A close chiropractic friend had to shut down his clinic (Non-covid-related closure) and has to be employed now by a franchise that offers extremely cheap care. He is talented and beloved, but he was so focused on satisfying his clients that he overlooked the vital part of his business- and now he is miserable. It’s easy to say that it was a lack of new patients, but in reality it is a mismanagement of funds. In a good business model, even modest sized clinics and businesses can stay open and support a family.
We are in our webinar series called, “Escaping the Money Pit.” Hundreds of doctors and entrepreneurs have joined. While our focus has been on the positive, what you can do to get out of debt and have millions in the bank, there are several “money pits” that hurt or end businesses.
Some example “money “pits.” Small holes in cash and/or insurance billings and collections or issues with inventory control are often looked at as small problems.
As an example in a cash setting, we look for doctors to average $80-100 per visit. If that number is $50/visit than in a 100/week practice you are losing $3000 – $5000/week. The difference between failure and wealth.
Most practices have more than 1 money pit like this one. When we’ve done audits and inventories and evaluated what has happened over several months or years, it’s extremely common to find little money pits adding up to hundreds, thousands or tens of thousands of dollars each month for many years.
In looking back, we often do the math and the amount of money that has been lost could solve world hunger for some! And for others it would’ve been the difference between no paycheck and a figure that could have been taking care of their family.
Mastering money doesn’t sound thrilling or something for doctors, but over-time, it’s hard to live with the reality that there could’ve been thousands or even millions of more dollars in your savings and less pressure in your life.
If you missed Escaping the Money Pit, we can still send you links. If you want more private help, let Dr. Ben know by clicking here.
Thanks a million
Dr. Ben
