Chiropractors starting out have no idea what their income will be.
I’ve seen chiropractors be disappointed when I reveal to them what their income potential is. This is partly because their reference point for money is so messed up.
An example of this is hearing people on TV talk about what professional athletes are being paid or others that are being paid tens of millions of dollars. This causes some to have a false understanding of how much a lot or a little money is.
For example: I tell a doctor they can take home $250,000 a year, some will think that sounds small. Yet not 10 DCs in 100 can ever do that.
As a chiropractor you have a limit to how much you can earn. Even if a chiro wanted to add other doctors or add locations it really doesn’t add that much more to their income once you really understand the math. In fact, in most cases, the chiropractor loses money by trying to “go bigger.”
Here at WINNERSEDGE we teach the most efficient way to be super successful. The path of lowest time and stress with maximum production and lifestyle.
I take DCs to the point of diminishing returns.
Chiropractors are very good at finding new and inventive ways to take home less money. Reason- they do not understand and are not capable of doing the math ahead of time, before they make their decisions.
Math is math. Math does not care about opinions or emotions. A gallon of water will never fit into a beer can.
We must be very good at the math behind taxes, payroll, marketing, staff expenses, overhead, and treatment time, everything.
Here’s a question for you: If a student loan is $300,000 how much do you have to collect to be able to pay that loan off over time?
What is the total dollar amount you will have to collect? The answer is around $2,400,000. This is how much you will have to collect in order to have $300,000 after-tax to pay off the student loans. Do you understand why? If not, stop everything and become a member of this group right this second!
This is a basic principle of chiro business.
You will have to collect $2,400,000 and then pay half of it in overhead of $1,200,000 leaving you $1,200,000 this is the amount that you owe taxes on which is going to be about half of it so that’s gonna be $600,000 leaving you $300,000.
$300,000 loan the interest over time will be another $300,000 so you’ll have to pay back $600,000 in total. To be able to pay $600,000 after-tax you will have to collect around $2,400,000.
The overhead will vary from office to office, but you get the idea.
So, if you want to take home $250,000 you’re going to have to earn at least $1 million in collections to pay the overhead of 500,000. Then pay the tax of 250,000 to leave you with $250,000 in net income which is basically five or $6000 a week after tax.
This represents the ultimate level for a chiropractor in a solo practice. Multi-doctor offices have an almost unsurmountable physics problem that keeps them from ever doing together what they could do alone. I have yet to ever see a two doctor office beat what a powerhouse single DC office produces in the same hours.
I repeat, 100% of multi-DC offices require major coaching to have any chance of producing at an acceptable level.
For a two doctor clinic to allow BOTH doctors a personal income of $250,000 the clinic will need to collect $2,000,000. I have personally never seen a two doctor office break $1.5M let alone $2M. Multi DC offices are just unable to double EVERYTHING required to generate double in collections.
The second you “share” anything the growth is over. Like sharing the X-ray machine, or bathrooms, or parking spots , or chairs or CAs, etc. I have training on this.
Doctors may WANT to practice together. GREAT! Now we have to use every WINNERSEDGE secret in the book to make the operation as successful and fun as possible!