How to Know If You Can Afford to Hire with Greg Crabtree

The pandemic has presented various challenges to medical practitioners, particularly the issue of payroll and overhead costs. With funds from PPP, EIDL, and HHS grants running out, and insurance companies not raising reimbursable rates, chiropractors are struggling to stay afloat.In this episode, I interview Greg Crabtree, a practicing CPA and partner in one of the top 20 national firms in the US. Greg shares his experience as a consultant and speaker to entrepreneurs worldwide, discussing his two books on the concept of "simple numbers." He emphasizes the importance of creating capital through profit and retention and guiding businesses to plan accordingly. We also tackle the following topics, but not limited to:· What it looks like to have a well-capitalized business · How much is too much overall labor costs in your practice. What is potentially too little. · What percentage of profits should you aim for each year. · How to know if you can afford to hire team members. · Making accurate financial decisions in your business for optimal growth. We discuss how to determine when overhead is getting too high due to payroll and if medical practitioners can afford to hire more staff. The concept of labor efficiency rates (LER) in chiropractic practices is discussed as well.To find out more about Greg Crabtree you can find more at simplenumbers.me or [email protected]