Welcome to Issue 2 of Chiropractic Economics, which covers alternative revenue strategies with revolutionary solutions to enhance your profitability and help more patients.
In today’s rapidly evolving healthcare landscape, DCs are increasingly seeking innovative ways to diversify their revenue streams. Traditional chiropractic services remain the cornerstone of the profession; however, it’s in your best interest to continue to explore alternative revenue strategies that can provide stability and growth opportunities in the years to come. The articles in this issue, brought to you by leading experts in the field, provide some popular approaches you can easily and successfully implement.
Standard of care could be your key to more revenue
According to Steven Brown, DC, “If you have the willingness to become an expert in standard of care, you may want to consider becoming a chiropractic malpractice expert witness.” His article, “So, you want to be a chiropractic malpractice expert witness?” gives you practical insight into what a malpractice expert witness does, how much they can be paid and how to become one yourself.
Opportunities in occupational medicine and continuing education
“Occupational medicine services are a hidden gem within the chiropractic profession,” writes James Raker, DC. “It’s lucrative, has little control by the medical field, is mostly done by laypeople and is easy for DCs to dominate.” Learn the benefits of adding occupational testing to your practice, the types of services you can offer, how to leverage your staff for performing some of these services and using occupational medicine to grow your practice.
Chen Yen explores strategies for creating and monetizing continuing education materials for professional growth and consistent revenue. “Whether you partner with an online CE company or take a more independent route, the opportunity to educate and support fellow practitioners can be both rewarding and profitable,” Yen explains. “This approach not only strengthens your reputation as a thought leader but also provides a lasting source of additional income for years to come.”
Should you expand into retail sales?
Have you considered adding supplements or other retail products, such as orthotics, to your practice? According to Joe Kryszak, MBA, you can increase patient satisfaction and office revenue while building a reputation as a health-focused, patient-centered practice. “Selling supplements in your chiropractic office is about providing added value, not just making sales,” he notes. “The right selection, informed staff and strategic presentation can make supplements a natural extension of your patient care approach.”
Does economic uncertainty impact practice sales?
According to Crystal Misenheimer, “Practices that demonstrate stability through consistent revenue, a strong patient base and efficient operations will continue to attract serious buyers throughout a recession.” And despite inflation, high levels of uncertainty and a constantly shifting economic landscape, the U.S. chiropractic practice sale marketplace is currently very active. Her article walks you through the effects of economic uncertainty on chiropractic practices, current trends in the practice sale market, potential changes if a recession occurs and strategies for managing a practice during economic downturns.
Final thoughts
By integrating alternative revenue strategies into your practice, you can enhance your financial stability and provide a more holistic and comprehensive approach to patient care. As the healthcare industry continues to change, staying flexible and open to new opportunities will be your key to sustained success.
I hope you find this collection of articles useful to your practice and profession. If you have an article idea, contact me at ghall@chiroeco.com if you are interested in contributing. I’d love to hear from you.
To your health, prosperity and success!
