Practice Management Series

Chiropractic Practice Models (20 minutes), published September 1, 2023

There are many types of practices that can be developed based on doctor interest and training.  In addition to a variety of practice models, there are also many variations of each type.  

In this course, you will learn:

• The different types of practice environments available to create or work in
• These practice models will be explored in detail so the viewer has a strong understanding of how each model differs from others as well as some of the pros and cons of each
• Some of the practice models discussed include:
• General practice
• Cash practice
• Niche practice 
• Integrated practice
• We will also discuss some of the new hybrid practice variations that are becoming popular.

Business Plan Building for Success (15 minutes), published September 8, 2023

This course is designed to provide you with an overview of the importance of developing a business plan and some of the key attributes needed in your plan.

• Viewer takeaways will include:
• Why you will need a business plan.
• Key concepts and logistics needed in your plan.
• Forecasting cash flows and creating proforma projections.
• Developing a timeline of cash flows and expected expenses.
• How you will use your plan and who will be reviewing it.

Solo Practice vs Associateship (22 minutes), published September 15, 2023 

This course explores the benefits of owning your own practice versus being an associate.  Viewer takeaways include:

• The pros and cons of owning a practice.
• What it takes to be a Chiropractic entrepreneur.
• The challenges that arise with owning a practice.
• Ideas on managing revenues and expenses.
• How to maintain compliance with programs such as HIPAA, NSA, insurance rules, etc.
• Scaling your practice in a manageable way.
• How to recognize and manage burnout.
• The benefits of being an associate.
• How to determine if you should associate or own.
• Types of associateships and pay scale options.

Contract Negotiations (38 minutes), published September 22, 2023 

In this course, we will review some basics of contracts and contract negotiations including:

• The types of contracts you may encounter for an associateship.
• Independent contractor vs employee.
• How taxes are paid as an associate employee vs an independent contractor.
• The IRS litmus test to determine whether you are an employee or independent contractor.
• Things to consider when reading a contract.
• Ways in which you can negotiate your rate of pay.
• Understanding the clinic owner’s expectations of an associate.
• Property lease considerations when reading a landlord’s contract.
• Points to consider with Insurance provider contracts.

Buying and Financing a Practice (29 minutes), published September 29, 2023 

In this class, we’ll review the many options available to finance the purchase of a practice including:

• Funding sources including bank financing, SBA, and many others.
• How to estimate your startup expenses and capital requirements.
• A review of potential monthly expenses to help create a business budget.
• How best to use your borrowed funds.
• How to find a practice to buy vs a start-up.
• How to value a practice and considerations for purchase contracts.
• How to set your fees for profitability.
• Important things to consider when buying an existing practice.
• Owner-to-owner transition to benefit the buyer.
• How to best use revenue so you can pay the bills.

DISCLAIMER:  The information presented in this course, and the supplementary materials provided to participants, are intended for educational and informational purposes only. Nothing contained herein is to be considered as the rendering of legal, accounting, or other professional advice.  Always seek the appropriate legal or other professional counsel before taking action on any information presented in this course.