International Chiropractic Consultant Shows How to Cut the Insurance Hassle with a Cash Practice
If you’re a chiropractor, you’ve dealt with insurance companies…and you know the drill. Rejected claims, delays, and unpaid bills are just the beginning. Still, is a cash practice right for you?
JJ Chatrousse, DC says it is. Even if you don’t want to dive into a cash-only practice, says this third-generation chiropractor, developing a cash aspect is possible for any doctor of chiropractic.
“Since the late 80s, the insurance companies have been more and more difficult to deal with, and pay less and less, whether it is in the chiropractic or the medical field. I want chiropractors to get an idea of what I call diversified income,” says Chatrousse.
Chatrousse, always a firm proponent of cash practices, says there are multiple advantages to building a cash practice.
“One of the benefits is that you don’t have any accounts receivable. You don’t have to battle the insurance companies. You can have less staff, so less overhead. It’s less stressful,” he explains. “You develop a closer relationship with the patients, because they actually pay for what they’re getting. I believe they understand the value more because they have to pay for it themselves.”
Since leaving his own chiropractic practice, Dr. Chatrousse has been a consultant and international speaker, helping his clients learn how to establish fee structures for cash practices, educate patients, and determine how and when to present the cash concept.
“There is still a part that will be paid by the insurance companies,” explains Chatrousse. “But I teach how to get a patient to choose and, if he or she chooses to go into preventative care, how to make it affordable for them.”
Dr. Chatrousse says his experience consulting internationally has played a major role in helping him understand how well a cash practice can work.
“I have consulted with people in Italy, in France, in Spain. The issue there is that, up until a few years ago, chiropractic was still illegal in most of the countries in Europe. So, obviously, they were all dealing with cash practices,” says Chatrousse. “It gave me insight into how to get people to understand the value of chiropractic, which is what we have to convey. Education is the key–and to make it affordable for them to come to the practice.”
He also says there are more than enough patients willing to pay cash to support any chiropractic practice.
“A few years ago, people in [America] spent about 40 billion dollars on alternative healthcare…out of their own pockets!” Chatrousse exclaims. “I know the money is there. It’s just a matter of communicating with the public and educating them so they can make a more informed decision about how chiropractic could fit into their health and their life.”
You can hear Dr. Patrick Porter’s interviews with Dr. Chatrousse and other industry greats by going to iTunes. In-depth information on the ICAME event mentioned in this article can be found at http://www.parkervegas.com. Dr. Porter’s chiropractic support program can be viewed at www.newreality.com.
Read Corporate Branding Books And Learn The Ropes
If you would like to learn more about corporate branding and its concepts, you can learn a lot by reading related articles in any publication available. You will be able to have an idea as to what it is and what it can do for your company. It will make you appreciate the value of corporate branding and how it eventually affects your bottom line.
Books are available for your use – and these books will provide you with all the necessary information about the topic. Corporate branding books will be a good read and will prove to be worth your money & time – given the valuable information in your hands.
Here are some of the books that you may like to check:
1.) Corporate Branding: Purpose/People/Process by Majken Schultz – This book discusses 3 major factors in corporate branding. It discusses the purpose of branding, the role of the stakeholders and the processes involved in this endeavor. This corporate book also discusses the classic branding approach and the recent development of corporate branding.
2.) Corporate Reputations, Branding and People Management: A Strategic Approach to HR by Susan Hetrick – This is primarily intended for HR practitioners for better understanding of corporate-level concepts with regards to corporate marketing and branding. The readers will then be guided in coming up with better HR strategies in support of their companys drive and agenda in corporate reputation and branding.
3.) The Best of Branding: Best Practice in Corporate Branding by James R. Gregory – In this book, one will find the authors findings about branding, what works for companies and what doesnt work – and why. Interviews with executives of companies with successful brands are featured in the book. The successful strategies will be discussed here.
4.) Leveraging the Corporate Brand by James R. Gregory and Jack Wiechmann – This book discusses the need for companies to rebuild reputations and corporate brand identities. It emphasizes the value of corporate brand communications. The book involves itself in practical applications as well, aside from the in-depth theories & insights on the subject.
5.) Revealing the Corporation: Perspective on Identity, Image, Reputation and Corporate Branding by John M.T. Balmer & Stephen A. Greyser – The book talks about concepts on corporate identity, image, branding and communication. It has commentaries by editors, case study sections and links to other related works.
Corporate Branding – Learning It Well
Taking the time to read books will familiarize you with the key concepts with regards to the topic. You will have the background knowledge on what usually works in a particular setting, and relate it to the current situation your company is currently in. Books provide you with the insights and the important points that you can use & apply for your own case – equipping the readers with the know-how in dealing with issues relating to corporate branding.
T J Madigan has been established in online business since 1998 and is director of a number of successful online projects one of which is http://www.articles.net.au your best source for FREE articles and information.
The Corporate Branding Triangle
Starting out a new business can be a daunting task, especially for people who are neophytes and dont have any knowledge in the ins and outs of business. If you are thinking about putting up a company or introducing a new product, you would soon realize that having a perfectly good product is simply not enough to survive in business. Developing a strong corporate brand is equally important in order to penetrate in a highly competitive industry.
Creating a brand name can be a very painstaking, understandably so since the brand would be primary identity of the company during its entire operation. Before you start brainstorming and conceptualizing, first you have to understand the full concept of the corporate branding triangle. Taking time to be acquainted with the basic principles of the corporate branding triangle would certainly help in developing a powerful corporate brand.
Similar to a triangle model, the corporate branding triangle has three important points. Since the corporate brand will certainly be the first important impact on consumers, it should be given a certain degree of value. So here are the three important points that make up the corporate branding triangle framework:
Brand Outside
This generally gives stress to the companys relationship outside the organization, particularly to the consumers. To be able to achieve a strong corporate brand, consumers should be aware of the existence of a product or service in the market. Advertising plays a very big role in helping companys develop a high rating on consumers brand recall. It you are introducing a new brand in the market, it is important that people would know what it is, who can use the product, how to use it, and where they can buy it.
Brand Inside
There are several companies who dont invest time to orient their people thoroughly on their products and services, especially those who are not in the marketing and sales department. This is quite an important aspect that should not be overlooked since how would your people sell their products effectively, if they dont even believe in it? It is important that they do not only trust in the brand, they should use it in order to create conviction. Remember, your employees should be the primary endorsers of the companys product or service.
Brand Leadership
Since the top executives of the company are mostly the ones who are responsible in making important decisions with regards to the products and services they are selling, it should be given great importance. While the other to points discussed in the preceding paragraphs are located at the base of the triangle, the brand leadership is at the very topmost part. This means that executives and their own interaction with the brand are important in building an influential corporate brand. Every decision made in the boardroom should be in line with the best interest of the brand and not just solely on making a good profit.
T J Madigan has been established in online business since 1998 and is director of a number of successful online projects one of which is http://www.articles.net.au your best source for FREE articles and information.
Business Brokers – Bad Practices from the Big Boys
I sit on the board of directors of the Midwest Business Brokers and Intermediaries (MBBI). An attorney from a small Chicago law firm was recently elected to the board. In his first meeting he introduced himself and said he was on the board at a Chicago attorney association. He stood up in front of our board and said, “You guys don’t have a very good reputation in the legal community.
That certainly got our attention and he went on to explain the reasons why. As I listened to him, it occurred to me that what he was describing was the behaviors of a few of the big national Middle market M&A firms that put on the Business Seller Seminars. Because these firms have so much marketing muscle, they effectively become the face of our profession. No wonder the legal profession does not embrace us.
I walked up to him after the meeting and asked him if I could meet with him and share with him another view of our profession. As our meeting date approached, I was contacted by a business owner who had located me through a Google search (we write a lot of articles) and told me his sad story.
This was a small company that I would describe as being in the pre-profit stage. This owner had received a series of solicitations inviting him to come to a seminar about selling his business. He signed up and was contacted by phone several more times by this company’s representatives to make sure he would attend. They were very specific that he should not bring any company logo items to the seminar for confidentiality reasons.
The presentations were very professionally orchestrated and this firm gave the attendees the impression that the M&A firm possessed this special skill to take these companies and write a powerful “Book” that would dramatically improve their value to the market. They actually used the words, “We will dress up the Pig.” They also said they had a big roster of foreign buyers and that they had an upcoming conference in Brussels where they would be presenting the seminar attendees’ companies to these qualified buyers that were just dying to get their hands on American companies.
In the Seminar’s question and answer period, this business owner asked, “Why am I here?” The presenter jumped all over that one. Everyone of you in this room was specifically selected because your industry is hot with M&A activity. Later in the presentation, one of the seminar presenters took this owner aside and said he would give him a break on the $37,000 up front fees.
They scheduled a follow-up meeting where this Seminar guy pounded on this poor business owner and below is a cut and paste from the email this seller sent me:
“Thanks a lot for the high speed education this morning. The man explained that because of the vast target market for the Product Name Confidential globally, it’s effectiveness and price etc. that Company Name Confidential in the right hands could generate $300,000,000 a year etc. blah blah blah. “It would also give the buyer enhanced stock value. We probably have about 200 qualified buyers right now for you…” He continues, “What you have is an oil well, what the buyer has is a derrick”. He’s from Texas thus, the oil analogy. “One owner no partners with all their attorneys this will be so easy to sell, so clean neat and tidy…”
Finally, “He left very angry because I told him I wasn’t gonna pay them $29,000. So.. I was left to believe that $29,000 was gonna stop his firm from reaping all that “easy money”. That just doesn’t sound real world enough for me. I don’t want to be stuck in their database. I don’t know what he was pissed about… They called me I didn’t call them. I’m not on any “I wanna sell my company” lists. Hell I just got the company phone number listed about two weeks ago. Honest to God I haven’t gotten the first Company Name Confidential phone bill yet.”
Wow. Where do I begin? How about what a sleazy, dishonest, outrageous load of bull.
Luckily this seller had talked to me before his meeting and I warned him about this approach. I had no idea it was quite this misleading. This business owner sent this guy packing and he was ticked off because he didn’t sell a $29,000 book.
As long as I have gone this far, I might as well expose the whole story. This approach works to sign up business owners with stars in their eyes for $37,000 books. What an awesome business. Write a book with industry boilerplate and some minor analysis compiled by some recent grad analysts sitting in a room at HQ that costs the seminar company a maximum of $2500 to produce. Enter these deals into their inventory database and send it out to the Private Equity Groups and present the list to the foreign buyers.
They lock up the seller with a long contract tail and effectively prevent a legitimate firm from actually working the sale process for 2 to 3 years. If the business is in the 2 in 10 that gets immediate interest, then the seminar firm will have a banker work on it. If you are in the unfortunate 8, you become a passive entry in their deal inventory.
Our bankers and the bankers of the 90% of M&A companies that provide a fair value for their services, can only handle effectively four to five simultaneous transactions. If you took this Seminar Company’s deal inventory and divided it by the number of bankers, you would find that they have over 25 live deals per banker. It is impossible to professionally represent these sellers who have paid an up-front fee of $37,000 for this service.
Foreign buyers are not stupid, they do not pay more for companies than American companies, and they are generally not interested in even looking at an acquisition under $25 million in revenue. A “book” never sold a company or made it more valuable. Making changes in your company to improve its performance will make it more valuable. A good M&A advisor or your CPA can provide you important input about that.
What really helps you maximize your company’s selling price is to have an M&A advisor directly contact the universe of most likely strategic buyers and to get several interested in your company. This results in a competition for your company, often called a soft auction. As these strategic buyers view your company as a must have acquisition, the price and terms are significantly improved.
Dave Kauppi is president of Mid Market Capital, Inc. MMC is an M&A advisory firm focused on middle market strategic business sellers. Dave a licensed business broker and a member of IBBA and the MBBI. Contact (630)325-0123 davekauppi@midmarkcap.com or http://www.midmarkcap.com
Chiropractors Who Learn Life Skills More Likely to Excel in Business
Are you living a life of excellence? Are you everything you aspire to be? Those are the questions life coach and mentor Terri Werner asks her clients, many of whom are chiropractors.
Werner, who has a background in marketing, financial planning and business development, recently spoke to a group of chiropractors at the Karl Parker Seminar in Dallas, Texas. Her message, in the words of one attendee was “tremendous.”
Werner does one-on-one coaching, public speaking and is the author of several books and recordings on building excellence in your life and business practices. Says Werner, “I help a lot of chiropractors market their practice, look at vertical marketing, and how to get their message out, but I do that after we first address the issues in their life.” Her vision is creating a culture of excellence, one life at a time.
When a business or individual engages Werner to assist them, she first looks at what is going on in their lives in general. She asks, “Are they living in excellence? Are they living in integrity? Have they forgiven?” All these things that have to do with the heart and head coming together to create a dynamic excellence in one’s life.
Werner feels that once a person finds what is lacking in their life, and what they could do better, then all things fall into place. “I really believe everything has to do with everything.” She recommends journaling as a way to discover areas where a person is lacking and can improve. Excellence, she says, comes once a person discovers these things and works to change them. “I don’t think excellence has to be difficult. I really define excellence as creating an environment where the propensity to excel is easy.”
Werner knows from experience that anything can be accomplished when you apply these principles. “I had gone through some really tough things in my life and I just decided to implement and do everything I could to create excellence. Doing so meant forgiveness and releasing judgments.”
Werner’s pursuit of excellence paid off in the form of a new book, Train Wreck to Triumph, as well as a partnership with Dr. Denis Waitley and NFL star Tim Brown to create a kid-safe web browser. She is currently working on a new project called A Question of Change. “The premise is that no matter where you are in life whether you’re in trauma or grand success requires focus on getting the right answers. In order to get the right answer, you must ask the right question.” This new book assists readers in asking the right questions to get the outcomes they desire.
Werner has been instrumental in helping many people enrich their lives, grow their businesses and become outcome driven by living lives of excellence.
You can hear Dr. Patrick Porter’s complete interview and In-depth information on the ICAME event mentioned in this article can be found at http://www.parkervegas.com. Dr. Porter’s chiropractic support program can be viewed at http://www.newreality.com.