Knowing how to bring in additional funds is important for your practice’s livelihood. Here are five of the most popular on how to maximize revenue.
Having other services or items available for patients to purchase can expand your bottom line. But what and how do you choose?
“I think it’s important for the chiropractor to be comfortable in what they are selling,” says Todd Goldman, DC, owner of a multi-disciplinary office in Medford, Long Island, N.Y. “Too many times, I see that they are pushed into selling a product or service that they would be reluctant to try themselves.”
Goldman’s Top 5 modern tips on how to maximize revenue for chiropractic
- Magnetic resonance therapy
- Spinal Decompression
- Durable Medical Equipment (DME)
- Chiropractic Maintenance Care
Magnetic Resonance Therapy
“Magnetic Resonance Therapy involves a full-body, low-level magnet which stimulates the vagus nerve which balances the autonomic nerve system. An imbalance in the ANS — specifically the sympathetic nerve system — can make symptoms of disease or chronic conditions worse,” explains Goldman.
“This has been a great source of revenue in my office. It’s not covered by insurance, and there are very few around my area.”
Chiropractors are one of the first health care practitioners that promoted and sold supplements, which are on the front lines on how to maximize revenue and provide patients with additional wellness options.
“We have more nutritional education than anyone else, so it’s a natural addition to our offices to add supplements,” Goldman says. “Remember to check with your states laws for regulations on supplements. Typically saying it treats a disease is illegal in most states, and chiropractors have broken the law with claiming as such.”
“The treatment is not typically covered by insurance which makes in a great revenue source. What’s great in my office is we have a number of MDs who refer to the office just for the spinal decompression,” he says.
How to maximize revenue with spinal decompression? In this case the service can be marketed to MDs with success in your area.
Durable Medical Equipment (DME)
“Some examples of DME products are tens units, cervical pillows, cervical traction pumps, lumbar support belts (LSO), and lumbar traction pumps. Some insurance companies pay for supplies, so we will print out a bill that the patient can send it to their insurance company,” explains Goldman.
Chiropractic Maintenance Care
“Most insurance plans do not cover maintenance care, making it a great source of revenue. I find that patients under maintenance care, if they have a recurrence, improve much quicker than when they came in for the initial stage,” says Goldman. He adds to make sure you are complaint with your states laws as far as maintenance care.
In addition to making sure that you are comfortable with the additional services or products you will offer, be sure that your patients will want them.
“Make sure that your customer base will be attracted to what particular product or service you are offering. What works in one location may not work in another,” says Goldman.
Finally in determining how to maximize revenue with these new options, make sure that you know all that you can about the service or product.
“Make sure you become an expert in that particular product or service you are offering because patients realize when someone is not knowledgeable or well versed in what they are trying to sell,” says Goldman. “Sometimes in offices I see that instead of the chiropractor selling the product or service, they have the office trying to sell to the patients. As chiropractors, we should be in contact with the patient about the product because we are the experts.”
If patients love the products or services, think about getting your office staff to get testimonials from them.