Medical doctors will love to work with chiropractors because we view the patient by first looking at the patient, not the patients chart! Imagine seeing a patient, not a bunch of data on paper. They can also be extremely useful in helping patients taper down their medications when appropriate.
Unless you can get approved for a massive business loan, it will likely be difficult to start a multidisciplinary practice from the beginning. Fortunately, it is easy to expand.
Start out by hiring a few Independent Contractors
Massage therapists are a great example. There are several ways you can get a massage therapist to work in your office with you. You could hire them as independent contractors, meaning they run a business inside the walls of your business, or you could hire them on as staff and pay them an hourly wage.
As an independent contractor you could charge them rent for using your space. As an associate you would collect the reimbursements they recieve, keep a little for yourself, then pay them their salary.
If you have very little money, you could allow an independent contractor to rent the space for free. This might not sound very beneficial to you, but the referrals and convinience for patients are worth it.
When you have the cash, Hire some staff
Obviously, hiring them as staff would make your business more money in the long run, but then you also will have to maintain any licenses and permits that are required for them as well. Independent contractors may not make you as much money, but they will generally handle items like licenses or permits necessary for them to practice.
Taxes! It can save your business on taxes to have independent contractors because you will not have to pay the employer share of taxes — The independent contractor will. When you hire an associate, estimate an extra 20% of their salary to cover taxes paid by the employer.
Sometimes the IRS will question whether and employee is an independent contractor or an employee. A simple test is who sets the hours the independent contractor works? If it is the business owner, then that person is an employee, not an independent contrator. You, as the business owner would then be liable for the employer portion of their taxes.
My plan of action is to add independent contractors to the mix as needed. This keeps my business simple and doesnt require a lot of cash right away for salary. One day when business is booming, I will consider adding staff and associates of varying degrees.
OR . . .
Being an employee or independent contractor in a multidisciplinary practice could be an easy and secure way to practice with little stress and set hours. Check out the respective sections for more details.
Do you think multidisciplinary practice is the way of the future?