Succeeding in the business of chiropractic
by Bruce Rhymer
Have you ever contemplated why so few chiropractors succeed with their financial life? When I first began teaching the Chirowealth Learning System 12 years ago, I was excited to bring the financial concepts I had learned from my 20 years as a financial and estate planning professional to the chiropractic profession. As I started presenting the concepts to chiropractors, I had the belief that they, too, would succeed financially if provided similar winning strategies that I had incorporated into my own plan.
I couldn’t have been more mistaken.
After keeping meticulous statistics for more than a decade, I was shocked to learn that just a small percentage of chiropractors who started a well-designed financial strategy and plan would stay on course for more than a year or two. While this lack of follow-through is all too common with patients who begin a chiropractic treatment plan, wouldn’t a self-starting, self-employed chiropractic entrepreneur have better odds? It would seem so, but apparently not, according to the closely measured statistics that I kept.
I recently began working with a well-seasoned chiropractic professional who’s been in practice for 24 years. When we analyzed his financials, we discovered that he had accumulated only $170,000 over the course of his career. That’s just slightly more than $7,000 per year -- including interest.
What makes this story shocking is that his practice collects in excess of $1,500,000 yearly! It doesn’t take a rocket scientist to see that he hasn’t spent much time looking at where his money goes.
Just three coaching sessions
After three coaching sessions and pulling together some specific financial data, we determined that this DC could actually save in excess of $425,000 in the next 12 months without altering his lifestyle or business overhead.
Where did this $425,000 go over each of the last 24 years? No one will ever know for sure, but what I do know is why this chiropractor’s financial outlook shifted so dramatically in only three short weeks. Simply stated, he could now “see” where his money was going. For the first time he could identify what profit potential was possible if some simple disciplines were followed.
By saving $425,000 in a single year, this chiropractor will save more than 60 times what he saved in any one of the previous 24 years!
Now, to make the $425,000 savings a reality.
Knowing now that this goal is possible, how can he make it a probable outcome not just this year but every year?
Ensuring the outcome
What will guarantee that this DC’s goal goes from possibility to probability? The answer comes down to the following fundamental essentials to goal achievement:
Become clear on what you want and the desired outcome
Understand the disciplines necessary to reach your objectives
Regularly exercise the disciplines with focused intention
Get more out of your practice
There are truckloads of resources that will tell you how to optimize your practice. You could spend a lifetime learning a hundred different systems but in the end what matters are the previously mentioned fundamentals.
Your financial success hinges on your ABILITY to do just a few fundamental things well, not on how much you KNOW. Exercise the KISS principle -- and Keep It Simple, Stupid.
(Founded by Bruce Rhymer in 1998 -- with the objective of empowering chiropractors to create a relaxed, safe, and prosperous financial environment for their families and themselves --Chirowealth Learning Systems has developed a personalized wealth coaching process that’s affordable to all chiropractors willing to look for new direction and accountability in the wealth building process. Chirowealth Learning Systems has empowered hundreds of chiropractors to experience a higher quality of life by gaining a clear understanding of how money really works. For further information, call 800-787-7089.)
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