How To Buy An Acupuncture Practice, with Megan Lindsey DACM
can a new practitioner really purchase a busy clinic and succeed? Yes! And Megan is going to tell you how.
ACU-053 I LOVE when people want to contribute hard earned knowledge to the AcuSprout community! My guest today contacted me because she wanted to share her experience with YOU of purchasing a practice as a BRAND NEW ACUPUNCTURIST. Yes. She. Did.
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today’s guest
MEGAN LINDSEY, DACM, OWNER OF SILVER SAGE ACUPUNCTURE
Megan completed a bachelor’s degree in psychology from California State University Northridge before switching gears and coninueing her education at Yo San University of Traditional Chinese Medicine, a Taoist school with a 38-generation lineage, located in Los Angeles, Ca. She is a Nationally Ceritfied Diploamate of Oriental Medicine and a California Board licensed acupuuncturist. After graduating in 2014 she struggleed with opening her own clinic and finding her way. After some stops and starts in 2017, she landed on purchasing an acupuncture clinic from a practitioner who was retiring, She has unique insight into the pros, cons and profitability of this route of practice. More recently, she graduated from Pacific College of Health and Science as a doctor of acupuncture and Chinese medicine (DACM).
Megan is a direct and open person who has a knack for creating soft nurturing, aesthetically soul comforting environments. Her space helps patients sink deeply into healing while feeling safe and supported. She advocates for her patients to empower themselves through education and lifestyle changes. Megan practices in a wholesome, raw, heart-centered way. She provides patients with the support and tools they need to gracefully pivot into and through, life’s challenges.
FIND HER HERE:
Instagram: @silversageacupuncture
Website: Silver Sage Acupuncture
you’ll learn
Why it’s so important to have a plan as a new practitioner but to keep your options and mind open.
Many of us are hesitant to purchase a practice because we think the patients might leave. Guess what?! They don’t!
Megan talks about making dream money her first year. A solo practitioner making over $200k a year? Yes.
We talk about where the transition of ownership could have been handled differently.
Megan makes suggestions for a smooth transition into practice.
How she went from treating 0 patients to over 50 a week.
We talk about what changes she has made over the years.
We talk about how she has managed to escape the constant struggle of launching a new practice and how GOOD that feels.
Resources
TRY JANE HERE! BE SURE TO USE THE CODE ACUSPROUT1MO AT SIGN UP.
3 Strategies To Retain Patients And Increase Revenue
Today I’m going to talk about the biggest mistakes I see newbies making with regards to patient retention that keeps you from gaining any traction. No matter what type of marketing you do, how much you spend on advertising, If you cannot keep your patients committed to a treatment plan long enough to get well, then you are spinning your wheels.
In this episode……
ACU-051 Today I’m going to talk about the biggest mistakes I see newbies making with regards to patient retention that keeps you from gaining any traction. No matter what type of marketing you do, how much you spend on advertising, If you cannot keep your patients committed to a treatment plan long enough to get well, then you are spinning your wheels.
Now before I go any further I feel like it’s super important to define patient retention. Patient retention is a practice’s ability to turn new patients into loyal patients. Patient retention is measured as a percentage, which you can calculate by dividing the number of returning patients by the total number of patients for your practice minus the number of new patients.
The higher your retention rate is, the better it is for your practice. That’s because patient retention and practice profitability are linked.
If you want an average practice then you would shoot for about 48%. Really we are getting ahead of ourselves, because you probably haven’t been in practice long enough to have enough numbers to play this game.
As a new practitioner the goal is to create a relationship where the patient has recovered or is recovering from their chief complaint, they refer their friends and family to you, and they come back to get treatment as needed.
The three most important strategies to consider with regards to patient retention are:
YOU
Removing barriers to entry
Having multiple positive touchpoints (or creating a positive patient experience)
BONUS: You’ll want to listen to the end because I am going to give my top 5 secrets to building relationships and retaining patients.
How The Co-CEO of Jane Electronic Health Records (EHR), Built A Company Everyone Loves, with Alison Taylor
Listen in as I talk with Ali about how to create a company that when customers tell other people about it, they don’t say they “like” it. They say they “love” it.
Listen in as I talk with Ali about how to create a company that when customers tell other people about it, they don’t say they “like” it. They say they “love” it.
ACU-046
I think one of the toughest things about designing your future upon graduation is actually taking the time to do it.
Especially after 3-4 years of no money coming in.
Especially when the people around you seem to have a plan.
Especially when you have had such focus on education and learning that you have lost touch with that person in the mirror.
Perhaps you have no idea what you want in your immediate future. Or even 5 year future.
But here’s the thing. That is exactly why you should take the time to explore.
To ask yourself the tough questions. What DO you like? Those favorite patients you treated in student clinic? What made them so likeable? Are those traits or characteristics something you want to see more in your practice?
What cases, treatments, modalities, and classes light you up from the inside? What do you find yourself talking about with regards to Chinese medicine?
If you do the work in the beginning, if you envision the feel, the experience and the soul of your practice, it will act as a magnet for those defined elements that bring you joy. You will be creating an experience for your patients that no other practitioner can.
Today’s Guest
ALISON TAYLOR, CO-CEO OF JANE
Ali began her entrepreneurial journey by opening a multi-disciplinary healthcare clinic called Canopy in 2011. Running and owning a small business taught Ali the foundations of business along with a deep empathy for the life of a small business owner. In 2014, Ali and co-founder Trevor, launched a new business called Jane. Jane, a software built originally for Canopy that offered Online Booking and Electronic Charting, is now being used by over 100,000 practitioners around the world to run their practice. Ali continues to lead this scaling tech company as Co-CEO of a team of 350 staff on our mission to “help the helpers”.
Did you know that the monthly newsletter contains even MORE helpful information than the Podcast??
Be sure to subscribe so you don’t miss a thing!
You’ll learn
WHY IT IS SO IMPORTANT TO HAVE MISSION, VISION, VALUES STATEMENT
HOW ALI AND TREVOR STARTED THE COMPANY AND WHY.
WHY IT IS IMPORTANT TO CREATE A POSITIVE CUSTOMER JOURNEY.
HOW THE NAME “JANE” WAS CHOSEN.
HOW ALL OF THIS RELATES TO YOU AND YOUR PRACTICE!
Resources
TRY JANE HERE! BE SURE TO USE THE CODE ACUSPROUT1MO AT SIGN UP.
Simple Bookkeeping For Your Acupuncture Practice with Sarah Quiggle
In this episode I interview Sarah Quiggle of Horizon West Bookkeeping about the most important things an Acupuncturist should know when setting up their medical practice. We talk about accounting vs bookkeeeping, common mistakes beginners make, small but important tips to keep in mind, and we finish off with a discussion of one of our favorite books.
Simplified bookkeeping for your acupuncture practice
Are you feeling confused about how to set up your bookkeeping?
Confused about what taxes to pay or how much to put away each quarter?
Do you feel overwhelmed about what software you should or could be using?
If you are like me you want to understand and learn how it all works but you can’t seem to find the right help. Boy have I got the right person for you!
It took me a couple years to find Sarah with Horizon West Bookkeeping, and I rode the struggle bus until then. But now my books are in order and I know where, how, and why to budget all of my income to ensure the success of my businesses.
The best thing about Sarah and her team is that they meet you where you are. She loves to teach but is totally content to take over all of your bookkeeping needs so you can focus on patient care.
Sarah offers a free 30 minute consultation to all AcuSprout listeners to ensure she is the right fit for your business. You can grab that opportunity at Horizonwestbookkeeping.com/Acusprout .
today’s guest
SARAH QUIGGLE, HORIZON WEST BOOKKEEPING
Sarah Quiggle is an Advanced Certified QuickBooks ProAdvisor and a very detail oriented bookkeeper. Her love for numbers led her to pursue a degree in Mathematics, where she graduated Magna Cum Laude in 2003. She is very organized and great at problem solving. She loves helping clients find solutions to what is troubling them most in their business.
She lives in Central Florida with her husband and three children and dog, Scout. She enjoys reading, going to the Disney parks with her family, and listening to true crime podcasts.
you’ll learn
What to look for in a bookkeeper.
Biggest mistakes small businesses make.
Biggest problem you solve.
3 Suggestions for new business owners.
Basic terminology and types of accounting.
Difference between a bookkeeper and accountant.
resources
Profit First by Mike Michalowicz (affiliate link) Game changing book!!!
Novo I LOVE this online bank. Instead of opening a bunch of separate accounts they allow you to move your money into “reserve” categories within the same account, providing you with a visual snapshot of where your money is.
Quickbooks is what I use and what Sarah teaches.
Horizonwestbookkeeping.com for your free consultation with Sarah.
Jane Electronic Medical Records. Use this link to get your first month free!
The Art Of Business
In this podcast Michael dives deep with some advice on money, how to market online, and how to get yourself mentally prepared for this new adventure of practicing medicine.
money, marketing and making it happen
ACU-003 How do you help as many people as you possibly can, without ever even meeting them? Listen to the Qiological podcast and you will find that host and fellow Chinese Medicine Practitioner Michael Max has the market cornered on this one.
In this podcast Michael dives deep with some advice on money, how to market online, and how to get yourself mentally prepared for this new adventure of practicing medicine. I really enjoyed the shift his personality took from our beloved podcast host, to cranky jewish uncle telling us how to get our shit straight. He is a friend and mentor to me, so I have seen this persona. I LOVE that he shared this part of his personality with the SPROUT family. Puts a big smile on my mug!
today’s guest
MICHAEL MAX LAC., WRITER, PODCASTER…………..
I didn't set out to create a podcast show, in much the same way I didn't set out to learn acupuncture.Those were not decisions that came from a flash of inspiration or childhood longing, but more like how something at the periphery of your vision catches your attention. More like a hunch or decisive whisper. Those hunches have lead me through learning acupuncture, acquiring enough Chinese to allow me to engage texts in their original language and share some of that with our community of practitioners. And my practice has lead me to the expansive nature of questions and listening.
That listening has allowed me to be of service to patients who are not sure how they got to where they are, or where to go from here. I guess you could say that listening has helped me to find a set of maps that helps me to navigate in clinic and to trust the compass when there is no map. While I crave the certainty of answers, I'm more enlivened by the catalytic nature of questions that's what fuels the clinical encounter.
You can find him at:
View fullsize
EverydayAcupuncturePodcast.com
Qiological Podcast (on Facebook)
you’ll learn
His advice is pretty basic, straight forward and cost effective. Here are the highlights:
How he went from Techie to Chinese Medicine.
Know what your monthly expenses are and make sure you cover them. That is bare minimum to keep your head above water.
30 percent of what you make does not belong to you. Put it away so you can hand it to the government. That’s just the way it is.
Have a decent looking website! Then blog a LOT with helpful information. This will improve your SEO and help people who need to heal.
Always, always, always have a CTA. A call to action. (One of those always’s is mine!)
Put your address and zip code in the footer of every page of your website.
If you use Social Media, keep it up.
The inspiration behind the Qiological podcast.
What? He has TWO podcasts?
AND he also has online courses!
resources
Michael’s NCAAOM approved Courses
Michael and Dr. Huang Huang’s book - Ten Key Formula Families in Chinese Medicine by Dr. Huang Huang translated by Michael Max
Michael’s Clinic Blog
Volunteer Opportunities in Nepal with Acupuncture Relief Project