Practice data interoperability-Financial, Operational and Practitioner—Simplified into one monthly report
Bookkeeping and Practice Advisory
| CHIROPRACTORS | PHYSIOTHERAPISTS | PSYCHOLOGISTS |
Financial & EMR Data Integration = Greater Practice Management Intelligence
Not ready to schedule an introductory meeting with Gary?
Ask a question at hello@elevatemppractice.ca
High-Value Problems ELEVATE Solves for Practice Owners:
- We trade on 3 currencies: more time, less effort, more money.
- Financial clarity-monthIy profit and loss statements.
- Operational clarity-labour spend + schedule efficiency.
- Practitioner clarity-productivity and performance.
Bookkeeping & Practice Advisory Services for Your Practice
Bookkeeping
Let’s start by getting your financial foundation in order. We clean-up and catch-up your bookkeeping using either QuickBooks or Xero Online software.
We make sure you have the best data possible to manage cash flow, grow net income and stay onside with CRA.
Operational and Practitioner Reporting
With your financial (bookkeeping) foundation in place, ELEVATE offers data-rich, monthly reporting on your practice’s performance (Operations/Practitioner).
Practice Advisory
With your financial and reporting foundations set, ELEVATE delivers tactical insights for practice top-line and bottom-line growth.
Growth and Advisory Services
Our goal is to increase your profitability while exploring every opportunity for our growth and advisory services to be cost neutral.
Practice Exit - Planning to Sell
Converting practice valuation into personal wealth. Learn more about Practice Exit >
Practice Launch - Get Your Practice Started Right
All-in-one startup services for new practices. Learn more about Practice Launch >
One-to-One Coaching - Supporting Your Growth From Day 1
Empowering students and new practitioners. Learn more about One-to-one Coaching >
Move forward with clarity
50% of practices fail within the first 5 years. Let’s chart a different path for yours.
This is Who We Do it For
About a year ago I was referred to Gary Thorne and ELEAVTE for the purpose of making my practice more profitable. I own a multidisciplinary practice in downtown Calgary and was looking to improve the business systems and routines and reduce my grind. The goal was for an ultimate sale of the practice, but also to be more efficient with my time and energy. I think the goal for most business owners is time freedom and financial freedom. This is what I was seeking.
I want to relay that ELEVATE and Gary Thorne provided me a knowledge and strategic approach that I had not anticipated. You think you know how to run a business; balance sheets and profit/loss statements. Yet, when a real expert like Mr. Thorne works with you, you realize that you were out of your league. You realize what truly profitable companies do. Real companies.
I urge anyone who would like to grow their practice into a legitimate business, you NEED to use true experts. Mr. Thorne and ELEVATE are exactly this in the healthcare space. Worth every penny and more.
Gary is knowledgable and generous with his time and provided some significant insight into my business. I especially appreciated his calm, supportive demeanour.
I have worked with Gary Thorne for more than a decade. As a clinic owner for 35 years, I’ve found him to be an essential asset to improving efficiencies and driving profit. His knowledge base, professionalism and business acumen are top notch. No other consultants I have used over the years can compare. Recently Gary has helped position us for an upcoming sale, at maximum EBITDA. Thanks for your help Gary!
Founder, Community Neurorehab Services
Gary approached our company in a collaborative and respectful way to establish interest in selling to a qualifies buyer. His strategic planning facilitated all aspects of the sale and after the sale to ensure success in the transition. We were always impressed with his negotiation skills in resolving difficulties along the way. Gary is a capable facilitator with an easy going demeanour.
Co-Founder Altius Rehabilitation
As a small business owner, I had worked incredibly hard at growing our regional business to a national platform. Gary advocated for our company's acquisition, and actively participated in guiding the scaling, achieving a robust and highly successful growth trajectory, exceeding market share and revenue goals. Over the three years of working together, we found Gary to be a trustworthy, innovative, and transparent leader who wasn't afraid to take risks or make tough decisions. We crossed the finish like together and I am grateful for the shared experiences and profitable outcomes.
I reached out to Gary about a year ago for advice on setting up a physio practice. I was only a few years into my career but decided to take the leap into business ownership. Gary gave me great insights into what it takes to run a practice, different partnership options, and whether partnering was even the right move or if going solo made more sense. His advice really helped me feel more confident in making the right decision.
Grow and Sell Your Healthcare Practice With Confidence.
No gimmicks. No false promises. And no brokerage fees. Unlike our competitors, we operate on an hourly consulting rate to ELEVATE your wealth creation.
Not ready to schedule an introductory meeting with Gary?
Ask a question at hello@elevatemppractice.ca
Meet ELEVATE
ELEVATE is the only Practice Advisory & Bookkeeping consultancy to provide practice owners with monthly financial, practitioner, and operations scorecards combined with insights and tactical plans for growth and profitability.
Our industry tells you that operating a private practice means accepting financial, practice, and practitioner blind spots, technology overload and long hours. We reject that.
We democratize practice knowledge and prove production, performance and profitability are not reserved for the big players.
We create greater access to industry benchmarks, strategic insights, and financial intelligence for every practice owner.
We are Contrarian.
We challenge The Establishment.
ELEVATE is built on a foundation of deep industry expertise combined with extensive experience in healthcare practice management, we are uniquely positioned to help practice owners leverage their battle for time, while creating a greater sense of agency over wealth creation.
Exit Advisory
Some advisors offer quick fixes or incomplete solutions. You won’t find that here at ELEVATE.
Profit over revenue
The profit opportunity cost of not partnering with ELEVATE typically ranges from $250-$400/day or $65,000 to $105,000/year.
A common and easy promise for advisors to make is 2x your revenue growth every year you’re a member.
Wealth creation
Increasing long-term shareholder equity comes in the form of increased profits paired with less debt.
Chasing revenue growth to a 7-figure target ($1M).
Attracting buyers
>95% of all practice acquisitions are valued on profits and a Cap. Rate (i.e. 5x) applied to the profit.
<5% of practice acquisitions are based on revenue and a Cap. Rate (1x) applied to revenue. We will not restrict the open market by excluding special interest buyers.
- ELEVATE Practice Intelligence
-
Other Clinic
Advisors
The real deal
Some advisors offer quick fixes or incomplete solutions. You won’t find that here at ELEVATE.
Profit over revenue
- ELEVATE Practice Intelligence
The profit opportunity cost of not partnering with ELEVATE typically ranges from $250-$400/day or $65,000 to $105,000/year.
-
Other Clinic
Advisors
A common and easy promise for advisors to make is 2x your revenue growth every year you’re a member.
Wealth creation
- ELEVATE Practice Intelligence
Increasing long-term shareholder equity comes in the form of increased profits paired with less debt.
-
Other Clinic
Advisors
Chasing revenue growth to a 7-figure target ($1M).
Attracting buyers
- ELEVATE Practice Intelligence
>95% of all practice acquisitions are valued on profits and a Cap. Rate (i.e. 5x) applied to the profit$.
-
Other Clinic
Advisors
<5% of practice acquisitions are based on revenue and a Cap. Rate (1x) applied to revenue$. We will not restrict the open market by excluding special interest buyers.
Contact us for more information
Reach out to learn more or to book a complimentary consultation call.
Not ready to schedule an introductory meeting with Gary?
Ask a question at hello@elevatemppractice.ca
Not ready to schedule an introductory meeting with Gary?
Ask a question at hello@elevatemppractice.ca
Jason Fried Founder and CEO of Basecamp.
This is Who We Do it For
FAQ's
The simple answer is yes and so much more. It’s important to understand how complex solving for profit is vs. solving for revenue. For a typical healthcare practice, the profit ‘fix-it’ phase often lasts 12 months. In this phase, practice ownership will adopt lean principles, align with high value services and shed itself of non-essential expenses. The 12 months following the ‘fix-it’ phase is often called a ‘maintainable earnings phase.’ In this phase, the practice owner will often experience daily profit growth in the range of $250-$400/day or $65,000-$105,000/year (based on 260 working days/year). Outlined below are the two wealth creation phases for a practice owner:
- Operations: Number of years an owner continues to operate in the ‘maintainable profit phase’ (i.e. 10 yrs.) x average profit increase (i.e. $75,000/yr) = $750,000 additional profit above and beyond the profit from the ‘fix-it’ year.
- Sale of the business: A complex formula with a multitude of variables, which gets crafted into a multiple based on maintainable earnings. As a practice owner, you could easily earn an additional $500,000 on the sale of their business compared to the value of their business in the ‘fix it’ phase.
- Total wealth creation gain: $1,250,000
To look at it from another perspective, by not partnering with ELEVATE, are you ready to forgo this potential profit gain?
The simple answer is yes and so much more. It’s important to understand how complex solving for profit is vs. solving for revenue. For a typical healthcare practice, the profit ‘fix-it’ phase often lasts 12 months. In this phase, practice ownership will adopt lean principles, align with high value services and shed itself of non-essential expenses. The 12 months following the ‘fix-it’ phase is often called a ‘maintainable earnings phase.’ In this phase, the practice owner will often experience daily profit growth in the range of $250-$400/day or $65,000-$105,000/year (based on 260 working days/year). Outlined below are the two wealth creation phases for a practice owner:
- Operations: Number of years an owner continues to operate in the ‘maintainable profit phase’ (i.e. 10 yrs.) x average profit increase (i.e. $75,000/yr) = $750,000 additional profit above and beyond the profit from the ‘fix-it’ year.
- Sale of the business: A complex formula with a multitude of variables, which gets crafted into a multiple based on maintainable earnings. As a practice owner, you could easily earn an additional $500,000 on the sale of their business compared to the value of their business in the ‘fix it’ phase.
- Total wealth creation gain: $1,250,000
To look at it from another perspective, by not partnering with ELEVATE, are you ready to forgo this potential profit gain?
Why does ELEVATE focus more on solving profit growth opportunities vs. revenue growth opportunities?
Revenue growth means very little if your profit isn’t healthy. We have watched practices add $500,000 in revenue with no additional dollars to the bottom line. It’s important to remember that great clinicians can grow revenue in their practices, but not all great clinicians can grow profit (this is the stuff they didn’t teach us in university!). In our experience, 90% of practices don’t face revenue challenges, they face profitability challenges. If your practice’s EBITDA is <10%, it’s essentially at a break even point. All that to say, our near-term focus always starts with sustainable profit growth. You pay either way.
Annual turnover trends in administrative positions are hovering just below 50%. It may feel like you’re paying for administrative training and development all year long. Before you make the decision to pay for ongoing training, it’s wise to explore opportunities to automate any/all transactional tasks. Lowering the cost of a transaction is imperative to the long term success of your practice.
Also, when you sell your business to a strategic buyer, chances are the buyer will have a team of centralized services (payroll, bookkeeping, HR, marketing, etc). We often suggest outsourcing functions wherever possible, rather than wasting money on training and development.
Yes, absolutely. The earlier you can start planning for your tomorrow, the faster you can achieve everything outlined in your business plan.
Yes, whether you want to sell your business, pass it onto family, or transfer day-to-day operations to someone else, we’ll help you assess your options and extract the most value. Retire knowing you’re set, or use the money to fund your next chapter.
No, absolutely not. We have no desire to make money on the sale of your business, nor would we ever limit your access to all potential strategic buyers in an open market.
Unlike our competitors, we operate on an hourly consulting rate. That means NO brokerage fees when your practice sells. Elevate your wealth creation.