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Think $19,000 a month is decent? Think again.
Some chiropractors think that collecting $19,000 per month is pretty good. Well, it may be good, but it’s not good enough in today’s economy. Most markets require collections that average between $25,000 to $30,000 per month just to be considered a stable practice.
One of the first doctors to recognize this was AMC’s Vice-president, Dr. Todd Osborne. Here’s what he has to say about going from $19K per month on average to over $44K within his first 4 months with AMC…
“I was an associate for 2 years in a successful practice and at the end of 2 years I thought I was ready to go out on my own. I found a practice for sale in a similar small town and ended up purchasing the practice even though the doctor that had been there for 30 years had passed away 6 months prior to me buying it! Not a great move, but God granted me the grace to be able to make it there in that practice.
The previous doc was semi-retired for some time before his passing, so the practice itself was only collecting around $6000 a month. What I bought was a sleepy little practice that had been dormant for 6 months. Like I said, only the grace of God allowed me to go in there and make it work.
I took what I had learned during my 2 year associateship, my passion, my drive to succeed and went at it. Fortunately, I had a very low overhead, a great office manager that stayed on from the previous doc, and some very loyal locals and I started growing that practice.
I put my blood, sweat, and tears into it for 7 years and grew every year up to an average of around $19,000 a month. Not bad, especially with a low overhead, but I knew I could be helping more people and making a better income. I had a goal to get to $25,000 a month and I tried for over 2 years and just couldn’t get over the hump of averaging $19,000. I think the best month I had was $23,000, but the next month I went right back down into the upper teens.
I was in a small office, around 750 square feet, it was a remodeled garage the previous doc had practiced in. I decided it was time to build a new office, and that would be my answer. So I got the land and in my 7th year of practice broke ground on the new office. I moved into our new state of the art facility of 2400 square feet in September. It was nice, everyone was excited including my patients, and guess what we produced in September and October. Exactly the same numbers we had been producing!
I had been talking to a management company since the spring of that year, but had been putting off going because I was too busy building this new office I thought was the answer. Well, when it wasn’t, I finally decided to attend my first AMC meeting in Chattanooga, TN. I decided to give it a go and went for the weekend.
I remember thinking while listening to the audios they had given me on my way home, that it just couldn’t be that simple. But, I was at the end of my rope for growing the practice, so I made up my mind to do everything they told me to do for 90 days and then evaluate where things were at.
Well the rest of the story is this. After signing up in December of that year at a monthly average of $19,000, my practice immediately started growing. It was hectic but fun at the same time. As I said earlier, my goal had been $25,000 a month. In April, 4 months after joining AMC, I was at $44,000!!
Sooooo, being such a brilliant business mind, I decided to keep doing it AMC’s way!!! I continued to maintain that practice at an average of $40,000 a month for 1 1/2 years until I finally figured out that I was the reason it wasn’t growing any more.
I didn’t want to work any harder or longer as I was very active with my family, church, and community. So with AMC’s help I hired my first associate and we started growing again, eventually reaching $60,000 a month, around 1200-1400 visits a month. And all that in a town with a population of 2300!
And in a “straight” chiropractic practice that only generated income from chiropractic exams, x-rays, and adjustments, no therapy or other income. Not against it, but didn’t utilize it in practice. A similar therapy practice could have been generating $80-100,000 a month easily.
Anyway, I eventually started instructing and coaching with AMC as I wanted to help other chiropractors the way I had been helped, and that has led me to where I am today as Vice President of AMC and helping 1,000’s of chiropractors. “My” practice is still running full tilt as one of my associates has now taken it over as I have moved to working full time with AMC.”
Thank you, Dr. Osborne, for sharing your practice-changing story! We greatly appreciate it!
Question: Has your chiropractic practice plateaued? Are you staring at a glass ceiling but just don’t know how to break through it?
Then why not pick up the phone and call AMC at (877) 262-7117. Do it TODAY!
We are HERE to HELP chiropractors!
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