Finance
Running a successful business – whether a chiropractic practice or a lemonade stand – is not easy. It requires unwavering level of commitment, because being successful today does not guarantee success tomorrow. Believe it or not, the success of your business depends on the most unreliable, unpredictable elements of existence – other people.
Most chiropractors, like other health-care practitioners, will at some point in their careers need professional or retail office space.
Whether you are setting up your first clinic or have owned your practice for decades, you probably have similar concerns that keep you up at night.
The Financial Services Commission of Ontario (FSCO) has released communication material in an effort to help reduce fraud in health-care services for auto insurance and provides suggestions on what health practitioners can do to protect themselves.
Practitioners who run multidisciplinary practices will find they are able to create new revenue by simply reducing expenses versus putting efforts into attracting and seeing new patients. By re-evaluating every spending transaction, I went through and tracked every dollar spent in 2013 and 2014 to determine what was needed, what was optional, what was unnecessary, and what could likely be discounted by the supplier.
There are two main components that determine the value of a business: assets and goodwill. Assets are the things you own and are set up on a depreciating market value basis. Goodwill is less tangible and therefore more variable. Unlike in other business valuations where the assets make up a higher percentage, goodwill makes up the majority of the value of a chiropractic practice.
Canadian economists received a pleasant surprise recently: expenditure growth on public health care in Canada finally appears to be slowing down. However, it is unclear if this slowdown is the result of explicit success in sustainably bending the cost curve or more short-term cost cutting in response to slower economic growth or future federal health transfers.So is it a blip on the health-care horizon or the beginning of a trend?
Taxes are inevitable. The amount of tax you pay is often your highest lifetime expense. With inadequate planning, Canada Revenue Agency can become the largest beneficiary of your hard-earned dollars.
In practice, it is a good idea to have a mentor to look up to with help and guidance when approaching clinical cases.
You spent many years learning about the human body, what makes it tick and how to help people feel better.
In 2005, I was seeing 150 patients per week but my accounts receivable ballooned to over $60,000.
As the life blood of our practice, cash flow is the total amount of money transferred in and out of a business.
By now, many of you are familiar with my approach to success in clinical practice – the EXSTORE functional assessment system, followed by restoration of mechanical dysfunction using motor point electro-acupuncture and myofascial release.
Most new chiropractors setting up their own practice have many daunting tasks ahead of them when they try to learn all aspects of running a business. One of the most common errors is forgetting to set up a tax account – GST, HST and income taxes. 
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