INSIGHT ASKED AND ANSWERED Balanced practice How to care for your patients and your bottom-line BY DAVID LEPRICH help, they are more likely to contribute to your practice. You are also more likely to meet people who can help you with issues you may be facing in run-ning the business aspect of your prac-tice. 3.) Develop streams of income. It is possible to develop a thriving, finan-cially rewarding practice without set-ting foot outside your clinic. However, if your financial health depends only on the cash flow provided by your daily clinic deposits, your practice is at risk. A few slow days or a few slow paying accounts can significantly re-duce your cash flow. While there are management strat-egies that deal with these issues, I have found it more rewarding to develop alternate income sources. As just one example, many allied health-care pro-fessionals are eager to share space in a chiropractic clinic. In addition to paying rent, massage therapists, nutri-tionists and physiotherapists, for ex-ample, can provide valuable services to your patients that can complement what you already do for them. These allied health-care providers can also be a referral source for your practice. Guiding your patients to good health starts with your compassion, but requires a variety of treatment techniques, tools and advice. Likewise, steering your practice to good finan-cial health starts with your compas-sion. Consider long-term relationships, diversifying sources of income and establishing a community presence to be good adjustments to your financial health. Have a question for Asked and Answered? Send it to [email protected] www.canadianchiropractor.ca W ( Editor’s note: Asked and Answered invites chiropractic students and new DCs to send in their most pressing questions about practice and patient care. We then ask experts in the community to provide their best answers. The following question was sent by students from the Canadian Memorial Chiropractic College.) hat is the most effective way to achieve balance between patient care and financial health? Patient care must always come ahead of financial concerns. The Chiroprac-tic Oath states, “I will keep the physi-cal, mental and spiritual needs of the sick as my foremost duty.” In a perfect world, putting patient concerns first would result in a thriv-ing, profitable practice. In today’s practice environment, however, that is not enough. It is im-perative that we develop tools that provide financial stability while keep-ing our oath to our patients. Here are three strategies that have helped me to grow and maintain a healthy practice over the past 38 years. 1.) Build long-term relationships. Many doctors work hard to attract new patients, but forget about the future. If you can ensure that each patient knows you put their welfare first, they are more likely to trust your judgment and remain in your practice for many years. This is not accomplished by selling treatment plans or asking people to recruit new patients for you. Shift your focus to explaining your new patient consultation. Describe your testing procedures. Take time to explain the problem, your solution, and the expected result. Most importantly, have a clear vi-sion of what you are trying to accom-plish. The simple truth is, whether your vision is to help your patients, or pay your bills, they will know. Not every patient will follow your plan, but if you treat them with genuine compassion, you will always be their chiropractor, and they will know who to turn to when they need help. 2.) Get involved in your commu-nity. Your current and potential future patients live and work in your commu-nity. Becoming active in a service club or community program is a valuable way to establish yourself as a caring, contributing member of your neigh-bourhood. However, if you do this just to at-tract new patients, your success will be short-lived. Keep the motto of Rotary International in mind, “Service Above Self,” and establish relationships that will be of benefit to the same commu-nity you expect will provide you with a livelihood. The Rotary Club is but one of sev-eral worthy organizations active in most communities and can provide an opportunity to meet and work with the business and civic leaders in your area. When these community organiza-tions understand that you are there to DR. DAVID LEPRICH is clinic director at Welland Avenue Chiropractic and Massage Therapy, which he established in 1977. He is a past president of the Canadian Chiropractic Association, a current board member of the Canadian Chiropractic Research Foundation and theatre chiropractor to the Shaw Festival Theatre in Niagara-on-the-Lake, Ont. Dr. Leprich can be reached at [email protected]. 28 Canadian Chiropractor February 2017
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