Now that you’ve opened your practice, you must keep your finances secure and avoid problems with your bank or lender. Make your loan payments on time and consult with your accountant any time a financial issue arises.
Patient visits aren’t the only source of revenue. If your patient needs to take supplements, stock them in your clinic so that they don’t buy them at the health food store or another ND’s dispensary. Patients may also appreciate other random items, such as books and travel mugs. Stocking healthy snack bars, teas and organic food items are excellent ideas as well, and promoting these items on your brochures and flyers may help bring in patients. But keep in mind that these forms of passive income only supplement the revenue that patient visits bring – they aren’t a substitute. Check out our podcast on setting up a dispensary to learn more.
Renting out empty rooms is also an option to maintain or improve your financial situation. Have a massage therapist or a chiropractor see patients on the days you don’t hold clinic hours. Again, as this is another source of passive income, don’t rely on rent payments too heavily.
As always, remember to budget, budget, budget! Be prepared for any loss of income and have a contingency plan ready in the event of a financial emergency.