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What’s Your Ideal Practice Look Like?

Exit forum ID Forum Discussion What’s Your Ideal Practice Look Like?

This topic contains 2 replies, has 3 voices, and was last updated by   Ryan Madigan, DC September 13, 2016 at 9:58 am.

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  • #3561

    Cody Scharf, DC
    Participant

      At last weekends seminar we were challenged (if we hadn’t already) to write down what our ideal practice looks like, and strive to achieve it.  I thought I would share mine and invite others to share as well.  I did this exercise at the start of practice and will have met these goals this year – my third full year of practice. I decided to write down a new dream practice.  Here is my old and new dream practice.

      Old:

      • Have my own office (used to be an IC) and employee
      • Work 25 hours a week
      • See 100 patients a week
      • Collect 250k
      Current:
      • Moved to new office Jan. 2015
      • 30 hours per week seeing between 105 and 120 patients a week.
      • In network with 2 insurances
      • Hired a new office manager and associate in June
      • Billed for over 250K already this year.
      • Current overhead is 7500 with 1500 in monthly payments towards business loan, and business credit card. The business debt will be paid off in November.
      New:
      • Work 25 hours a week – 5 patients per hour
      • Collect 700K as an office – over 350K individually
      • Keep overhead less than 7500
      • Cash practice
      My goal is to attain this within the next 3 years.  I plan to achieve this by continually improving my skills by attending every seminar, taking multiple trips to Boston for small group, continuous coaching with Dr. Brady, and also having an in office evaluation this year.
      #3563

      Carl Nottoli, DC
      Participant

        Wow! Great work in such a short time…it pays to be dedicated to excellence and ID has the tools built in to get providers to reach their goals. Thanks for doing the assignment and challenging others to do the same.

        #3565

        Ryan Madigan, DC

          will take a stab at this since it is the start of my ID journey and will help keep me accountable.

          Current: working at a straight chiropractic office trying to apply as much as possible while taking seminars. Going to all the seminars this fall and begin coaching.

          First couple of years: After I become level 5 certified and start coaching I will open my own office. The ideal patient I would like to see is a variety of athletes and the general health conscious person. A patient that takes responsibility for their condition and realizes their health is a team effort.

          Collect 150k within the first year to year to year and a half. Work 30-35 hours per week. Keep debt low so all debt can be paid off within the first two years. Be in network with 3 of the highest paying insurances until I scale up.

          Dream Practice: Work 30 hours per week. Collect 500k per year with overhead under 30%. Be all cash

          I plan on accomplishing these goals by getting to as many seminars as possible and doing small group work and coaching. Lofty goals but can be done with hard work and being involved with this group.

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