Welcome to the Planning for Practice Success Newsletter

Practice Startup Success
Information Advice Encouragement

February 12, 2007
ISSN 1934-3248

QUOTE: 'Imagination is everything. It is the preview of life's coming attractions.' Albert Einstein

In this issue:

Your Credit Rating - What Affects it?
Say "YES, WE CAN"
What is your time worth? (A further discussion of BSO's)

Don't forget the FREE chiropractic software rating report on the website www.dcpracticesuccess.com.

Imagination.  Take a few minutes, right now.  Close your eyes.
Imagine walking into the front door of your office.  What do you see?  What do you hear?  What do you smell?  How does it
make you feel?  Whenever you get discouraged, take a few
minutes and re-imagine this scene.  Make it as detailed as possible, including people and what they look like.  If you want to really do this well, create an "Imagination Board" with photos and drawings of your ideal office.  The Law of Attraction says that we move toward what we think about.  If you want to move toward that new office, start thinking about it.  And remember the Einstein quote above. Happy imagining!

What affects your credit rating? Straight from a credit report:
1. Credit accounts - number of accounts open - amount of credit available and the amount you have available. Let's say you have three credit cards, all of which are maxed out; this will give you a lower rating.
2. Credit applications - too many 'hard hits' on your rating (hard hits are those by banks and other creditors if you're applying for credit).
3. Usage - How much you're using your credit.
4. Length of history - how long you've had your credit cards.  If you have a long history with a credit card, don't give it up because it can help your credit.
5. Payment history - this is the number of times you have been late (more than 30 days) on payments, and if you have had late charges.

IMPORTANT NOTE: The credit report I saw included ratings from Transunion, Experian, and Equifax for these five items.  AND they were ALL OVER THE PLACE! What one rated high, another rated low. The three credit rating bureaus did have similar FICO scores for this individual.

SAY YES, WE CAN - I was in a doctor's office the other day and heard this response from the front desk person, who was talking on the phone with Mrs. Smith about an appointment:  "No we can't do that, Mrs. Smith." "No, we can't do that, either."
No, No, No. What about "YES, we can"???  In other words, train your staff members to think of possibilities and opportunities and what they CAN do, rather than what they can't do.  In this case, the front desk person could have given some alternatives for times and days.  Don't let the patient set the times, because you will be forced into saying "No."  Give some times when the doctor is available, and let the patient choose.  You'll always get a better response with "YES, we can."  Read my Practice Startup Success blog for more on this subject:
http://practicestartupsuccess.typepad.com

How much is your time worth? In a further discussion of BSO's (Bright Shiny Objects) and the importance of avoiding them, consider this:

If your annual salary is $100,000 and you work 45 weeks a year, here is some interesting information:
Cost of your time per week: $4,000.00
Cost of your time per hour: $100.00
Cost of your time per minute: $1.67
Cost of your time for a three-minute phone call: $5.01 Cost of your time for a five-minute interruption: $8.35

If you are spending time on phone calls, interruptions, unproductive conversations, answering email, etc., you are losing $100 an hour. Go to this website to try this
calculation: http://www.businessknowhow.net/bkh/timeprice.htm
(But don't waste too much time here ;-)   Instead, go to www.dcpracticesuccess.com and buy one of our books and get started on your new practice.
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Ask Dr. Jean Murray a question: email her at jean@dcpracticesuccess.com
Order Planning for Practice Success or one of our other
products or call our toll free number at any time (24/7): 1-866-940-7526

Best wishes for your continued success,

Jean Murray
Planning for Practice Success
Online at http://www.dcpracticesuccess.com

The most absurd and reckless aspirations
have sometimes led to extraordinary success.
-- Vauvenargues

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