Guiding doctors to achieve their dream practice and a comfortable retirement.
Dr. Jeff Martin received his bachelor’s of science degree in pre-med/human biology from Indiana State University and his Doctorate of Chiropractic from Logan University. Soon after, he received his certification as a sports physician. Practicing for 31+ years in the commonwealth of Virginia, he learned about great business, people, and healthcare skills from numerous consultants and coaches.
“Most doctors are great at their craft, however a key missing piece in college training is business acumen. Many studies show that more than 50% of doctors will be out of practice within three years of graduation. With great systems and business skills in place most practices will prosper short term AND long term. Just being a ‘good doctor’ in today’s healthcare world is not enough.”
CEO & Founder
After transitioning his successful practice over to a sharp, young doctor in 2019, Dr. Martin began Total Wellness 21-West. The focus of TW21-West is to help doctors successfully navigate the three stages of practice:
Offices are located in the Salt Lake, Utah, and the Hilton Head, South Carolina areas.
Total Wellness offers comprehensive and personalized consulting services to healthcare professionals. Whether you’re just starting out, looking to enhance your existing practice, or planning an exit strategy, our expert guidance is tailored to meet your unique needs and goals.
New practice establishment: Assistance in setting up your practice efficiently and effectively.
Practice Step Up Program: Designed to boost the return on investment of your existing practice.
Transition and sale planning: For those considering a career transition or practice sale.
A doctor contacted us and was ready to sell his practice due to ‘burn out.’ He told us what his asking price would be. After a brief review of his practice and numbers we advised him that his equipment alone was worth more than his asking price. He was very happy when hearing what an accurate sales price should be.
A doctor reached out to us about an issue he was having with his son in their practice sale. There had never been any paperwork in place since they were related. Once we advised them how to follow through and treat it as a true business deal they both avoided major hassles.
A doctor in the western United States had a beautiful building as part of the total practice for sale. Because the building had such a high value, most potential buyers were not interested due to the price tag. We advised the doctor to sell the practice and keep the building for an income stream (monthly rent). This allowed the sales price look more reasonable and helped the sale.
Consulting with other doctors offers the benefit of diverse perspectives and experiences, leading to enhanced problem-solving and innovative strategies for practice improvement.
Growth timelines vary, but practices typically start seeing improvements within 6-12 months of implementing effective strategies tailored to their specific needs.
Successful healthcare consultants work in varied settings, from private practices to large healthcare systems, providing tailored solutions to improve efficiency and patient care.
Consulting for new doctors focuses on establishing practices efficiently, advising on everything from location selection to operational strategies, which are crucial for laying a strong foundation for a successful practice.
The 'Practice Step Up' program is designed for experienced doctors to enhance their existing practices. It involves a comprehensive review and improvement plan aimed at increasing net profits by at least 10%, covering aspects like office layout, staffing, and operational systems.
Yes. Our schooling helps us pass the national and state exams but does not really help train us for the business aspect. And with healthcare changing constantly, doctors need to stay current.
No. Every situation is a little different. This is a key reason each doctor should look at their own specific situation (including short term and long term goals) and the numerous options available.
Net profit can be affected by multiple items. It does not always have to be by increasing revenue. Lowering overhead is also a great thing to help the 'bottom line.' Each practice (business) should be evaluated separately.
Absolutely not. As we discussed above net profit can be affected by overhead. Also we want to look at efficiency and effectiveness. It is common to see a doctor/staff be more productive in three days than another doctor/staff who is in the office six days a week.
Great question. An exit strategy should be started approximately 1.5-3 years before your goal of selling. This gives time to prepare the practice for the market. Just like selling your house, there are many things needed to be done prior to the FOR SALE sign going up.
Yes. Proper paperwork, agreements and planning must still be done. Even though you are dealing with a long term associate or a relative this sale should still be considered a business deal (for both the seller and the buyer).
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