Here’s an idea that more chiropractors need to embrace in 2013 and beyond: the days of the solo doc may be numbered.

Why chiropractors fail to embrace the concept of a group practice, shared space, partnership or associateships is beyond me.  For the most part, we are among the only sizable solo entrepreneurs left in health care.  Sure you can still find the occasional massage therapist who practices out of their home gently kneading to the sounds of their Windham Hill cds. And I know there are lonely acupuncturists who would love someone else to share their moxa, but for now they sniff alone.  Certainly, there are still naturopaths brewing their own tinctures in their back closet, happily (or not) by themselves.  But many of these practitioners have tiny businesses and see few patients.

The rest of the healthcare professionals who have significantly broken the 6-figure revenue barrier – they work together. Except that is, for us. Unfortunately, as healthcare dollars get pinched into pennies, we may need to take a serious look at the feasibility of our “solo-ness.”  Here are a few reasons we should consider aligning with similar minded DC’s:

Reasons to Unite with Your Fellow DC

  • Shared overhead = lower expenses = higher profits: no contest, this is probably the #1 reason.
  • Other doc in office = vacation coverage.  Too many DC’s die married to their office, divorced from their spouses and alienated from their children.  This is not healthy for your personal relationships and on a professional level, it’s not good for our future.  What kind of child grows up thinking they want to be a chiropractor just like mom or dad so they can work 80 hours a week, be absent from all family activities and never take a break?  Sounds like a death sentence to me that I wouldn’t wish upon my enemy – never mind my children. It’s no wonder chiropractic enrollments are declining.
  • Two docs = combined expenses = greater $ available for marketing:  In his quest for independence, the solo doc often fails to realize that he or she is forced to push that massive rock uphill alone.  This means they are outgunned by anyone with a bigger budget, more time or more creativity than themselves.
  • Second opinion anyone?  Those of us who didn’t graduate valedictorian will occasionally run across a problem that we may not remember from chiropractic school because we were, ahem, not present during that lecture. (Probably, you were just in the restroom.)  Having another DC in house provides someone to consult with on these strange cases.
  • Future Partner, Buyer or Seller  This is one that too many DC’s ignore. Eventually, we all are going to want to purchase a practice (if we didn’t start our own from scratch) or become a partner or sell our practice or take on a partner.  But if we are busy hiding in our own holes, we will never meet any prospective buyers or sellers in a meaningful way.  Sure you can place ads to try and buy or sell a practice.  But the single best way to make these transitions happen is through personal relationships which is hard to do when you don’t speak to any other chiropractors.

There are probably many more good reasons to unite, but let’s switch gears and cover the excuses I typically hear for why chiropractors don’t consider these options.

Excuses Commonly Heard for Not Uniting with Other DC’s

  • They’ll just steal my patients:  Yep, they just might if (a) you don’t have a contract in place that prohibits such behavior or (b) if your patients place so little value in your services that they will blow away as soon as the wind blows.  If (b) is your issue, contracts will not help you. Patients will be leaving anyway.
  • I’m not ready for an Associate.  Then don’t hire one.  Remember, you are paying them to assist you in handling all your work, not to build your business because you could not.  If they are that good, they will leave anyway.  But just because your practice is not fit for an associate doesn’t mean that you could not take on a space sharing independent contractor arrangement or even a partner. They are definitely not the same options.
  • My practice is different.  While DC’s may be different in the eyes of their patients, the business model of chiropractic is not that unique.  Trust me, after seeing thousands of offices in my consulting work, your practice is not likely that different from other chiropractic businesses that you are forced into lone ranger status.

What to do next

1.    Start talking to DC’s at seminars.  Instead of sitting next to your old buddy, sit next to a young DC and chat.  They may be your next associate or the buyer that purchases your practice or someone to share space with.

2.   Put the word out.  Talk to your friends and let them know what you’re looking for.  They may know someone.  Relationships out pull anybody’s advertisement any time.

3.  Use leverage.  If you are part of a state association, technique group or such, then leverage those relationships as well.  Your circle just grew wider.

4.  Contact me.  No offense, but chances are, my leverage is just a little larger than yours.  We get over 7 million hits to the www.strategicdc.com website each year, have thousands of regular subscribers and tens of thousands of weekly blog readers throughout the profession, there’s a good chance that a few more chiropractors may know me than you. So, use that connection too.

If your looking to get IN to an Associateship Opportunities or Find a Chiropractic Practice For Sale or a situation where you can get an Ownership Opportunity, we’ve got a FREE service that can help match you with interested docs. Click the link, complete the form. That’s it.

On the other hand, if you are looking to sell your chiropractic practice or transition OUT in some form, check out our Chiropractic Transition Services — or begin by viewing our FREE WEBINAR: Sell, Switch or Slow Down: How to Maximize the Value of Your Chiropractic Sale or Transition and Minimize Costly Mistakes!