Choose wholesale chiropractic consulting or a la carte billing and financial planning needs
Busy DCs today often lack the time and expertise necessary to take a comprehensive approach when it comes to financial planning, billing or chiropractic consulting. Protecting and building your wealth often requires a team of professionals who can create a coordinated strategy to ensure a lifetime of financial success.
Most of us have experienced financial planning while going it alone or on an ad-hoc basis. For example, as when buying or selling an investment or setting up an IRA. But when considering financial planning or wealth management, a deeper journey is required.
Your chiropractic consulting needs
The challenges of today’s health care professionals are complex and may involve debt avoidance, equity creation, tax mitigation, income insurance, investment strategies, liability and more. For this reason, it’s important to seek out a financial advisor who will coordinate all the various aspects of your financial life to reflect your goals.
Having a solid financial foundation as a practice helps DCs whenever they experience risk, fluctuations in patient load or any other unpredictable occurrences. It’s your job to ensure your practice will be there for your patients even through economic challenges and health policy changes.
Billing: in-house or out?
For some practices it makes sense to outsource billing and other functions to save money. Keep in mind, though, that at many offices it may actually be more cost-effective to hire in-house staff than to outsource important tasks.
You’ll have to carefully weigh the pros and cons of hiring against your needs to find the right solution for you. Maintaining compliance with the law and also managing the important tasks of keeping practice finances organized may be too much to expect of your chiropractic assistant, for instance. And activities such as bookkeeping and account management are probably better done with help from an accountant in many cases.
As appropriate, seek the help of a financial professional who’s familiar with how small business and health care practice finances should be managed. You may decide that your finances today mean you’ll need more business tomorrow — from there, you can adjust accordingly.
To view the latest in billing, financial planning and insurance options for doctors of chiropractic go to cdn.chiroeco.com/wp-content/uploads/2020/06/CHEC_10_2020_FULL-2.pdf.