At NCMIC, we are committed to making the StartingIntoPractice.com website the most comprehensive and practical tool for your practice success.

Because of that commitment, we are continually reviewing content and enhancing the resources available.

I wanted you to be aware of a terrific new resource we just added.

The Practice Success Planner is a comprehensive set of Excel spreadsheets designed to help you develop your practice's financial plan.  If you use the tool, you should be able to incorporate the spreadsheets into your business plan and talk to lenders and investors with confidence.

There is an accompanying manual called the "Starting Into Practice Guide", which will help you put your plan together. 

To find both resources, go to the Tools and Resources Tab and click on Start-up Forms.

Remember, all the resources at StartingIntoPractice.com are free for you to use as long as you wish.

Good luck!

Our community recently celebrated the opening of its new hometown medical school. The University of Central Florida welcomed its inaugural class of 41 talented students.

Through the dedication and wisdom of many, a concerted effort was made, showing the need and benefits for this institution. In addition to training physicians who will provide care to our citizens, the school will also be an economic engine and catalyst for advancing a life sciences industry in the region.

To attract the "best and brightest," generous individuals and businesses have funded four-year full scholarships to each of the students comprising the first class. Over 4,000 applications were received to fill these coveted slots, with those selected, choosing the UCF program over the likes of Harvard, Duke, the University of Miami and many other prestigious institutions.

Citizens honored these students with the traditional "white coats ceremony" in which those entering were fitted with a clinical jacket. Naturally this was a prideful day not only for the students, but also for the dedicated community activists who worked diligently to make this dream a reality. Tears of happiness and optimism punctuated the day and I was impressed by the comments and questions posed by the medical school dean to her freshman class.

She asked them to consider "What characteristics they would like a doctor to have who was caring for a sick loved one?" Many great answers were elicited including "honesty, compassion, dedication, courage and commitment to community."

This was followed by... "How would that doctor work with other doctors, nurses, friends or enemies?"

As we see patients each day, we would all benefit from recalling the reasons we became a chiropractor and continue to rededicate ourself to our patients, practice and profession. 

Happy days! 

Lots of articles are written about mentors, how important they are and why young doctors need to find good mentors.  However, it is not often that a short article appears about how to thank those mentors who have influenced your life. 

I had just such an opportunity a few weeks ago to thank one of my mentors. 

When I first opened up a practice in my community, an attorney 18 years my senior also opened up his practice.  Through a variety of casual meetings, we became friends and his influence on my life was forever changed. 

He is now 84 and I had a chance to reflect on his impact on my life and what an inspiration he was - although at the time I did not know that he was mentoring or influencing. How wonderful it is to step back and reflect on those who have had influence on your life, at any age, be it your parents, siblings, neighbor or teacher. At some point there have been people who have impacted your life.  

Take a moment to say "thanks."  While you’re at it, look around for the next mentor because there is nothing more gratifying to a mentor than to be outgrown by your protege.  Keep growing and keep searching - mentors are everywhere.

Sometimes you just need to look around.

If I could give students one piece of advice that could potentially change their lives and save them countless mistakes, it would be to find a mentor.

I've been fortunate in my career. I have had the benefit of several mentors. 

When I look back and think about the impact my mentors have had on my life and career, I find the earlier mentors had the most significant impact.  I guess that's because I looked to them for guidance at times in my life when I was at a crossroads and their life experiences made the difference for me.

These relationships are invaluable.  These are people who give of themselves because it is the right thing to do, not because they stand to profit.  They want to see you succeed, not because they have a personal motive, but because your future is valuable to them. 

From bouncing around ideas to very specific help with decisions you face, mentors make the difference.  I encourage each every one of you to look for these people in your life.

The college door swings close behind you. Panic begins to settle in. No more classes. No more tests. No more loan money to live on. Just a wide open world ready for you to claim!

What now? 

Your student loans will be due in six months! You haven't even decided where you're headed yet! Help!

Sound familiar? 

Not to worry, because you are still in a  position to succeed! The economy and luck are on your side. Never has there been a better time to walk into a chiropractic office in a town you might want to practice in.  ASK for an opportunity to associate with a possible chance of buying the doctor out at the end of a year or two!

Here are some reasons this could be your ticket to financial success!

1. Baby boomers are ready to retire
2. Very few baby boomers have exit strategies
3. Upcoming Medicare rules will require electronic billing
4. Baby boomers may want to walk away rather than learn electronic billing
5. Baby boomers want more time to relax
6. You'll have a turn-key opportunity if you create that exit strategy for the doctor

So, what's required of you?

• Find the place you want to practice
• Visit doctor's offices in that area
• ASK if you can associate with them for a year with the thought process that if you have a good fit, you'd like to buy the practice!
• Arm yourself with knowledge of their practice and expect a few no's before you find the right fit!

Some doctors might never have thought about hiring an associate, but if you're well prepared with a great attitude, a personal budget and a marketing plan to show them your value you can offer them a chance to take more time off, update their computer systems and/or buy them out. 

You both might be winners!

Compensation - a.k.a. your salary.  It's a very broad category when you really think about it.  If negotiated carefully, both parties can come to an agreement that leaves everyone satisfied. 

Let's face it, you should not start a job bitter about your salary, nor should the hiring D.C. feel he/she is "giving" you too much.  Here are a few things to consider when navigating this tricky topic.  Much of the following has been learned via trial and error by myself or former classmates.

1. How much? Do you know how much to ask for? Is it a realistic number? What do you need, honestly? Are you living within your means? This requires you to construct a budget, and yes it is "their" business.Banks will require the same information if you are applying for a loan.
2. How will you be paid? Per patient basis? Salary? Bonus? Percent of collections? A combination of the above?
3. When will you be paid? After collections? Weekly? Bi-monthly? Monthly?
4. Added benefit options you may want to consider negotiating, but make sure you know what their approximate value is. These can be negotiated for your benefit, as well as the added tax deduction for your employer.  A win-win for both!

• Malpractice insurance - keep in mind NCMIC provides a graduated, discounted rate for the first 4 years
• Continuing education - as many as you want to attend or the state required minimum? Who picks the seminars? Travel costs?
• Health care benefits? Health Savings Plan?
• Retirement contribution - it's never too early to start!
• Vacation coverage - you'll be expected to cover for him/her. Will they do the same?
• Sick/Disability Coverage - this goes both ways since you're likely younger and healthier than your soon-to-be boss.
• Membership fees - to local, state, and national organizations.
• Equipment - will additional items need to be purchased when you join the practice? Who pays for them?

There is obviously no definitive "right" or "wrong" way to go about this. The priority is agreeing on a number both parties can be happy with. These waters are likely just as unchartered for you as your potential employer.Check back next time for a few sample salary/bonus calculations! Good Luck!

I just gave a 30-minute presentation to a few dozen people at the local community center.  I was asked by the local hospital to do this and thought it would be fun.  For the first time, I organized a PowerPoint for a "community" presentation and to be honest ... it went very well.

As it was at 1:30 on a Tuesday, I expected most of the people there to be on medicare and they were - so fortunately, the PowerPoint I prepared was applicable.

I am now in the process of making up a variety of PowerPoint presentations so the next time I am asked, I will be ready and have the proper presentation for the audience I am addressing.  The one I just gave would not have worked if I was asked to give a presentation to the medical staff of the hospital.  

Anyway, the presentaation was only 30-minutes as asked but I was there amore than an hour as there were many questions and conversations pertaining to conditions, chiropractic and health care in general.

What I learned from the converastion and questions:

• Patients hate the doctor typing on the computer during the visit instead of looking and listening to them.
• They really do not understand the complexity and variables of a history, physical and diagnostic reports to coming up with a diagnosis.  You would think a diagnosis was written on their face!
• They do not understand the different components that can cause back and leg pain and how the treatment and recommendations can differ.  Once again not as simple as they think!
• They all think I am an expert on mattresses!  So be sure to have some recommendations. 

Spend some time and get some PowerPoint presentations together so you have them when you need them.  There are probably some out there you can use but make it more personal so it fits your message. 

For example, my presentatin yesterday was like a new patient visit with some additional information that I felt comfortable discussing.  Have fun with it!!!