The “outer shell” of the E-myth pertains to an entrepreneurial spirit and skill set. Again, this is largely ignored in Chiropractic schools, as it is in most professional schools. In fact, it can be rejected as contrary to the primary calling of whichever profession attracted you in the first place. In an open and rapidly changing environment, that is absurd to the point of endangering our young graduates. Yet, attitudes die hard. In the olden days (I’m talking about the 1960’s) it was considered unprofessional conduct for a medical doctor to have a business card or to post a sign larger … [Read more...] about Creating Value in Your Practice 4
Office Management
Creating Value in Your Practice 3
Michael Gerber built a franchise out of a very simple concept named the E-Myth. The original book explored the idea that just because you are skilled at the actual delivery of your services, that does not mean that you will be good at managing a larger organization In fact, it can mean the opposite, because the better you are at something, the more it becomes automatic, and therefore harder to teach and transfer to others. This means, empirically, that in order to become a better manager, you must obtain information, skills, knowledge, and be able to put that body of work into action. This … [Read more...] about Creating Value in Your Practice 3
Creating Value in Your Practice 2
Even healthy mid-phase or late phase practices are typically overly dependent on the primary doctor’s physical presence in the office and on the personality and energy of the doctor. This is certainly a critical piece of the puzzle, but over-reliance on the primary doctor is actually a weakness when it comes to creating value and creating smooth practice transitions. For healthy mid-phase or late phase practices, here are few key points to get in place or to improve if already in place. Standard Procedures If you ever find yourself repeating instructions or dictating the same procedure … [Read more...] about Creating Value in Your Practice 2
Creating Value in Your Practice 1
This next series will address several key points in the overview of managing your practice to create value in the future. Many doctors do not consider these points until they are forced to leave practice, or simply desire to slow down and retire from practice. By that time, it’s too late to change many of the features that a potential buyer would find either objectionable or desirable. We’re got to think ahead! Practice life cycles Over a 30 year working lifetime, a typical doctor will see the practice go through 3 distinct phases: early, middle and late careers. 30 years is an arbitrary … [Read more...] about Creating Value in Your Practice 1