Controlling Chiropractic Office Overhead
May 12th, 2010 // 7:36 am @ Dr. Todd Osborne // No Comments
So hear is the question. Would you rather run a $60,000 a month practice with a $50,000 overhead, or a $30,000 a month practice with a $12,000 overhead? The position I find myself in the chiropractic profession has allowed me to see hundreds of chiropractors incomes and overheads. It is amazing to me how a huge % of our profession tends to allow overhead to run right along side the income, and it doesn’t matter what amount of income they are making.
Financial pressure is financial pressure whether you are bringing in $10,000 a month or $50,000 a month. In fact, recently had a chiropractor report that they were collecting and average of $95,000-$100,000 a month. Wow, most of us would say, that is great. However, he also reported an overhead of $95,000 a month!!! Double wow!!
It’s not necessarily how much you bring in, but how much you keep. Lack of financial discipline is a major problem in our country and chiropractors are definitely having a major problem with it. Take control of your overhead. Your office can be professional and offer excellent service without spending big dollars every month. The lower your overhead, the less pressure on you to produce. Nothing wrong with the desire to produce, but for most people pressure hinders production rather than stimulates it.
There are many good programs out there if you need to get control of your finances, office or personal. I will recommend Dave Ramsey’s financial program if you are looking. I know his system is as solid as any.
Many chiropractors are hugely successful in their office but huge failures in money management and thus it affects their ability to deliver chiropractic, what they were born to do. Get you spending and money management under control and your practice will grow!
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