Boosting Chiropractic Profitability: Insights from the book ‘Profit First’

Dr. Patrick MacNamara // Chiropractic Marketing

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April 30  


In this episode of the Chiropractic Marketing Podcast, Dr. Patrick MacNamara recommends that chiropractors read ‘Profit First’ by Mike Michalowicz.

‘Profit First’ by Mike Michalowicz

Welcome everyone to Episode 28 of The Chiropractic Marketing Podcast.

I’m your host, Dr. Patrick MacNamara, and TODAY we’re diving into a topic that’s crucial for every chiropractor out there: profitability.

Sure, we love to talk about marketing strategies to attract more clients, but what good is all that effort if it’s not translating into a healthy bottom line?

That’s why I’m excited to share insights from a game-changing book that has revolutionized the way many businesses approach their finances.

It’s called “Profit First” by Mike Michalowicz.

But first, I’d like to thank Chiropractic Marketing Websites for sponsoring today’s episode.

CMW helps chiropractors convert leads into new patients in 14 days or less without tech overwhelm or spending a lot on advertising.

If you’re not getting the number of leads you’d like from your current chiropractic website, then head on over to Chiropractic Marketing Websites dot com to learn more.

That’s Chiropractic Marketing Websites dot com or, if you don’t want to type all of that in, just enter GET CMW dot com.

That’s G E T C M W dot com.

Alright, back to the podcast.

Now, you might be wondering, “What does a book about profitability have to do with chiropractic marketing?”

Well, stick with me, because the principles in this book are incredibly relevant to our profession, and they can make a significant difference in the financial health of your practice.

So, what is “Profit First” all about?

At its core, it’s a financial management system that flips the traditional formula of sales – expenses = profit on its head.

Instead, it advocates for prioritizing profit right from the start, ensuring that your business is consistently profitable, not just scraping by.

Here’s how it works: rather than waiting until the end of the month (or year) to see if there’s anything left over for profit after paying expenses, “Profit First” encourages you to allocate a percentage of your revenue to profit first, before anything else.

Yes, that means profit becomes a non-negotiable priority, not an afterthought.

But that’s not all.

Michalowicz also suggests dividing your revenue into different accounts, each with a specific purpose.

There’s an account for profit, of course, but also for owner’s compensation, taxes, and operating expenses.

By separating your money in this way, you gain clarity and control over your finances, ensuring that you’re not robbing Peter to pay Paul, so to speak.

Now, you might be thinking, “Okay, this sounds great in theory, but how does it apply to my chiropractic practice?”

Well, think about it: as chiropractors, we’re not just healthcare providers; we’re also business owners.

And like any business, we need to be profitable to thrive and grow.

By implementing the principles of “Profit First,” chiropractors can gain a better understanding of their financial health, identify areas where they can trim expenses or increase revenue, and ultimately, build a more sustainable and profitable practice.

Plus, when you’re consistently making a profit, you have more resources to invest back into your business, whether that’s upgrading equipment, expanding your services, or investing in marketing efforts to attract even more patients.

So, if you’re tired of living paycheck to paycheck or feeling like you’re always just barely breaking even, it might be time to take a page out of the “Profit First” playbook and prioritize profitability in your chiropractic practice.

Trust me, your future self—and your bank account—will thank you for it.

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Thanks again and I’ll catch you next time…

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About Dr. Patrick MacNamara

I help chiropractors convert leads into new patients in 14 days or less without tech overwhelm or spending a lot on advertising. Learn more over at https://www.chiropracticmarketingwebsites.com/.

Dr. Patrick MacNamara