I went to a new shop to get my hair cut the other day. 

I won't be back.

I got a decent enough haircut.  I liked the person who cut my hair.  The environment was friendly, cheerful, and clean. It was even close to my home.

One big problem.  They take cash or check for payment only.

Really???  I rarely carry much cash and I don't even know where my checkbook is.  Last time I wrote a check was August 2009.  I do everything through online bill payment or....

Plastic.

If a business won't take credit and debit cards, it is extremely inconvenient for today's consumer.  Furthermore, as a healthcare provider, if you don't take cards, I have to do a bunch of paperwork to access my Flex Spending Account or my Health Savings Account.  I don't want to do that.

I've heard the argument from chiropractors who don't take cards.  It is a hassle and the processing services cost money.  I would argue that it will cost you more in the patients you lose.

Your practice is patient-centric in all other respects.  How your patient pays should be as well.

At NCMIC, our motto is "We Take Care Of Our Own."  It is not just something we say and use in our advertising.  It is a philosophy that colors every aspect of our business.

We do a lot of work with students at every chiropractic college in the U.S.  And we see first hand the commitment and sacrifice it takes to become a Doctor of Chiropractic.  And we want to help make it a bit easier.

So, we have developed a new scholarship program to help students meet the financial obligations of completing their chiropractic education. 

Each spring, beginning this year, NCMIC will award one $1,000 scholarship to one student at each of the 18 chiropractic colleges in the U.S.  The scholarship is for students within the last 18 months of their program.  Applicants will be asked to submit a 500 word essay explaining their leadership style and how they see themselves contributing to the chiropractic profession in the future along with two faculty recommendations.

Application deadline is March 1st.  See your financial aid office for more details. 

Good luck!

Most doctors that begin a new business don't have the foresight to realize that they might never collect every dollar they earn. Sure, you deserve to be paid, but sometimes the patient's circumstances have changed. In this economy, people are being laid off or bills have overwhelmed them. You're a nice doctor, so they might be tempted to put off paying the money they owe you.

When this happens, you have a few options.

1. You can send them kind notes of reminder
2. You can can send them to a collection agency
3. You can forgive the debt

Sending notes of reminder can let them know you understand their situation, but still need payment. This is often a successful approach.

When you opt to send them to a collection agency, you may be setting yourself up for an angry confrontation and possible litigation, as people tend to sue others they don't like. Collection agencies sometimes use bully tactics that reflect on your practice. They are also costly.

A third option is forgiving the debt. If you see a patient's account passing 180 days with no payment, you can assume the debt may never be paid.

One imaginative D.C. decided to send a letter to his patients informing them that he was extending a "Christmas in July"  and forgiving their full debt amount. He explained that he cared about their health and wished them well. He heard about his actions in various places throughout town, including Wal-Mart where a former patient shared her tearful gratefulness  He turned his loss into a great marketing moment!

With that said, he also implemented a pay in advance program for any "forgiven" patients. I guess what I'm saying is ... think outside of the box. Be prepared in advance for the possibility of not being paid.

Install a credit card processing system that will take debit, credit and company insurance cards. Ask for partial payment in advance. Have staff send bills promptly and be prepared for patients that can't pay! You don't want to come up short!

Ugh, money. 

Everyone is talking about money and how difficult it is to borrow money when you get out of college. 

Well, one way to get a feel for the challenge is to pretend you are the BANK with the money.  Then pretend that YOU come in to YOU for a loan. 

Let me get this straight, you are a new graduate, you do not have an income, and you are $120,000-$150,000.00 in debt with school loans.  You have car payments, cell phone payments, insurance payments, food etc to make and you have no income. 

Would YOU LEND YOU money? 

Of course not, so what is the next step in the process.  First look around to parents, uncles, aunts, cousin Joe who is in business, anyone who may have the where-with-all to co-sign for you.

Remember, YOU the banker wanted collateral, security, proof of repayment potential ... and so will your co-signer.  However, your relatives who have the possibility to help you secure a loan also have the ability to provide some early mentoring to you. 

If you engage them you will assuage their fears.  Spend time going over your business plan, make it realistic, doable, achievable, reasonable, rational and practical. 

Let your co-signer know that you are ready to work to do what ever it takes to become successful, you need a break and they can help. 

It is not easy and the only thing that is required is TRUST. They need to trust that you are genuine, honest and dedicated and that you will not violate their TRUST in you by not planning your work and working your plan. 

Reward them not only monetarily but with a lifelong appreciation for their efforts.  You can do it with the right attitude.

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!

I don't like being the bearer of bad news, but this is something new grads must hear: wherever you go, student loans will find you! 

You may have been granted a grace period following graduation or, like me, deferred loans for a year, but at some point loan repayment will become your reality.

My advice, in retrospect, is this:

• If you don't have to defer or use your grace period - don't. During these times, your unsubsidized loans will continue to accrue interest.  If you can't pay all your loans at once, consider paying down those with higher or adjustable interest rates first while deferring the others. 
• Take advantage of borrower benefit programs if those are available - make your first 12 payments ON TIME and you may have your interest rates reduced 1% (trust me, this adds up!)
• If you are reading this and are still a student, consider stashing away a little money each trimester.  As you are starting your practice, or even in the early months of an associateship, that money can come in handy to cover your loan payments.

You may be wondering how this pertains to business... I can promise that it does When you are applying for a business loan to start your practice (or applying for a mortgage to buy a house) you will need to account for your loan repayment.

The average chiropractic student leaves school with approximately $125,000 in loans. In a 10-year repayment, that works out to about $1,125 a month. It may be tempting for the curernt students or new grads to think "I will cross that bridge when I get there," but  these thoughts can get you into financial trouble in the long run.

Loan repayment can be crippling if you don't realize your full financial commitments.

Although I'm far from conquering this debt, I do have a plan of attack and now I am attacking my plan. And my wife and I are already planning our "Student Loan Repayment Party" for 2019!

If you have any insight on this or wish to share your own battles with student loan repayment, please comment.

At NCMIC, we value our role as your partner for your success.  As such, we are continually working to enhance the resources and information available to you through StartingIntoPractice.com.

We have recently added some fantastic resources to help you down the path of success with your chiropractic career. 

Under the Tools & Resources tab at on this site, you will see two new tools. 

• The Financial Success Planner - a comprehensive set of spreadsheets designed to frame your finances, budgets and plans.

• The new Starting Into Practice Guide - a comprehensive, step-by-step tutorial on the business side of chiropractic practice.

 These resources are available to you free of charge and are designed to help you succeed. 

Good luck!

When outfitting a new office or preparing for your opening in these tough economic times, think out of the box. Here are some quick tips to get you going before opening day.

• Visit the area you wish to practice in and drop by local DC offices for a tour. Before you leave ask the DC if they might have any equipment they’d like to get rid of. One DC I know was able to get reception room chairs, a desk and a high-low table that needed recovering. Total savings? About $8,000!
• Check second hand furniture stores for good quality furniture that you can paint to last until you can afford the dream things you want.
• Barter.
• Offer to write a column for a local paper in exchange for advertising.
• Check to see if you have a graphic design school in a local college and see if you can get your “sign” designed for free as a student project.
• Spend some time doing something you love to do in the neighborhood you hope to practice in. It might be helping with a one time “Bike for the Cure” or a little league softball tournament. Activities like this can get your name and reputation off to a good start even before you open your doors and give you an outlet for a little fun before you buckle down to business.
• Contact your local library and “check out” art work you can display on your office walls on a rotating basis.
• You can get music CD’s and videos for your waiting room as well at no cost!

Don’t be shy! Ask. Use secondhand items.

You’ll reach your breakeven point and begin to make a profit much quicker!

Is the economy really that bad? First of all the answer is “yes.” The economic outlook is very guarded and, more important, there is a “crisis of fear” permeating the nation that is fueled by the media. 

This is affecting everyone’s practice from the hospitals to the private practitioners, from the chiropractors to the cosmetic surgeons; all health care professionals are feeling the crunch.

Employees and employers are sorting out health care benefits. Guarded use of limited resources is preserved for an unexpected emergency and many patients are rationing their own use of care.

During these times, it is more critical than ever to do two things.

1. Watch your own economic debt and remain diligent in any purchase that cannot be justified.  Stay away from large ticket items even if you can obtain funding.  The return on investment is important to analyze. Every new purchase must be one which will:

   • enhance the efficiency of the office
   • improve patient care
   • provide services which are needed, and most of all
   • can be justified with critical analysis.
2. When new patient numbers are down, when practice volume is down and when the economy is in a slump as is currently is, there is opportunity.  Begin with your staff and do not let them have a “negative” attitude.  It may be more important than ever to have weekly staff meetings - not to have pity parties, but to recognize that the patients who are coming in must be treated in a manner to make the office experience memorable.  Staff attitudes are contagious and your staff must know that they are important in formulating the first and last impression of your office.  Patients, regardless of age want to know that someone cares about them and is listening to them.  Take some extra time, and it is amazing what a few extra minutes can do, to talk to your patients about how they are doing.  Finally, be certain that you spend some quality time in your community. Today more than ever, volunteers are needed for a host of projects ...volunteer your time for a worthy cause.  It is always rewarding to give to others and the benefit always comes back to you.

Do not let the global negativity of this moment determine how you will think, act, feel and believe.  These times demand that your attitude will determine your attitude and your attitude will determine your success. 

And this too shall pass, but how you manage in the interim will be remembered by your patients and staff for a long time.

I hope everyone had a good Fourth of July holiday. It is a good time for summer fun with friends and family.  I always use this holiday as my mid-year check point for a few business issues.