The Remarkable CEO for Chiropractors 274 - How the Money Works in a 7-Figure Practice
In this episode, you'll discover:
- 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
- Put on your Investor hat whenever you’re hiring an associate and get your comp plans right
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-ep274-rem-asc-webinar
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
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
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business