Everyone's talking about the economy these days. One of the benefits resulting from recent events is that we've all had the opportunity to expand our vocabulary of financial terminology. I thought it would be interesting to see how some of those terms relate to the Foundation for Chiropractic Progress (FCP) and its ongoing activities to promote chiropractic.
Fiscal Responsibility
Fiscal responsibility is defined as "the most effective use of available resources committed to priority objectives and subject to ongoing evaluation." The FCP has a single priority mission, which is "to create positive press for chiropractic." Its advisory board is composed of leaders representing the complete spectrum of chiropractic educational institutions, state and national organizations, businesses and media - all working together on an ongoing basis and each volunteering their time, effort and energy. In the days of obscene bonuses paid to bailed-out bankers, it's important to note that 100 percent of the FCP's administrative salaries and overhead are paid for by Foot Levelers, ensuring that every dollar donated is spent on advertising.
Leverage
Leverage involves "using given resources in such a way that the potential positive outcome is magnified or enhanced." By purchasing ad space in major publications at steeply discounted rates, the FCP has delivered a purchasing power of more than 10 to 1. This means that every dollar donated is leveraged into over $10 worth of advertising. The foundation also has had the great fortune of being selected by CPR Communications, a world-class public relations agency, as a pro bono account. This means CPR donates its services to FCP, never charging a dollar for all of its great work on behalf of the profession! Since January 2007, CPR has issued monthly pro-chiropractic press releases and public service announcements to print and radio stations nationwide. Quarterly, the agency has sent out advertorials to more than 10,000 newspapers nationally.
Fixed Assets
What are fixed assets? "Things that have a useful life of more than one year (e.g., buildings and machinery). There are also intangible fixed assets, like the good reputation of a company or brand." With a track record of more than three years of success, the FCP is the longest-running public relations and advertising campaign in the history of the chiropractic profession and one of our profession's most valuable assets. Through the FCP, we are establishing a permanent fixture: vigilant, poised and ready to act at a moment's notice to help combat negative falsehoods and spread the positive truth about chiropractic. The FCP stands watch over the good reputation of our profession.
Capital
"The wealth - cash or other assets - used to fuel the creation of more wealth" constitutes capital. The generous donations of individual chiropractors, students, CAs, chiropractic colleges, state and national organizations, media outlets and vendors of chiropractic products/services, have provided the fuel for the FCP engine. The wealth that this important source of capital has created can be measured by the individuals who were inspired to experience the benefits of chiropractic care after hearing the foundation's positive messages. And this past year, donors to the FCP were able to double the value of every dollar they donated through a matching grant by Standard Process!
Market Penetration
Market penetration is "the percentage of a country's households who have bought that particular brand or product at least once within a defined period of time." For 114 years, the chiropractic profession has been unable to reach more than 8 percent market penetration. It is the goal of the FCP, through generating positive press for chiropractic, to shatter this glass ceiling. To help speed this process, this year the FCP engaged Jerry Rice, future NFL Hall of Famer and "Dancing with the Stars" celebrity, as a spokesperson. His positive testimonial about chiropractic has appeared in ESPN Magazine, Sports Illustrated, Women's Health, USA Today and Men's Fitness.
Economic Stimulus
Economic Stimulus is defined as "the use of spending and revenue collection to influence the demand for goods and services in the economy." Through its campaign to create positive press for chiropractic, the FCP has enabled chiropractors to join forces in the creation of an advertising and public relations powerhouse that is beyond the means of any single doctor of chiropractic. By joining together as FCP members, we have the opportunity to reach and influence more potential new patients then at any point in the history of chiropractic. Together, through the FCP our donations will serve to stimulate the growth of our personal practices as well as the future growth of our entire profession.
I urge you to join me in supporting the Foundation for Chiropractic Progress. I have been an FCP board member for more than three years and have had the unique privilege of working behind the scenes with my fellow board members and observing them in action. This group of extraordinary individuals, headed by Kent Greenawalt, has worked tirelessly and unselfishly to ensure the foundation's continued success. But we cannot accomplish the task at hand alone. We absolutely require every donation that you can make to help ensure the FCP continues to be a vital force in presenting the positive message of chiropractic. Please visit www.foundation4cp.com or call 1-866-901-F4CP to make your donation today.
When sports chiropractors first appeared at the Olympic Games in the 1980s, it was alongside individual athletes who had experienced the benefits of chiropractic care in their training and recovery processes at home. Fast forward to Paris 2024, where chiropractic care was available in the polyclinic for all athletes, and the attitude has now evolved to recognize that “every athlete deserves access to sports chiropractic."
It is estimated that 61% of patients with CTS avoid taking surgical options due to postoperative complications and costly surgical procedures. Chiropractic care offers a comprehensive and effective treatment for carpal tunnel syndrome, addressing the condition from multiple angles. Recent studies also have unveiled a game-changing adjunct to chiropractic treatments for CTS: nerve flossing.
Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
