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.
Should A New Acupuncturist Start A Podcast? with Michael Max LAc.
Are you a new Acupuncturist who wants to start a podcast?
Success is not a straight line. It is a succession of failed experiments, hard work, strong networks, support systems, timing and happy mistakes.
In this episode, on a random Sunday afternoon while testing new recording software a great little happy mistake of a podcast episode is born. I invite my Grumpy Uncle, Michael Max onto a mock podcast just to fill some airtime that I can later tinker with, but it was too good to not share.
Are you a new Acupuncturist who wants to start a podcast?
Success is not a straight line. It is a succession of failed experiments, hard work, strong networks, support systems, timing and happy mistakes.
In this episode, on a random Sunday afternoon while testing new recording software a great little happy mistake of a podcast episode is born. I invite my Grumpy Uncle onto a mock podcast just to fill some airtime that I can later tinker with, but it was too good to not share.
Today’s Guest
MICHAEL MAX LAC.
I’ve been a student of acupuncture and Chinese medicine for going on 20 years now. It began as a curiosity as to how a few needles could not only resolve a stubborn health condition I’d had since childhood, but also improve my digestion, quality of sleep and mood. This lead me first to acupuncture school, and then Asia where I worked my way through the gate of Chinese language so I could study with doctors there. Today my work is informed by my clinical practice, the materials I read in Chinese from doctors of centuries past, and the teachers of our modern times who synthesize observations of the past with the challenges of the present. This podcast is rooted in my own curiosity, inquiry and appreciation for different points of view.
In this episode we discuss:
What it takes to create a successful practice.
How Qiological became the success it is.
Should a new Acupuncturist start a podcast?
Some basic ideas and tools to keep in mind if you DO start a podcast.
Resources:
Prescribing Herbs: A Practitioners Guide
A practical guide and considerations when prescribing herbal supplements to your patients.
In today’s episode I am going to cover…..
The legal requirements you must follow to prescribe herbs, including state and federal guidelines.
What to look for when purchasing herbs from a distributor.
What you need to know about reselling herbs and other products.
What you need to know about reselling vs dispensing vs creating products.
ACU-038 A practical guide and considerations when prescribing herbal supplements to your patients.
In today’s episode I am going to cover…..
The legal requirements you must follow to prescribe herbs, including state and federal guidelines.
What to look for when purchasing herbs from a distributor.
What you need to know about reselling herbs and other products.
What you need to know about reselling vs dispensing vs creating products.
Resources
White paper: Good herbal compounding and dispensing practices by AHPA 2017
NCCAOM State Licensure - Does your state require certification?
FDA Labeling Guidelines
NIH-Strengthening Knowledge and Understanding of Dietary Supplements
FDA - Cosmetics Labeling Guide
Jane Electronic Medical Records. Use this link to get your first month free!
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How To Start An Acupuncture Practice
In this episode I discuss the first five business things you have to do to launch your practice. We start with registering your business, setting up banking, get your EIN and establish credit.
five pain in the ass things you have to do first
This podcast is ONLY for the new practitioner, student, or seasoned acupuncturist who may be transitioning to business owner or independent contractor position. In this episode I teach you exactly what steps you need to take as you are finishing up your boards. Most of us can’t wait to get out and start practicing when we graduate, but have no idea that there are a gazillion boxes to tic off before we can even find a snazzy place to call, “Office”. I am going to attempt to put them all in order for you so that you don’t have to muck around in the, “in between space” for very long.
I am going to give you a little heads up. SLOW DOWN! This transition is going to take way more patience than you anticipate. There might be delivery jobs, bartending, Alaskan fishing, massage therapy, or any other job in the “in between space”. Accept it. It kinda sucks and might not be what you had planned on happening. Hang in there! Stay in action and keep jumping through the hoops.
You are basically tilling the soil my AcuSprout friend! Has to be done before you put down those roots!
you’ll learn
I actually start off with a little reminder to check into your state licensing process. My hope is that you do this while you are a student. If it never occurred to you, you need to check NOW! Some states have approval boards that may only meet a couple times a year.
1.) Register your business. LLC? Sole Proprietor? LLP? S Corp? (Independent Contractors and Practice Launchers.)
This is a state thing and your options are many. I suggest you google your state name and “choose a business structure”. THEN you only want to check out the websites that end in .gov. If you need a pretty good explanation and your state is confusing, take a look at Kansas just for basic information.
Do you feel pressured to know what you are going to name your business? Stop it. It doesn’t really matter at this point. The goal here is to jump thru the hoops so you can get to the poking parts.
Use your own name (Just add “Acupuncture LLC” after your name... you can add other business names (DBAs) later if you choose.
2.) Get your Employer Identification Number (EIN)
This is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.
You also need to register for your state tax identification number (for sales tax) if you sell any tangible goods including supplements.
This may have a different name depending on the state.In Texas it’s called a Tax permit. In Missouri it is a sales tax license. In the state of WA we use a UBI. The Unified Business Identifier (UBI) program simplifies Washington's registration and licensing requirements. (So they say…..)
You also want to record what the city sales tax is if you are selling any tangible goods. That way you don’t have to go looking for it when you set up you POS system.
If you are ONLY charging for medical services, most states do not charge sales tax on that BUT if you live in Hawaii, Michigan, New Mexico or Ohio you need to do a deep dive on this, because they have special rules.
Check to see if you need to apply for a city license in the city where you establish your practice.
3.) Open a Business Bank Account
You will need your business license, EIN number, and possibly a minimum deposit of $100.
Ask around on this one. I HATE my bank. The online offerings are clunky and they spam me with ads EVERY time I log on.
While you are at the bank or online with the bank, check into merchant services. You will need this to accept credit cards. Fees vary, shop around before selecting. Beware of hidden contract fees. Ask about cancellation fees.
I use and really like square because I found that not all readers will accept Health Savings Account cards, but I have never had a problem with Square. I also like their reports. Everything is easy to set up and they have a touch-less reader.
4.) Apply for a Business Credit Card
A good start is Costco, but remember to keep your personal and business money separate.
Another good way to establish credit is to purchase and finance your next cell phone thru your LLC.
Remember your business credit is different from your personal. So you have to apply thru your business.
5. Talk to your Banker about a Business Line of Credit
See what you qualify for as this will be critical for a clinic startup.
I am not a huge fan of taking out huge loans, but it is smart to know what you do and do not qualify for. You know, in case the unforseeable happens. Like a worldwide pandemic…..
That’s it! Don’t worry! There will be a follow up with the NEXT 5 pain in the ass things to do, soon!
call to action
Direct Message me on INSTAGRAM. Have questions? I’m happy to help!
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