Avoiding Chiropractic Office Failure: 5 Critical Mistakes in Chiropractic Associate Agreements

Introduction

Dr. Tom Preston here, helping you avoid failure by not repeating these five critical mistakes in chiropractic associate agreements. Ensuring your associate agreements are well-structured is crucial for the success of your practice. Let's dive into these common pitfalls and how to avoid them.

Mistake 1: Compensation or Finance

One of the most common mistakes in associate agreements is having an unrealistic or unfair compensation model. It's essential to have a compensation structure that reflects real-life scenarios, possibly incorporating a small associate salary to show appreciation and goodwill. This should be balanced with a percentage split to ensure fair compensation for both parties.

Mistake 2: Lack of a Business Plan

A successful associate should come prepared with a one-year business plan detailing expected new clients, services, and revenue. This plan helps integrate their goals into the overall practice strategy, ensuring a win-win financial situation for both the associate and the practice.

Mistake 3: Lack of a Marketing Plan

A business plan needs support from a solid marketing plan. The associate must outline how they plan to attract new clients. This plan should be detailed and realistic, ensuring a steady flow of new patients to the practice.

Mistake 4: Absence of Outcomes Assessment

Setting clear outcomes for associates is crucial. Many practices fail because they don't define what success looks like for their associates. An outcomes assessment provides clarity on expectations and helps associates achieve their goals effectively.

Mistake 5: No Mentoring Schedule

A structured mentoring schedule with set dates, times, and topics is vital for the development of associates. This schedule should be informed by the outcomes assessment to ensure targeted and effective mentoring.

Conclusion

Avoiding these five critical mistakes can significantly improve the success of your chiropractic practice. Ensure fair compensation, require detailed business and marketing plans, set clear outcomes, and establish a robust mentoring schedule. If you need further guidance, consider booking a consultation with Full Circle Coaching to support your journey.