Episode 274 – How the Money Works in a 7-Figure Practice

Recap

In this episode, you’ll discover:

  • Put on your Investor hat whenever you’re hiring an associate and get your comp plans right
  • Knowing your numbers enables you to make decisions boldly and with peace of mind 
  • Understand the economics, because accounting is the language of business 
  • The Return-On-Investment vs Return-Of-Investment, know the difference

Episode Highlights

01:26 – The importance of the associate doctor relationship focusing on the compensation model to avoid common failures.

04:22 – The need for maturity and sophisticated growth for successful chiropractic practice scaling.

06:14 – Taking the long-term perspective when hiring, encompassing a three-year business view with ROI considerations.

07:07 – Viewing business decisions with an investor mindset for future returns.

10:07 – Importance of casting a vision for associates and ensuring they see growth potential.

14:43 – Challenges in scaling chiropractic practices and the need for a structured system

17:59 – The Seven-figure business framework based on revenue per employee (RPE) and patient visit metrics

22:55 – Utilizing Revenue Per Employee (RPE) as a wellness metric for practice evaluation

25:02 – The importance of assessing RPE regularly as a critical economic health indicator

28:10 – The significance of data-driven decision-making in business leadership to avoid emotion-based choices

34:56 – Join REM Coach, Dr, Chris and he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financial’s unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you’re a chiropractic CEO looking to maximize your business’s financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.

Resources Mentioned

Watch an instant replay of the “7 Figure Associate Doctor Compensation Plan Model” webinar here: www.theremarkablepractice.com/podcast-ep272-rem-asc-webinar

Register now for the Remarkable Attraction Immersion here:  https://theremarkablepractice.com/attraction-immersion/

For more information about Big Life Financial please visit: https://www.biglifefinancial.com/

Subscribe to our newest podcast “Build Your Remarkable Practice” here:  https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

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Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

Tweetable Quotes

You have to have a clear vision of what is success to you because you’re going to attract someone who aligns with that.
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Once you get the job model in place, and it’s a job model that will energize their genius, you gotta get the compensation model right. So that comp model is going to energize them or drain their energy.
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Our role as the business owner is very simple. Our job description is to create environments where people know they’re better off with you than without you.
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You have to have a clear vision of what success is to you, because you’re going to attract someone who aligns with that. Any lack of clarity creates a weakness in the bond and that’s an area for breakdown.
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When you lack information, all you have to go on is instinct. If you lack data, you’re going to be using high instinct and emotion and you don’t want to be making these decisions emotionally.
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