That's a ridiculous notion. People go to doctors they know and like. If your patients know you and like the care and consideration you give them, they will not want to go to another DC. I could stand outside your office all day long offering $100 to your patients who would agree to switch doctors, replacing you with me, and none of them would accept; not because they didn't like me, they didn't know me, it would be because they know you and are happy with the care you are giving them.

I had a partner when I first started practice who was a very skilled, very good chiropractor. We shared the same hallway, x-ray room, consultation room, reception room and had our own suite of treatment rooms. Both of us also had big practices. We used to laugh at the fact that his patients didn't even look like my patients. His patients had health problems different than the patients I took care of. In other words, we attracted the patients that were naturally right for us. I never got a patient of his, and he never got a patient of mine, but yet every one of our patients knew both of us. Nobody can steal a patient away from you. Yes, you can sometimes lose a patient, but you would have lost that patient anyway.

Your Next Step

Is establishing a practice incubator something you want but you don't have enough space to do it on the scale you'd like? Other chiropractors in your position have resolved this issue by purchasing or leasing larger office spaces. They put up walls to accommodate a shared reception room, CA area, x-ray and therapy suite with enough adjusting rooms and offices for five to eight other doctors who were independent contractors. The independent contractor DC's were essentially provided with everything they needed to open and build their own independent practices.

Where to Find Independent Contractors

Given today's economic environment, there are probably more than a couple of DC's in your community searching for ways to continue practicing but at a more affordable (and profitable) level of expense. These DC's are your best source of independent contractors. These doctors will appreciate being a part of your practice incubator because they have already experienced firsthand the stress and expense of operating their practices without the advantages that your incubator provides.

Your second best source for finding independent contractors is new DC's. Today more than ever, banks are reluctant to lend the amount of money that a new DC needs to successfully open a new practice. However, starting a practice in an incubator is far less expensive than the traditional way, making it financially possible for more new DC's to open their own successful practices. With the added bonus of a fully equipped office, the practice incubator also supports the new DC's efforts in building their practices as quickly and efficiently as possible. Attractive to both the established DC wanting to reduce expense and increase profit, and the new DC wanting to open a practice and build it as quickly and efficiently as possible, you can expect a very bright and rewarding future for you and your practice incubator.

Will Independent Contractors Eventually Leave?

Why would an independent contractor want to leave and incur the enormous expense, effort, frustration and stress of starting a different office, dealing with landlords and contractors, hiring, firing and training staff, etc.? Under a fair and equitable agreement, some independent contractors will still leave, but most won't. Again, I refer back to the numerous medical centers that are using this practice-incubator concept. Doctors eventually retire from the facility but seldom do you see doctors leave for another location. To achieve the greatest financial rewards from your practice incubator, be sure to get the expert advice needed to assure that your independent contractor agreements foster a long and satisfying relationship between you and your independent contractors.

Better Than an IRA or 401K

You've worked hard and built a successful and rewarding practice. What about your retirement? Are you simply going to close the door on all that hard work? Are you going to sell your practice? What about residual income? If you have a practice incubator, you can either hire someone to run it for you and continue your stream of income, or you can sell it. A practice incubator that has been expertly established is a cash cow that many would spend serious money to purchase.

Important Considerations

In addition to the previously mentioned IRS independent contractor requirements and the actual independent contractor agreement, there are many other important considerations you will need to address in establishing a successful practice incubator. Those considerations will include the name of the clinic, sharing the cost of "other" expenses, office attire, office parking, fee splitting, marketing, insurances, etc. Once you get the advice and information that will assure you make the right choices in setting up your practice incubator, your biggest decision will be what to do with all the extra money your practice incubator will generate for you.

Dr. Peter G. Fernandez, a graduate of Logan Chiropractic College, is a practice consultant with over 30 years of experience. He has written more than 20 books and over 200 articles on building a practice, and has consulted with 5,000-plus practices. Contact Dr. Fernandez with questions or comments regarding this article via e-mail ( ) or by visiting www.drfernandez.com.