Chiropractic Business Tips

Money Management Despite the pundits’ predictions of a Donald Trump presidential win destroying the stock market, the exact opposite occurred. As CNN Money put it, “After an overnight selloff on election night, the stock market welcomed Trump with a bang as the Dow soared 257 points the day after the election.” Eventually, the Dow Jones Industrial Average would surge more than 1,400 points between the election and the end of the year.

Practice Central There’s no such thing as a “cash-only practice,” yet you hear it all the time. Doctors say, “I collect cash only, so I don’t have to deal with the headaches of insurance.” It’s understandable—insurance can be a pain to deal with. Not to mention the sky-high deductibles and copays these days. And even if you take insurance, most of your patients are likely paying out of pocket. A strict definition of a cash-only practice is one that doesn’t bill insurance nor one that accepts Medicare, Medicaid, workers’ compensation, or personal injury cases.

Feature You see patients every day, performing adjustments as well as consulting with them on a variety of topics such as injury prevention, nutrition, health maintenance, and more. How do you manage your practice to make sure you’re providing all of these needed services to your consumers while still maximizing your time—and ultimately your revenue—to maintain a viable, successful operation? We spoke with three chiropractic consulting experts who believe in the importance of building a busy practice while still maintaining high-quality, comprehensive care in the community in which you work.

Money Management What chiropractor hasn’t suffered from patients or insurance companies not paying? Accounts receivable are not always collected in full, and some claims aren’t settled due to a variety of reasons. Sometimes patients simply evade payment, and the cost of pursuing them is more than the recoverable amount; sometimes they become bankrupt, sometimes the debt becomes time-barred, etc.

Tech Talk As more businesses move into the online world, it’s becoming common for chiropractors to go digital as well.If you want to succeed on the internet, ensure you’re providing a top-notch user experience, because if your website isn’t easy to use, it won’t be as useful as it could be to potential patients and colleagues.

Marketing Matters A fundamental truth about business, including the medical profession (and especially when speaking of medical clinics), is the fact it’s a never-ending competition to excel and succeed. With that in mind, be on a constant lookout for opportunities to draw the limelight of publicity to yourself. What if you could create that opportunity on a much larger stage than you imagined?

Marketing Matters Changes in the healthcare system, including electronic health records, value-based reimbursement, onerous reporting to third-party payers, and shrinking payments for your services, require you to more aggressively market your practice. And there are new ways for you to engage and retain your current patients without working harder.

Practice Central It’s happened to everyone: You walk into a business that is doing everything right, but has a staff member or two who are lacking. This can affect your impression of the business. You know that running a successful practice means having a team that is as motivated and invested in the success of the business as you are.