Academy of Chiropractic
Quickie Podcast 1224
Infrastructure 255 I
Preamble: Many of the issues I bring to you are very small, yet each issue is just that, an issue. If you take care of the small issues, then you will be able to build and more importantly, focus on the bigger issues...a larger practice and more family time. -Mark Studin 2006
"Making more and keeping more"
Dr. Studin: So the question you have for me, just to recap is that you had your best year ever and you want to make more money next year, correct?
Dr. Studin: Okay. So, the real issue is to start with is you want to keep more, and you also shared with me a few minutes ago, you made more endcap more and that's an issue. And then the other consideration you have is you have student loans that you're still paying back and you want to ensure that you don't make too much more because then you'll have to pay back more, which is very common. A lot of people have that. So, my answer first is, there's a lot of answers, but the first short answer is I don't really care about you do as much as you can, as best you can.
If you have to pay back the student loan, then you just paying it back faster. Who cares? So, at the end of your life, you're going to end up paying the same thing, and if you're making more, you can pay more. So, it's a moot point. So that's off the table. Don't limit yourself. There's the worst thing you could do is limit yourself of what you feel you can do. And you don't want to limit your potential. So the very first thing you look at and the first question is, and did you meet with your accountant monthly or quarterly or only at the end of the year?
Guest: once at the end of the year. And I touched base with him over phone and email about twice a year.
Dr. Studin: Okay, that's the first place you're being hurt. You have a tax preparer. You don't have an accountant; you don't have a financial advisor. You have a tax preparer. You can get turbo tax and do the same. You need an accountant who you sit down with every single month who's on QuickBooks and I don't even have to be in your state. They don't have to be in your city. It doesn't matter. Um, you need to be on QuickBooks where you categorize everything as we talked about when you call the up front. My accountant just left my house. He's here the last week of every single month and this is the last day of the last quarter. So, we spent twice as much time because we did the year-end review, and we confirmed all of our other tax plan and strategies that we've been doing every month. So, every month he tells me how to categorize things every month. He tells me where things go and having things be spent and what should be paid off and what should we put on credit card, etc. And I probably cut my tax bite by a third, maybe more than that. Okay. Because I have someone meeting with me monthly and he was less expensive for the year. Then the fancy CPA was to do what you just said that I used to do. So my first suggestion, and I have an accountant that I would suggest who's my accountant. So, I got from someone else, he handles 50 60 of our clients and I don't know anyone that's not happy. So, I'm going to give you the same number, write it down. And what you do is you ask them to do an audit or review on what you did this year with your current account and you meet with them over the telephone. And that's critical, his name was Maurice Mauner, his phone is (631) 661-5252. That is a very strong suggestion. You need a tax planner we just started planning last of 2020. We just did our 2021 tax planning because we did our 2020 last year. He can't, I've got a plan. You got to do that a year in advance always. Now with that being said, do you do therapies in your office?
Guest: Very limited.
Dr. Studin: Did you exercise rehab?
Dr. Studin: The very first thing I would do is exercise, rehab, understanding what I know from the carriers, unless you're doing rehab in your office and then giving the patient's home exercise program, they cut your care off very quickly because the patient's not participating in their care. What I know from being his doctor 40 years is when patients start participating in their care and exercising, they get better quicker. I agree with the carriers and that's important. I was a straight chiropractor, hate straight hate, meaning I hated anything other than pure chiropractic adjustment. That was me. I'm telling you the truth. I mean, I even took outlets, electrical outlets out of my walls in the office, you know, um, uh, you know, just so I wouldn't, my friends wouldn't think that I came there and sold out to the dark side.
That's how sick. But I broke my back and laid on the floor for three months and agony, two compression fractures from adjusting 650 patients. One of my friends came over with two Advil and a stim machine. I thought the devil entered my door. You know I was going to go up in flames if he touched me. My wife said, if you don't let him put that machine on you and take two Advil, I'm leaving you because I can't stand listening to you whine anymore. So, I have no choice because my wife said so. Um, he put the STEM on me and an interesting thing happened. I felt better but I get better. No, but I felt better and I had a catharsis at the moment and I have the deepest of sympathy for every patient. I help get better but not feel better. Along the way there was, it was just incredible. And then I started doing exercise rehab in my office. I actually put a full gym in my office, but I started with TheraBand’s green, blue and red on the doorknob, cheap as it comes and then I cut a piece off and gave it to a patient. They comb and gave exercises. It's just easy and you could all billable events. That's where you should start. Don't start with laser. You could do that. Add that later on. Laser is something that is good, is relatively controversial with carriers. Most don't pay for it. Some do. Um, but exercise, rehab everyone, it helps everyone. And every carrier pays for it. Heat stems.
Dr. Studin: Ice. Every calorie is paid for it. It's not even a question. Okay? You'll have less fighting and patients will get better. And I'm not saying laser isn't good, but you can't do everything at once. So, number one is you want to keep more and meet with your accountant. Number two, meet with an account number in month number two is and start getting exercise rehab. If you don't do exercise in your office, I'm just telling you, Carriers are going to cut you off very quickly. And I agree with them because patients have to participate. Okay?