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A Chiropractic Company is Going Public, The Joint has applied for an IPO
The Joint Corporation applied for an initial public offering (IPO) with the U.S. Securities and Exchange Commission on September 9th 2014. The terms of the offering were not provided, yet the S-1 form was filled for up to $35 million. If all goes as planned they will join the NASDAQ with the symbol JYNT later in the year.The Joint functions as a franchisor of over 215 well-branded cash-only Chiropractic clinics in 26 states, with a strong presence in the West and Midwest of the US. Currently all of the clinic are owned by franchises, mostly Chiropractors.The company started in 1999 by Chiropractor Dr. Fred Gerretzen in Tucson Arizona and grew to 8 clinics in 2008 when he sold the company to the venture capitalist Business Ventures Corp. In 2010 John Leonesio, former CEO of Massage Envy took the helm of the Joint and this year moved to the position of Chairman of the Board. Leadership changes early this year acquired John B. Richards in the role of Lead Director and his fellow Starbucks Executive David Orwasher as President and COO.All of the franchised clinics are staffed by licensed Chiropractors, most employing at least two to cover their extensive hours. The clinics operate 6-7 days a week, with weekday hours extending past 5 pm. The Joint clinics do not accept insurance or Medicare and offer inexpensive monthly plans. According to The Joint’s website an initial consultation has a cost of $19, with follow up adjustment at a rate of $29 or a monthly package of 4 for $49 with a 6 month contract or $59 month to month. Packages can be utilized at any of The Joint locations.Each clinic is structured to offer routine wellness Chiropractic care. They provide exams and adjustments only in an open concept treatment area. The offices are not equipped with x-rays or therapeutic equipment. Appointments are not required, patients are scene as walk-ins. Providing only maintenance care, acute patients are referred to other providers, including traditional Chiropractors.Their future plans laid out in their IPO include reacquiring regional developing rights and purchasing existing franchises while expanding their own network of clinics and developing additional franchises. Utilizing the Starbucks expansion experience of their new leadership The Joint aims to proliferate in targeted markets with concentrated marketing and reduced operating costs.The Joint’s federal filling reports an average of 540 to 948 new patients per year in their clinics between 2010 and 2013. In the first six month of this year the franchises generated $19 million in revenue from 948,304 patient visits. So this year their clinics averaged 735 patient visits a month with a monthly revenue of $14,728.62 or $20.03 per patient visit. Chiropractors interested in their clinic opportunity can find information about costs upfront. New franchisees pay $29,000 for a clinic of their own, with The Joint collecting half if sold through a regional developer. Each of The Joint’s 40 directly franchised clinics pay royalties of 7% of gross revenues and the remaining clinics franchised through regional developers pay 4% of gross revenues. They also charge a national marketing fee of 1% of gross revenues from to all of their clinics.The Joint reports that they offer an advantage over traditional Chiropractic offices with prices over 50% less, a retail consumer driven approach and by educating patients on a maintenance approach to Chiropractic care. They believe their appeal to Chiropractors stems from their ability allow them to spend more time treating patients, less overhead, personnel and administrative responsibilities in The Joint’s business model.Do you own a Joint franchise or work for one? Are you considering buying a franchise? Has a Chiropractic franchise moved close to your office? CE Cruncher would love your opinion; we want to know what you think and start a dialogue about the changing face of the Chiropractic profession.
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The Doctor has a Chiropractor on Call
The BBC recently released a statement about the upcoming season of Dr. Who and the newest Doctor Peter Capaldi. The studio revealed that a chiropractor is on call during the taping of Dr. Who should the 11th incarnation of the Time Lord injure himself during any particularly vicious fights with Cybermen or Daleks.Since the 2005 rerelease of the show all of the most recent Doctors (Matt Smith, David Tennant and Christopher Eccleston) have had a chiropractor available on quick notice as well as paramedics on set. BBC stated, "Being the Doctor involves lots of stunts and action sequences, including hanging from harnesses for long periods of time. All our Doctors have found chiropractor appointments helpful."If you are considering treating a Time Lord on this side of the pond the new ICD-10 diagnosis codes are almost prepared for travel through space and time. V95.43 refers to a Spacecraft crash injuring occupant, not sure if the Tardis would be offended by the term spacecraft. Although we could not find a code for weeping angles, sonic screwdriver failures or multiple hearts. The eighth season of Dr. Who airs in the US on BBCA.
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Former Logan President Dr. George Goodman Passes Away
Dr. George Goodman,DC FICC served as the sixth president of Logan University / Logan College of Chiropractic for 20 years. Dr. Goodman died on September 9th 2014, he was 70 years old. After Graduating from Logan College of Chiropractic in 1968 Dr. George Goodman dedicated 44 years of his career to Logan. Dr. George A. Goodman presided over Logan starting in 1993, retiring in 2012. Prior to serving as President of Logan, Dr. Goodman held the position of Logan's Vice President of Chiropractic Affairs, Clinic Director and Dean of Postgraduate Education. Under his guidance Logan reached many milestones including: university status, enrollment reaching over 1,000 students, debt-free, redesign of the campus with a research facility, sports complex, wellness center and advanced classrooms. He aided Logan University in obtaining federal grants for research and technology, as well as millions of dollars in donations from Alumni, Standard Process, Foot Levelers, Biofreeze, Activator, Dr. Paul Holleran, and Pro Adjuster’s Dr. Pisciottano Dr. Goodman also contributed to the Chiropractic Profession as the past president of the Association of Chiropractic Colleges; a fellow of the International College of Chiropractic; served as a US representative of the Australian Council on Chiropractic and Osteopathic Education, and to the Canadian Council on Chiropractic Education’s Commission on Accreditation. He was instrumental in mandating a law for chiropractic care for active duty military personnel and their families as one of five chiropractic physicians on the U.S. Department of Defense Oversight Advisory Committee. Dr. Clay McDonald, Logan University’s current president stated in a press release this week, “The loss of Dr. Goodman and his dedication to the chiropractic profession and Logan is a huge loss. We pass along our thoughts and prayers to Dr. Goodman’s family.”Visitation will be held at Stygar Mid Rivers Funeral Home on Friday, September 12th between 3:00pm and 8:00pm. 5987 Mid Rivers Mall Drive, St. Charles, MO 63304.Funeral Services will be held at St. John's Lutheran Church on Saturday, September 13th. Visitation will be held beginning at 9:00am and the service beginning at 10:00am. Burial will immediately follow in the church cemetery located on the premises. 15800 Manchester Road, Ellisville, MO 63011. Please share your thoughts about this Logan College of Chiropractic / University in the comments.
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Texas Chiropractors Attacked Again
Texas Chiropractors are under attack again, this time over sport physicals. The most recent assault at the chiropractic scope of practice came from the Texas legislature’s Sunset Commission. A recent vote of by commission regarding Middle, High School and College sports physicals was close after a brisk call to action from the Texas Chiropractic Association, but failed.The Texas Sunset Commission, the state legislative agency that reviews state agencies on a periodic basis conducted a hearing on Aug 13, 2014 recommendation to prohibit Doctors of Chiropractic from doing University and Middle & High School Interscholastic League (UIL) pre-participation physicals.The 12-member committee adopted the new language to Section 33.203 of the Texas Education Code that eliminated Doctors of Chiropractic from the statute by a vote of 7 in favor and 5 against, the chair, vice-chair and the 3 medical doctors on the committee voted in favor. The chair of the committee, Four Price, during the last elections touted endorsements for the Texas Medical Association and The Texas Hospital Association.The Texas Chiropractic Association is trying to rally support and releases this statement following the vote: “While this only pertains to UIL physicals, this cannot stand. It is an erosion of a Doctor of Chiropractic's scope of practice and if they succeed here, then the next step will be to limit that scope of practice even further. This not only limits a Doctor of Chiropractic's ability to practice, it limits Texan's ability to choose their healthcare provider.“ Almost 5,000 licensed Chiropractors in the State of Texas practice under one on the most narrow scopes of practice in the country and the climate is not improving. A war has been waged in the last few years in Texas against Chiropractors, mainly from the Texas Medical Association’s predatory lawsuits.The Texas Medical Association and Texas Board of Chiropractic Examiners case over Diagnosis, MUA and needle EMG has been battling in the courts for years. Currently Chiropractors can diagnosis, but MUA and Needle EMG have been eliminated. Another lawsuit is ongoing from the Texas Association of Acupuncture and Oriental Medicine (TAAOM) against the Texas Board of Chiropractic Examiners over Chiropractors performing Acupuncture.Recent discussions around the Texas Board of Chiropractic Examiners contemplated deleting its specialty program, as it is out of the parameters of the State’s Practice Act. The future of Chiropractic in Texas will be tumultuous; fortunately the Texas Chiropractic Association and their PAC are poised to continue to defend the Chiropractors of Texas. Check back to find the latest updates on Chiropractic in Texas and other professional news at CE Cruncher.
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Expo Highlights from the FCA Convention Orlando 2014
Check back this week for my favorite new products from the FCA National Convention in Orlando.
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Colleges > University of Bridgeport Chiropractic College
The University of Bridgeport was founded in 1927 as the Junior College of Connecticut – the first junior college chartered by any legislature in the northeastern states. In the words of its founders, the college’s purpose was to develop in students “a point of view and a habit of mind that promotes clear thinking and sound judgment in later professional and business experience.” Although UB has changed in many ways since then, its commitment to student preparation and community service remains central to its mission.
The Junior College of Connecticut became the University of Bridgeport in 1947, when the governor of Connecticut chartered the institution as a four-year university with authority to grant the baccalaureate degree. By that time, the former estate of famed circus owner P.T. Barnum at Bridgeport’s picturesque Seaside Park had been purchased. Growth in students, faculty, programs and buildings was rapid. Strong growth continued throughout the 1960s and ’70s.
To find out more, go to the website: Bridgeport.edu or call 1-800-EXCEL-UB (392-3582).
75 Linden Ave
Bridgeport, CT, 06601