I’ll be quick…
In close to 20 years, I’ve worked closely with thousands of D.C.s and
I’ve seen many come and go.
Rather than building a practice based on relevance, reputation, and relationship, too many perpetually chase the quick money.
So here is my quick list of how most D.C.s practice and what I see as the primary con of each (in no particular order):
CASH PRACTICE CON
Repelling and losing most patients is a huge price to pay to avoid paperwork.
PI PRACTICE CON
Big ups and downs. Stressful. Unstable. Risky. High marketing costs and/or dependence on others to refer to you.
FUNCTIONAL MEDICINE CON
Great until it’s not great. Then you risk losing your license and/or reputation.
HIGH-FEE INSURANCE-BASED CON
It gets you to a point but after that, it’s very difficult to grow any further. New patients and referrals quickly plateau. Expenses rise over time.
Low fee equals low profit and is probably the worst business model of all. Remember this: you can never make it up in volume.
PARTNERSHIP/EXPENSE-PROFIT SHARING CON
Partners are only good for dancing. This arrangement provides a false sense of security. If you can’t make it alone, you can’t make it with someone else. Sooner or later, the most competent one boogies.
Great if you want to feel like an employee. They rarely end well.
I CAN PROBABLY THINK OF MORE BUT I’M RUNNING OUT OF TIME THIS MORNING.
MAKE IT A GREAT DAY.