them little. After a time period working as an Associate the new doctor may not have gained any skills on how to run a practice. You were the one working "in the practice" while the owner was working "on the practice". After their term of employment you improved your technical skill as a Chiropractor but have not increased your ability to open, own or run your own practice profitably.
The consequence of stumbling out of the gate may have ramifications that may influence the new Chiropractor for their entire life. Over fifty percent of newly graduated Chiropractors will not be in our profession after a five year period. This illustrates that the cost of inexperience is at its highest early in one's career.
Some of the unsatisfying paths taken are due to the inability for the new graduate to evaluate risk. What is the risk of opening a new practice? The risk of being at the beginning of the learning curve can cost when negotiating a lease, purchasing equipment, establishing a doctor patient relationship and not having proven effective systems within the new practice.
I speak to many Chiropractors that have been practicing one to three years that are in difficult situations. They find themselves working as an Associate, unfulfilled emotionally and economically with little more knowledge of the business of Chiropractic than just after graduation.
Or, the doctor that has originated or purchased a practice that has not grown to their expectations. Their lack of knowledge has limited their growth. They have invested a great deal of time, money and energy into their practice to find themselves stuck. They feel that they bought themselves a job, not a livelihood.
The new graduate must evaluate the risk vs. rewards when opening a new practice. The time is right to originate your own practice when your knowledge out weighs your risk. The saying "No risk No reward" is so accurate, therefore, work towards the lowest risk possible with knowledge.
How does a new Chiropractor lower their risk? By becoming a student of the business of Chiropractic and learning from successful Chiropractors that have accomplished what you want to accomplish. Do not go to the "school of hard knocks". Your return on investment is always higher with the instructions of a mentor.
Experienced Chiropractic mentors, consultants or management firms instruct specific topics of interest that include but are not limited to cost efficient office purchase or origination. This includes lease, legal, accounting, office equipment, supplies and signage. Development and implementation of procedural and administrative systems which includes marketing and promotions, patient education, documentation and compliance, billing and collections and overall office flow. Statistical analysis of the practice and how this data applies to the improvement of your practice. Personnel topics will include hiring and firing, training, front desk manual and ever evolving programs to motivate your staff and yourself.
Mentoring is the ingredient accompanied with raw talent that catapults one 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 others experience you will speedily move along the learning curve with little stumbling. The goal is to limit the risk of failure with education and preparation prior to action. When opening a new practice the goal is to reach a breakeven cash flow and then surpass to profitability within the least amount of time.
Our profession has many quality practice management organizations. Choose a firm that has a philosophy similar to your own. Do not allow the practice management firm to sell you their service. You must first determine your weaknesses and find a consultant that will educate, instruct and motivate you in these areas. Their approach must be tailored to your needs. The firms that place you on a conveyor belt and feed you information as if you are on an assembly line do not maximize your need and effort. They may give you valuable information and instruction but not at the time you may need it to improve your practice and yourself personally.
Many 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 they make you "feel good" about yourself and our profession. I personally recommend the "be good" method of consulting. The "be good" method satisfies your need for mentoring in the area of the business of Chiropractic. As stated previously, you are a skilled clinician motivated by your own philosophical belief in Chiropractic. You need mentoring by a knowledgeable, experienced person that will instruct and motivate you. To paraphrase "A coach is someone who motivates you to do something you may not want to do, but it is for your own good". This may not make you "feel good" but the results will "be good" and that will make you "feel good"
To evaluate the effectiveness of a management firm one must not look at their elaborate presentation of information, but your own practice statistics. If your practice is improving, the firm is doing their job, if not their not. Look at their value in a non-emotional view. If I make an investment in a mentor or new practice and invest time, energy and money I want a return that far exceeds my investment.
Set your sights high. Make a plan. Evaluate your talent and strengths. Consider risk. Recruit mentors. Work your plan. Practice for life.
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