How to Avoid the "Ignorance Tax"

Chiropractors, today I'd like to talk to you about the one thing that I believe is holding you back from all your hopes and dreams in practice. And we're going to get to that in just a second. Quickly, who am I and why should you listen to me? My name is Dr. Vince Leone, founder of Specialized Practice, and I've built a 7-figure decompression and neuropathy practice. I coach doctors to 7 figures. I wrote a book on decompression called The Six-Figure Decompression Map, and I host the biggest decompression summit in our industry. So, I only say that not to brag, just so that you know, hey, at least this guy knows what the heck he's talking about. And, but this concept, when I heard it, was really jarring because of its long history. reaching effects. And the one thing that's holding you back from achieving the practice of your dreams is called an ignorance tax. It's called an ignorance tax. What that means is, say for instance, your practice is doing $500,000 in revenue per year and your goal is $1 million. The ignorance tax is the difference, the $500,000 That you are not achieving every single year, and you're paying that tax year after year after year. Now, if that's not bad enough in terms of all that lost revenue, also there's so many lost opportunities, right? There's lost business opportunities, there's lost memories and opportunities with your family, there's internal frustration and Fear and anger by not achieving what you feel that you can be. Because I think most of us, you know, believe that we can do more, be more, achieve more. And but we get frustrated. We're like, you know, why is this not happening? And I think the long and the short of it is, is we are not solving for the ignorance tax, right? So for instance, in a chiropractic practice, Say you're in a traditional model, you're doing $500,000 a year, you know, $40,000, $45,000 a month, right? And you want to get to $1 million. Well, you really only have 2 options. You can do a lot more of what you're currently doing and work a whole heck of a lot harder, right? So you would need to add another, you know, roughly 45 to 60 hours a week. 50 new patients a month in the traditional chiropractic model, right? So traditional care plan, you know, care plans around $700 to $1,000, right, for the, the traditional chiropractic patient. The more elegant model, in my opinion, is high-ticket niches, and which is, you know, high-value cash services— spinal decompression for disc, peripheral neuropathy, chronic knee pain. Our care plans are around $5,000. So now It only takes around, you know, 8 to 10 new patients a month to add an additional, you know, around $50,000 a month and get to that million a year. So it's pretty simple in a chiropractic practice. And in other businesses, it can be more complicated and you can have more options. But in chiropractic, it's, it's pretty straightforward. You can do more of the traditional model and grind away and put more wear and tear on your body. Or you can level up and add a high-ticket niche, right? A high-value cash service. It requires more, though. You know, that's the cost of doing business. You have to learn to be an expert in disc or knee or neuropathy. You need to invest in equipment. You need to invest in creating preeminence in your industry— or sorry, in your city. So that people know, hey, this is the guy or the gal to go to for this particular condition. But what I can tell you is once you do that, once you start playing at that higher level, it's a lot more fun and the rewards are a lot bigger. So the point of this video is not to necessarily push high-ticket niches, although, you know, obviously to me they are the golden key to practice wealth. I mean, this is all I do. This is all we do at Specialized Practice is help doctors add and grow high-ticket niches. I believe in them 1,000%. But what I'd rather you get out of this training video is recognition of this ignorance tax so that you do something about it. Because when we stay stuck in practice and in life, man, that just takes such a toll. It just takes a toll on us mentally. I believe it takes a toll on us physically. I think it takes a toll on relationships. It just has such a negative cascading effect to stay stuck in practice. Now, if you're happy with where you're at, right, and you're not trying to reach some higher level, that's great, right? You've got to where you want to be and you're maintaining and you're optimizing that. There's nothing wrong with that. I'm talking to the doctors who are looking to go to the next level, right? And they're not quite sure how to do it. What I can tell you is someone knows how to do it, and that's your goal. That's, that's your job, is to figure out, hey, who knows how to teach me to do this, to figure out this ignorance tax? Go find them and pay them whatever they want, because I can guarantee you it's radically less than that ignorance tax that you're paying every year. I hope this message serves you. If you want to learn more about what we do, just visit us online at specializedpractice.com.