05th Nov 2007
How many grads start into practice right after graduation?
I received a question from someone who said the bank asked her: What percentage of new grads start into their own practices after graduation? To answer her question, I checked the recent Chiropractic Economics new practitioner profile, based on a survey. There is a lot of useful information in this survey. For example:
- 44.6 percent of the new grads started their own practices, 47.9 percent associated, and only 7.5 percent bought a practice.
- The average age of new DC’s is 29.
- Almost half of associateships (49.1 percent) last fewer than 3 years.
- Most new grads (53.9 percent) spent less than $25,000 to start their practices.
- Slightly less than one-third of new DC’s received help from a management consultant.
The profile also showed changes in the profile from grads in prior years (back to 1950). There were some interesting changes here.
I have to say this question from a bank is a new one; just when I think I’ve heard all the questions, someone comes up with a new one. But I’m sure this wasn’t a “deal breaker” kind of question. Even so, it’s good to be able to show that you have knowledge of the trends in chiropractic, to enhance your credibility with the banker.
If you get a question from a bank that you aren’t sure how to answer, post a comment on this site or email me directly at jean@dcpracticesuccess.com.
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