­¦ý°±·>œ >@œ=Ï€¡s øƒ+jbjb¿ ¿ &8kkƒ']ÃÃÃÃÃÃÃ$Š•LîýýýýýýýÜàààààà,¼Ù‚û¥Ãýýýýý¥ ÃÃýýL   ýÃýÃýÜý¯ÃÃÃÃýÜ z ÜÃÃÜ@ mEæø–Ü David G. Foster D.C. November 30, 2005 Dear Chiropractic Learning Institution, The intention of this letter is to offer your future graduates my most current article for publication, Are You Really Ready To Graduate? Please find below. At present, I co-own and operate four Chiropractic practices,  HYPERLINK "http://www.familychiropracticcenters.info/" www.FamilyChiropracticCenters.info and employ six Chiropractic associates. In my fourteen years as a Chiropractor I have completed all aspects of originating, building, managing and selling of Chiropractic practices. You will find detailed presentations of my credentials are listed on my web site  HYPERLINK "http://www.davidfosterdc,com/" www.DavidFosterDC,com. I have been previously published in the following Chiropractic professional publications;  HYPERLINK "http://www.chiroweb.com/archives/18/26/10.html" http://www.chiroweb.com/archives/18/26/10.html,  HYPERLINK "http://www.chiroweb.com/archives/19/26/05.html" http://www.chiroweb.com/archives/19/26/05.html  HYPERLINK "http://www.chiroeco.com/article/2005/issue6/Income.php" \t "_self" http://www.chiroeco.com/article/2005/issue6/Income.php In addition the 12/04 Chiropractic Products magazine titled Multiply and Prosper which discusses the opportunities and pitfalls of opening multiple practices. Just recently, I was featured on the cover in the Chiropractic Products magazine in the February issue;  HYPERLINK "http://www.chiropub.com/" http://www.chiropub.com/ Each article contributes to the profession in areas of Chiropractic practice buy/sell, the importance of Chiropractic contracts and a discussion on opening multiple practices and adapting business strategies to the practice of Chiropractic. My area of expertise lies in the business of Chiropractic. In my past and present articles the reader is able to learn from my experience without the have to pay for the education. If you accept this article for publication and or distribution it would be appreciated if you would please contact me. Sincerely, David G. Foster D.C. 7 Audubon Trail Boonton Township, New Jersey 07005 Phone (800) 908-3040 Email  HYPERLINK "mailto:Chirodave@aol.com" Chirodave@aol.com Are You Really Prepared To Graduate? By David Foster D.C. A new graduate has accomplished a doctorate of Chiropractic degree and deservedly sports an air of satisfaction. The future looks bright. The fields are green with possibilities. The new graduate wants to serve the public and has the energy to accomplish this desire. Itís a happy time. The reality is that this new graduate has few options on how to serve their community with this newly acquired talent. You are proficient as a clinical Chiropractor and highly inefficient as a Chiropractor that owns there own practice. What you lack is the business experience of Chiropractic. The professional learning institutions have given them the talent but have left them with an inability to find a place to practice. How does a new graduate with student loans, no savings, lack of experience and no formal training as a Chiropractor start their career? To associate may be a positive learning experience for some and for others not. As a profession we ìeat our young.î We take advantage of the naivety of the recent grad, and work them hard and pay them little. After a time period working as an Associate the new doctor may not have gained any skills on how to run a practice. You were the one working ìin the practiceî while the owner was working ìon the practiceî. After their term of employment you improved your technical skill as a Chiropractor but have not increased your ability to open, own or run your own practice profitably. The consequence of stumbling out of the gate may have ramifications that may influence the new Chiropractor for their entire life. Over fifty percent of newly graduated Chiropractors will not be in our profession after a five year period. This illustrates that the cost of inexperience is at its highest early in oneís career. Some of the unsatisfying paths taken are due to the inability for the new graduate to evaluate risk. What is the risk of opening a new practice? The risk of being at the beginning of the learning curve can cost when negotiating a lease, purchasing equipment, establishing a doctor patient relationship and not having proven effective systems within the new practice. I speak to many Chiropractors that have been practicing one to three years that are in difficult situations. They find themselves working as an Associate, unfulfilled emotionally and economically with little more knowledge of the business of Chiropractic than just after graduation. Or, the doctor that has originated or purchased a practice that has not grown to their expectations. Their lack of knowledge has limited their growth. They have invested a great deal of time, money and energy into their practice to find themselves stuck. They feel that they bought themselves a job, not a livelihood. The new graduate must evaluate the risk vs. rewards when opening a new practice. The time is right to originate your own practice when your knowledge out weighs your risk. The saying ìNo risk No rewardî is so accurate, therefore, work towards the lowest risk possible with knowledge. How does a new Chiropractor lower their risk? By becoming a student of the business of Chiropractic and learning from successful Chiropractors that have accomplished what you want to accomplish. Do not go to the ìschool of hard knocksî. Your return on investment is always higher with the instructions of a mentor. Experienced Chiropractic mentors, consultants or management firms instruct specific topics of interest that include but are not limited to cost efficient office purchase or origination. This includes lease, legal, accounting, office equipment, supplies and signage. Development and implementation of procedural and administrative systems which includes marketing and promotions, patient education, documentation and compliance, billing and collections and overall office flow. The use of statistical analysis and how this data applies to the improving your practice. Personnel topics will include hiring and firing, training, front desk manual and ever evolving programs to motivate your staff and yourself. Mentoring is the ingredient accompanied with raw talent that catapults one to success. A Chinese proverb states ìA single conversation across the table with a wise man is worth a monthís study of booksî The cost of associating with a consultant will save you time, energy and money. By learning from others experience you will speedily move along the learning curve with little stumbling. The goal is to limit the risk of failure with education and preparation prior to action. When opening a new practice the goal is to reach a breakeven cash flow and then surpass to profitability within the least amount of time. Our profession has many quality practice management organizations. Choose a firm that has a philosophy similar to your own. Do not allow the practice management firm to sell you their service. You must first determine your weaknesses and find a consultant that will educate, instruct and motivate you in these areas. Their approach must be tailored to your needs. The firms that place you on a conveyor belt and feed you information as if you are on an assembly line do not maximize your need and effort. They may give you valuable information and instruction but not at the time you may need it to improve your practice and yourself personally. Many management firms have a ìfeel goodî method to their sales and management style. When you are in their presence at a seminar or on a phone consultation they make you ìfeel goodî about yourself and our profession. I personally recommend the ìbe goodî method of consulting. The ìbe goodî method satisfies your need for mentoring in the area of the business of Chiropractic. As stated previously, you are a skilled clinician motivated by your own philosophical belief in Chiropractic. You need mentoring by a knowledgeable, experienced person that will instruct and motivate you. To paraphrase ÖîA coach is someone who motivates you to do something you may not want to do, but it is for your own goodî. This may not make you ìfeel goodî but the results will ìbe goodî and that will make you ìfeel goodî To evaluate the effectiveness of a management firm one must not look at their elaborate presentation of information, but your own practice statistics. If your practice is improving, the firm is doing their job, if not their not. Look at their value in a non-emotional view. If I make an investment in a mentor or new practice and invest time, energy and money I want a return that far exceeds my investment. Set your sights high. Make a plan. Evaluate your talent and strengths. Consider risk. Recruit mentors. Work your plan. Practice for life. About the Author: David G. Foster D.C. currently co-owns and operates four chiropractic practices (see www.familychiropracticcenters.info) and employs six chiropractic associates. In fourteen years as a chiropractor he has been involved in all aspects of originating, building and selling of chiropractic practices. Prior to attending Life Chiropractic College he received a B.S. degree in finance from Boston University. He consults chiropractors in the areas of multi-practice expansion, the buy/sell process, practice origination, practice evaluation, associate contracts, and shareholder agreements, in addition to a wide variety of legal, financial and strategic issues. Dr. Foster can be reached at (800) 908-3040,  HYPERLINK "mailto:Chirodave@aol.com" Chirodave@aol.com or to visit his website at www.DavidFosterDC.com. */²ž– IJÇÉ€¶ƒ±ÐðÚÛRSèêæø¡¬œ-./0Ä…Ù ø ¿ Ê Á – Ã Õ Q R x y ä ã ç é è Š   Vm(™–ÚÎÂÚ’¤’¤÷¤’¤’¤÷¤’¤’¤÷¤’¤’¤÷¤’ÕÚÕ÷Õ’Š’¤’¤÷¤’Úˆ¼ˆ¼„¼ˆØ´ØŠ’Š®CJ5ÅCJ 5ÅCJ 0J5ÅCJj5ÅB*CJU 5ÅB*CJ6ÅCJjB*CJU0JCJ jCJUCJ 5ÅB*CJ 5Å6ÅB*CJB*CJB*CJ 5ÅB*CJ4>*+,-./ABCkl  –—R/½  – — ‚ Æ & ' ( ) š˜˜˜˜žžžžžžžžžžžžžžžžžžžžžžžÑ6™Ñä—ƒ+œ) t u v w Õ ‘ ¦  ç é è ê Š   VWvw!"ÛÙ<=‚Æ ššššš————žžÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÒÑ®™Ñä—Ñ6™   '(de+,ï ñ ##D&E&þ'ý'l(m((Ä(Ø+ƒ+ššššššššššššššš˜ššÛÛۚќѮ™Ñ®™m((Ä(ï(@+A+g+h+i+z+{+‚+Æ+Ø+ƒ+–Ó”Ó×ӫׇ×ÓÓƒ 5ÅB*CJ CJOJQJ0J6ÅCJOJQJÅj6ÅCJOJQJUj6ÅCJOJQJU5Å6ÅCJOJQJ6ÅCJOJQJ6Å>*CJOJQJ$&P1êhƒ­/ ƒý=!ƒ• "ƒÄ#ê$ê%ƒÀD­ŠÍy˜†‘åÇK© Chirodave@aol.comýŠÍy˜†‘åÇK© 2mailto:Chirodave@aol.com [0@Ò0 Normal_HmH sH tH <A@Ú°< Default Paragraph Font,U@¢Ò, Hyperlink >*phƒ'8 ç ƒ'm(ƒ+)  ƒ+ƒ+IÇ€ƒÐÚRèæ¡œ-/øÊQ x ä @'h'z'ƒ'XåXåXåXåXåXåXåXѹ$—$¾'¦ ¾'Joel Margolies*Margolies:Desktop Folder:www:studentsg.txt@Ä0DîCCwƒ' @GêTimes New Roman5êÄSymbol3ê Arial9êGaramond"qà•­h‹CúÜ‹Cú܇¼ EÏŸ!H!•• 9¥ÇÅ20/(ƒ'ê David GDr. David FosterJoel Margoliesœ ýÖüÚ˜Oh´ë+'„0îêò¿ÃËÙ (4 P \ ht|Ñå' David GMi Dr. David Foster r. r. 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