Academy of Chiropractic
Quickie Podcast 1240
Marketing 152 G
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
"I haven't done much or made much"
Dr Studin: you've been in the program for how long?
Guest Dr: eight years I believe.
Dr Studin: Now, they're still having some challenges with the attorneys, and we've got to resolve those issues. And you're having, a big challenge right now with someone We just rented a bar complaint today, but you're rendering it today because the attorney after communicating back and forth and probably three times each back and forth the attorney is trying to threaten you with legal action and fees and fabricating lies about your licensure statute, in order to leverage you in a negotiation, which is an ethics violation and just about every state and what the lawyer ethics violation is a reason for loss of license. So your renderer complaint, not to the bar association, that's the political organization like the ACA ICA, but the state bar, that's their licensure body. So you're going to be rendering a complaint. But here's part of the problem your documents. When was the last time you read through the console? Have you read through all the consultations? Yes or no?
Guest Dr: I did sporadically eight years ago and I have periodically, but to actually go through them and chronology.
Dr Studin: have you read everything or you just picked and choose a little bit of them here and there as you go?
Guest Dr: I started to pick and choose because of time, but I need to go back through and just start from the beginning and go through everything.
Dr Studin: So in eight years, you pick and chose the ones you felt was appropriate and you didn't really go through the mall and then just keep up with the new ones, like every day or two or three, spend 10 minutes to keep up, you kind of let it all go to the wayside. So there in lies the problem. Why you're not getting paid right now. And probably a lot of other cases. are you trauma qualified yet?
Guest Dr: close.
Dr Studin: the answer is no. Then it's just simple and you're not hospital qualified. You're not primary smear qualified. You're not evaluation Imagine qualified and you're not testifying qualified, So here's the issue we've got four hospitals in your state that are growing, that are desperately seeking doctors with credentials. So you've got opportunities in your area. Now, how old are you?
Guest Dr: 55.
Dr Studin: the reason I asked how old you are is because you've got about 10 more years of good fight left in you. So the point is, and you're gonna want to start doing other things. So how many patients a week are you seeing? Approximately?
Guest Dr: 70
Dr Studin: what percentage is personal injury?
Guest Dr: 65
Dr Studin: We need to bring that 70 to about 125, So if just look at numbers independent of this conversation, I need to sit down with you and talk about your retirement plan because in your retirement plan, when you get to 70 years old, you're going to collect about $4,000 a month Social security, which might be enough and it might not be, but if you are at 125 visits a week, times point 65%. That's 81 patients a month. And in your state, the average collection, not the average doctors are collecting $500 a visit PI in your state. But let's just go with $250. So we take eight of those times $250 times 52 that's $1,000,056,000 collected a year on your 80 PI cases a week. You can live with that?
Guest Dr: Yes, most definitely.
Dr Studin: And in 1,000,056 on a 125 visits a week You really need one and a half CA's at your front desk. You don't need more than a 1200 square foot office. So at $1 million, your overhead's going to be $200,000 a year tops your entire overhead, including telephone and do you own your building or rent it?
Guest Dr: Lease it.
Dr Studin: When's your lease up?
Guest Dr: I just signed a five year.
Dr Studin: I would've suggested you purchase a building and don't leave.
Guest Dr: Yeah, I don't have that ability. The dentist across the street or the across the hallway owns it.
Dr Studin: I would have moved and I bought my own building. You're not going to 60 years old. You're not going to start with your buildings. if you make making $800,000 before taxes, now we have to work with an accountant who's going to meet with you monthly. do you meet with your accountant quarterly and then at the end of the year, do you have a CPA?
Guest Dr: Yes.
Dr Studin: You have a formula for failure. You don't have someone guiding you financially with taxes and all that other stuff. You just have someone filling out your quarterly forms. Give me a craft at the end of the year and the answers questions along the way. Typical CPA, you need an account to meet with you monthly now. Let's explain why. Right now, for those of you who are listening, it's January 17th, I am setting taxes for 2020 that are going to be filed by April, 2021. I'm already doing tax planning right now. I'm not going to just file quarterly and then give my account this stuff at the end of the year. I can't change things in December that I did in January. Nor am I going to remember when I say change things, how are you categorizing and how are you flowing the money? what expenses are going to be put towards what you might need an extra cooperation somewhere to shelter some money legally. we're not talking anything illegal. Everything was within the tax code. So I strongly suggest you don't work with a CPA. We're not a huge corporation. We're a small to mid size business. You work with an enrolled agent because CPAs are very stringent in what they'll do. And as soon as I left my CPA, my tax bite went down $64,000 the first year, pencil and paper. I want you to call Maurice mauner (631) 661-5252. He's my account. He works with 30 or 40 doctors with us. He's incredible. He doesn't have to be in your state. You go on QuickBooks online, he does everything with you online and you meet with them every month. He's wonderful. He makes mistakes. He's not perfect, and you really need to meet with an account every month that help guide you because it's not about how much you make, it's about how much you're keep. Secondly, You need to become trauma qualifiedthat's bare minimum standard. That's going to be the first thing you do is to finish the income trauma qualified. Once you do that, you're going to go back. Have you been listening to the podcasts? Yes or no?
Guest Dr: No.
Dr Studin: So once you finish the trauma qualification, then you're going to start going through the consultations, including all the podcasts you have to dedicate yourself to this, the industry is changing and you're going to start noticing your 65% pie is going to be eroding quickly. You are in the third most difficult state in the country to practice personal injury. Number three, the next thing you also need to do is you need to do a lawyer seminar. When's the last time you went to a place 50 lawyers showed up and after three hours, they all come to you and say, doc, can you please come to my office tomorrow? The answer is never. How would you like that to occur? Well, that's what we create when you do a more seminar and you're in a large market, so it should be a piece of cake. in addition, you should be attending every single live event that we do. Never miss one ever. You don't even have kids, so you don't have to worry about scheduling and birthdays and graduations, your life is yours, so you have no excuse. when we do jet boat days in the Hamptons or winter days on the beach, you should fly it to New York and show up because, who shows up? the most successful offices because they realize that they not only need to be around me more physically, they need to be around other doctors in the program who are doing this, where they learn from each other, you're not in a point in your career or 55 years old where you understand personal injury enough to attract some patients. But you should be able to say, Hey, I'm buying my own building. What do I care? You are in this stage of the game. You should be able to do that. But those things that I just listed, trauma qualified does all the consultations, have a lawyer seminar and do one every six months, which is what I do when I come and lecture for you and I and I validate you to the attorneys and put them up in front and say you're the solution to their business when we can get you into emergency rooms and things like that. Those are the things that the other doctors are doing that's working. And Howard, you got to show up at all the live events. So with that being said, there's a myriad of other things that need to be done. So you have any questions?
Guest Dr: No, Mark. I mean you hit the nail on the head. I mean, I've known this for a long time. It's just I just dropped the ball and I just let go of the program and then I jumped back in and then I dropped the ball and then I try to jump back in. And that never works with any kind of a right with the kind of issue, I'm 100% with you it's just one of those things.
Dr Studin: you're going to start today baby steps. You're going to start today by getting that complaint in. So the bar association the second thing you're going to do is you're going to figure out, do you have a computer in front of you?
Guest Dr: Yes. Go to the consulting site, teachchiros.com or doctorsPIprogram.com Open it up, on the scroll down a little bit, you'll see four vertical boxes. The last one says qualifications. Click on where it says learn more. Then it's going to show you the qualifications for to be trauma qualified. The requirements. That's going to be your first step to finish those requirements. Then you're going to start reading through and listening to the podcast and do all that stuff, I want to speak to you no less than once a week. I'm serious about that because you can't do it on your own. You get lost in all that. You get lost in life. I want to hear from you early next week.
Guest Dr: Mark, thank you so much for your time.