Academy of Chiropractic Personal Injury & Primary Spine Care Program
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“Chiropractic & My Wall Street Meeting”
Wall Street figured out what you need to do to make lots more $$$$... NOW
What I Learned
What we are Doing
What you Need to do
What they Demand
What you WILL Get
What this Means for “Any-Willing Provider”
“It’s True…If you Build it… They Come… Because they did come” Mark Studin 2018
I spent the last 6 months being "courted" by Wall Street in the form of flattery, platitudes, and “aligned vision.” In the end, they got my attention because I now truly believe they are aligned with our vision of only the "best of the best through clinical excellence" shall prevail in the marketplace. They are betting $100,000,000’s on US…The Trauma Qualified Chiropractic as THE solution for spine in the nation, that will concurrently help to lower the opioid epidemic, increase chiropractic utilization, place chiropractic as THE primary spine care provider, increase the profitability of all parties (this is from Wall Street). In the end, this will save the carriers money because it will be distributed to where it is most effective in limiting drug use, unnecessary surgeries, decreased drug dependence and preventing unnecessary disabilities. The literature is “crystal clear” and the numbers bear out all of the above when presented in a manner that puts it all together.
In the past, we have tried as a profession to get legislators to accomplish the above, but the marketplace in an open economy will be the driver, as is often the case. Like chiropractic politics, state and national politics is driven by cronyism and special interest groups by those seeking to hold their power vs. do the right thing. In too many instances historically, chiropractic has always fallen short to the detriment of the public and our providers.
A few weeks ago, I was invited to present to Wall Street and although they wanted what we have, they wanted to ensure both that it is real, and I am real… not just “too good to be true” or “full of a good line of crap” that cannot be realized on a spreadsheet. When it comes to money and in this case $1/2 billion on the line, bullshit has no quarter!
This past week, I spent Monday and Tuesday working around the clock preparing for my meeting and put together a presentation that could be delivered in 30 minutes or 5 hours because you never know what the agenda is of the opposite side of the table. Wednesday I was in the heart of the financial district in Manhattan and Thursday and I entertained a portion of Wall Street, inclusive of their lawyer and 8 of our doctors on a Jetboat day so we have 10 non-stop hours of idea exchange and developing a plan for the next step.
I am going to start at the end; Wall Street wants to “fast-track” this entire process and yesterday (today is Friday) after interacting with our doctors (6 out of 8 are on the Trauma Team and 1 is in the Fellowship program) we developed the plan. The Wall Street people had an entire day of validation of what I have been sharing with them and now fully realize we are ready. Never lose sight this is Wall Street and money never sleeps as we spoke until midnight Thursday and then again at 5am Friday fine-tuning our next step!
Let’s now go back to Wednesday and my meeting in the financial district. I met with a hedge fund lawyer who was featured in Forbes Magazine (I think… or some other prestigious financial media publication) who is the CEO And extremely smart and 7 other staff members around their board table. I wore a $2000 suit and brought my presentation set up in my “rolling office” to be prepared, inclusive of extension cords should they not have the technology for me to deliver my presentation utilizing the Power Point’s I needed for visuals. Appreciate in the section of the financial district, it is all skyscrapers in older buildings, where rent is typically over $150 per square foot and the elevators are small and security is large.
The elevator opens, and the entire floor is the financial company… It was large!!! However, there were 50 computer stations, bare "polished" concrete floor manned by "Millennials" all dressed in shorts, blue jeans, t-shirts, sandals, barefoot with a ping-pong table in the room. There was a chef making omelets for the entire staff with enough for 5-course breakfast and a coffee, tea, juice, beer and latte` bar that is free for all employees (so they get there early and don't leave to increase production). The conference room was full of whiteboards and their Tech made mine look quite pedestrian and I spent $1000's to be up on my tech. Feeling like a dinosaur, I immediately took off my tie and opened my shirt all the way to the first chest hair!!!
The CEO of the company was in his mid-40’s and the Millennials were between 25 and 35 years old… That is who is running much of the economy on the world. However, they came from Cornell, Carnegie Mellon, Emory and other Ivy League’s or better ranked educational institutions. Young, yes… stupid… no! However, as I have long held…I can teach you 20 years of knowledge but cannot give you 20 years of experience and that came into play in this room.
After 5 minutes of my presentation, I had their attention at a very high level inclusive of a person taking exquisite diligent notes on everything said and they started asking extremely detailed questions. With $100,000,000’s on the line, this was their due diligence and I jokingly asked the lawyer "if he was ready to cross-examine me." He said that if he had no questions, it meant he had no interest and the meeting would have lasted 20 minutes. The meeting lasted 5 hours and I not only gave my full presentation but had to explain every facet of each component of why YOU are the key to "mitigating any risk" of their investment. This meeting was not about health care, chiropractic, opioid abuse, surgery or politics. It was about 1 thing…MONEY and how we are "as sure of an investment" as any risk they have undergone in the past.
My biggest challenge was to get them to understand what both you and I do that makes us different. It was challenging to educate a bunch of “kids” who only have training in financial algorithms and tracking software and in the end, the balance of the conversation came down to balance sheet projections. However, the CEO was very savvy and understood the reimbursement laws, particularly personal injury on a national scale.
We then spent a few hours on the fact that we included Colossus type training to our Trauma Team Doctors and a robust amount in our documentation and there was significant DOCUMENTATION OVERSIGHT inclusive of the EMR Macros. I explained to them that we have a service that provides templated report writing for E&M, SOAP Notes and Narratives for our doctors and it will be mandatory for all involved in the Wall Street program. This was the 1st true “Deal Maker” as their vast previous experience in dealing with healthcare reimbursement is that untimely or poor and/or inconsistent notes and reports significantly diminish their return on investment. Conversely, they have created algorithms to “prove out” that the type of documentation I explained to them ensures the least amount of risk on their investment.
What this means to you before any Wall Street involvement, is follow the money that Wall Street ensures to be the least risk… Use our E&M, SOAP and Narrative services because once they fully understood it, the comment was, “what you have created is unique and brilliant AND saves the doctors time, while making them money.” Their bottom line guarantees the lowest risk (making the most $$$ by using these services). CLICK HERE TO GET THE SERVICE. Wall Street gets your business more than you do!
The 2nd “deal Maker” is your level of clinical excellence and the fact that we mandate “ever-increasing credentials.” They get how we are the solution to overburdened surgeons and emergency rooms and lawyers. In addition, these people are a bank with a social conscience and are excited about the side effect of lowered opioid abuse and want to be attached to that cause. Millennials almost always have a cause and if they can make lots of $$$$$$$ along the way…they are IN!!!!
Lastly, they were overwhelmed with the level of clinical support I and my “medical team” offer. After I explained that we don't want to burden the surgeon we are looking to "unburden," with tough cases, you call me and if I am stumped, I have Harvard and similar level trained specialists to get additional help and keep the surgeons in the operating room vs. dealing with your questions. It took me over an hour to convey the importance of that to the "kids" in the room as they have no reality to what we go through to conclude an accurate diagnosis and the necessity to GET IT RIGHT!!!
What this means is that you will have handed to you more new cases than you can handle, pre-funded with more than you can typically get yourself and a check will be deposited to your account within 30 days…. Because they need us A LOT More than we need them. As I shared with you for years, we are the solution for almost all spine care in the nation and now Wall Street has figured out how to capitalize on it…They listened to me (a bit self-serving… no… a huge amount of self-serving…but factual)
Truthfully, I am surprised it happened in 1 meeting with the hedge fund!!
The meeting was so successful that we now have 1 site up and running and will have 5 more locations within 30 days… then by September we hope to have one more and then 1 every 30 days thereafter up and functioning. By mid-2019, we are targeting to have almost every Trauma Team Member up and running depending upon your state’s “financial caps” and it will take $1/2 billion to do that (really). I am working on it and all it is taking is long days and sleepless night.
NOTE: The following states are being targeted for “right now:”
- New Jersey
- New York
If you have not yet been contacted, you are not in the initial wave and DO NOT ASK… You will be contacted as we expand, and we are still limited with only approximately $50,000,000 in funds. 1 month ago we only had 1 state… The train is rolling and if you are not a Trauma Team Member, you are not in the game and if you already do not use the E&M transcription service, it is not a deal-breaker, but might put you behind someone who already is if there are choices in your region. Remember, that is mandatory for Wall Street as they get it more than you do!
Mark Studin DC, FASBE(C), DAAPM, DAAMLP
Adjunct Associate Professor of Chiropractic, University of Bridgeport, College of Chiropractic
Adjunct Post Graduate Faculty, Cleveland University-Kansas City, College of Chiropractic
Adjunct Professor, Division of Clinical Sciences, Texas Chiropractic College
Graduate Medical Educational Presenter, Accreditation Council for Continuing Medical Education Joint Partnership with the State University of New York at Buffalo, School of Medicine and Biomedical Sciences
Academy of Chiropractic
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