The Joint Offers a Path to Ownership for Chiropractors
A mentorship program helps new doctors chart a path toward business ownership
The typical chiropractic doctor spent upwards of eight years in school and could have accrued more than $200,000 in student loan debt — just so they could help people live healthier lives. The reality of running a modern chiropractic practice in today’s market is often a far cry from what they had in mind.
When doctors graduate from chiropractic school, they often are encouraged to open independent clinics — even though many still lack the business acumen and financial stability to make their ventures successful. To help attract the very best chiropractors, The Joint has launched a path-to-ownership program for chiropractors that enables its franchisees to act as ongoing mentors and business partners.
“We’re very proud to launch a program that makes the path to ownership easier and more sustainable for chiropractors, while also benefiting our existing franchisees in both the short- and long-term,” says Eric Simon, Vice President of Franchise Development with The Joint Chiropractic. “Chiropractors fresh out of school often don’t have the skill sets necessary to immediately succeed as the owner of an independent clinic. This program allows chiropractors to be mentored by our franchisees in all of the aspects of their business, after they have proven their expertise as a chiropractor. Once certain milestones are reached, franchisees and chiropractors are able to enter into business together in a way that benefits both parties.”
How does our path to ownership program work?
Their path-to-ownership program is designed to help franchisees and chiropractors mutually benefit in the short- and long-term through a three-phase process:
Chiropractors work for a franchise owner with The Joint for a minimum of two years. This essential period allows chiropractors to focus on what they do best: helping their patients heal. The franchise owner is able to track the doctor’s performance against agreed-upon milestones, such as a number of new patients, number of adjustments, quality of service and more, which are reviewed on a monthly basis.
Once the franchisee validates that the chiropractor has achieved their milestones consistently over the agreed-upon timeline, the franchisee then promotes the doctors to manage their clinic. This mentorship is essential to doctors, as they learn every aspect of operating a clinic from a business owner’s perspective, including how to market, lead a team, perform scheduling and payroll, and attract new patients.
Once the chiropractor has attained proven, operational expertise, the franchisee and doctor go into business together to open a new clinic. Typically, the franchisee contributes 80 percent of the funds, while the doctor adds the other 20 percent. This arrangement allows the chiropractor to receive local support from a trusted partner and proceed with the confidence and necessary skill set to thrive and prosper.
“We’re trying to help doctors become more successful,” says Dr. Steven Knauf, Director of Chiropractic Compliance with The Joint. “Not only do we have doctor franchisees who own a significant volume of clinics, we also have non-chiropractors who rely on their doctors. We know that students come out of chiropractic school with a significant amount of debt, and I was one of those students. We wanted to reward them by carving a path toward ownership through a mentorship program. We also are hiring doctors to oversee training and continue the quality of care to help franchisees who own multiple clinics, so there are a number of ways we help doctors become more successful.”