StudentDC Interactive

I talked to a recent grad who said he had met with 4 banks.  All told him, “Your student loan debt is too high.”  That’s interesting.  I’d like to know if these banks would say the same thing to a medical school or dental school grad.  I am sure they wouldn’t.  Banks recognize that a health care provider is a low risk because they have spent the time learning their practice.   But… here is the difference:

THEY DON’T KNOW CHIROPRACTIC.  They don’t know these important figures about chiropractor income and compensation:

• Mean collections for chiropractic offices:  $294,909
• Mean net practice annual income: $134,832
• Mean DC annual salary: $94,116
• Total annual DC compensation: $118,709

These are very respectable figures, and they probably would surprise a skeptical banker.

***ALWAYS REMEMBER WHAT A BANKER IS CONCERNED ABOUT - GETTING THE LOAN PAID BACK. ***

Your job is to convince the banker that you can pay back the loan.  Use these figures and others from the  Chiropractic Economics Salary and Expense Survey to make your case.  Print out a copy and take it along when you make a presentation to a bank.

I was asked that question this week and it took me by surprise. I am so used to thinking about concepts like USP and different types of practices and patients, that I never really thought there was a “typical” or “average” chiropractic patient. Then I checked Chiropractic Economics online and I found an interesting article describing this very person.

The author, Daniel Gonzalez, describes the typical person seeking health information online:

• The typical “health seeker” is female.
• She is between the ages of 30 and 49.
• The top three topics she and other health seekers search are information about disease and conditions (60 percent), medical treatments and procedures (47 percent) vitamins, minerals and supplements (44 percent).

So is this the typical chiropractic patient? Well, maybe. At least, she is the person most aggressively seeking health information, including chiropractic care. The concept here is called “target market.” Here is a good article by Dennis Perman that explains this concept: read down to see the section on “ideal patient.”

If you try to target middle-aged women, that’s what you will get in your practice. Is that who you want? Sure, if you want a family practice, it is known that women buy chiropractic, so target them. But if you want a sports practice, you should look at a different target market.

As a prospective chiropractor, I would think it would be more valuable for you to look at the specific market for your services. What kind of patient do you want in your practice? If you know the answer to this question, you’ll know better how to find that person, either online or in your local community.