Episode 017 – Remarkable Money (Part 3): 5 Money Mistakes Most Chiropractors Make

Recap

Dr. Bobby  and Dr. Lona delve into financial management pitfalls commonly faced by chiropractors, emphasizing five major money mistakes. They discuss how a misguided mindset around money, lack of personal investment, and failure to leverage money as a growth accelerant can hinder practice success. Through practical examples, including Dr. Bobby’s experiences with investing in patient acquisition and coaching, they illustrate the importance of viewing money as both a tool for growth and an endless opportunity for creating value. By avoiding these common money pitfalls, you can foster a thriving practice and achieve financial success.

Episode Highlights

02:32 – An introduction into the topic of five money mistakes chiropractors make. 

04:45 –  How investing in self-capacity, coaching, seminars, and team growth accelerates dream building.

07:27 – Learning to use money as fuel for growth by outsourcing marketing tasks.

10:03 – The value of using money to fuel personal development and growth, rather than just saving or spending it.

14:07 – The impact of failing to recognize one’s team as an asset and investing in their development.

16:09 – The value of finding the right people with unique skill sets to help grow the business.

19:54 – The importance of tracking basic practice metrics, such as goals, patient visits, and collections.

23:59 – Prioritizing profitability and affordability to keep the business thriving and avoiding undercharging for care.

28:16 – The practice of paying yourself first and reinvesting profits back into the business.

Resources Mentioned

To download your copy of the REM Money Metrics, please click here:  https://theremarkablepractice.com/buildpodcast-ep17-moneymetrics

To schedule a Strategy Session with Dr Lona: https://go.oncehub.com/DrLonaBuildPodcast

To schedule a Strategy Session with Dr Bobby: https://go.oncehub.com/DrBobbyBuildPodcast

Learn more about the Build Your Remarkable Practice: https://theremarkablepractice.com/build-your-remarkable-practice-podcast/

Learn what it takes to be Remarkable!: https://theremarkablepractice.com/

Tweetable Quotes

Most chiropractors lack the mindset around money to see money as an accelerant or to see it as the energy that can keep being reinvested.
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There is a monetary dollar worth for every single person and once you know what somebody’s worth for your business, then you know how much you could spend to get that person.
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Having a clean, well laid out, easy to understand way for patients to engage in care and make financial decisions is critical for growth
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Just because you can do something and do it well, it may be part of what keeps you from growing to the next level because you don’t invest in the people that you need to support you.
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Invest in yourself, invest in your learning, turn your mindset and understanding of chiropractic into an absolute money-making machine.
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