Chiropractic Business Tips

Practice Central Imagine that you are interacting with a patient who is visibly upset. After a bad experience with her MD, this particular patient has come to your clinic for help. She had explained to her MD that her toes would sometimes turn blue. She needed someone to acknowledge that this was indeed the case, and listen to her concerns. Ostensibly, her MD had dismissed it as a matter of chance, and had sent her away fuming. Frustrated that her doctor had not taken her seriously, she is now in your office. When you find yourself in this position will you respond with your own frustration, or will you seize the opportunity to turn this patient into a raving fan?

Practice Central Like many people, you might personally be a huge fan of Groupon, Angie’s List, and similar discount sites. You can use these for car detailing, housekeeping services, dining out, and many other things. It’s a great way to market new and small businesses—unless you work in healthcare. When we put chiropractic adjustments on the same playing field as a pedicure or car detailing service, how much value are we placing on chiropractic care in the minds of the public? No matter how you feel about that aspect, we are not allowed, as a profession, to dramatically discount our services.

Money Management Are you carrying any balances on credit cards? Do you have any practice debt? Is your X-ray system and other equipment paid for? Do you owe any back taxes? How much do you owe on cars, trucks, boats, and other toys? How much do you owe on your home? How much interest on debt are you paying every month compared to how much interest you earn? DCs tend to avoid thinking about these numbers, because they don’t like the feeling that debt brings.

Marketing Matters Building relationships with medical doctors who can refer patients to you is by far one of the most affordable ways to grow your practice. It costs nothing up front, but does require an investment of your time to nurture that connection and create a referral network that will last. While many chiropractors resist the idea of working with their medical counterparts, let’s take a look at the numbers. In any given year, 12 to 14 percent of the adult population in the U.S. will visit a medical doctor for back pain.

Practice Central Recently, a chiropractor contacted us looking to get his compliance and HIPAA programs in order. In the process, he asked for an analysis of his profitability, because it was not what he thought it should be. During the conversation, he casually mentioned that he never collects copayments and deductibles. “Never?” we asked. “Never!” he replied. Stunned by his response, we asked him why not. He replied that no one else in the area did, and that if he started, he feared that his patients would desert his practice. Gulp!

Legal Ease Chiropractors are trying to bring more money into their practices by figuring out how to legally and ethically squeeze every penny out of Medicare (and other insurers), while still following strict regulations. The Medicare and CHIP Reauthorization Act (MACRA) is touted as the biggest thing in Medicare since the birth of Medicare itself because it promises to put more money in the pockets of chiropractic providers treating Medicare patients.