Implement innovative modalities: Chiropractic equipment that will increase your ROI 

With today’s technology advancements, many great innovative modalities and tools are available that you can add to your chiropractic practice.

Of special interest is equipment that brings improved outcomes to patient care as well as added profits to your bottom line. From decompression tables to shockwave machines, there is a vast array of equipment and tools to choose from. 

Develop a solid strategy

While these devices can be a great addition to your office and help enhance patient care, your implementation strategies are the key to making them successful. So what do I mean by implementation strategies? Basically, it means use it or lose it! In other words, if the device just winds up sitting in a back room somewhere, you lose out on improving outcomes for patients and you lose your potential return on investment (ROI). 

It’s a common dilemma for DCs to find themselves purchasing a new therapeutic device without a good implementation strategy to integrate it into patient care plans. The result is little to no ROI and frustration for having spent the money. 

Implementation strategies need to be intentionally developed and executed when adding any new potential revenue center. Without a plan, the likelihood of profitability diminishes. In addition, part of the plan needs to consider how you will price the service you have added. 

Consider your fee strategy and tactics

Your fee strategy should take into consideration several factors, including patient cost tolerance, the cost of equipment, the potential life of the device and whether you are leasing or have a loan against the equipment. At a bare minimum, you must be able to break even, but the goal is to generate profits. 

Patient cost tolerance is a key factor to consider when pricing any of your services. While you may have added a great enhancement many of your patients need, if they can’t afford it they won’t embrace this new service. Again, this affects your ROI and your bottom line. 

This factor then plays into the cost of equipment. The higher the price of acquisition, the higher the service fee you will need to charge to have any hope of creating a positive ROI.

Plus, if you incur debt to purchase the device, your carry costs (principal and interest payments) will drive up the fee you need to charge for the service. Patient cost tolerance can be maxed out fairly quickly. 

Adding new services can be a great way to improve patient care options, bolster outcomes and increase the profitability of your clinic. However, intentional thought must be put into developing the tactics to create the ROI needed to both pay for the equipment as well as generate profit for your clinic.   

Final thoughts

The next time you think about purchasing new equipment, pause for just a moment and consider the strategies and tactics you will need to have considered. Ask yourself the following questions: Can I set my fees so patients will find value in the service? How will I incorporate it into patient treatment plans? How will it improve patient outcomes? In order to implement the service effectively in the clinic, will there be added expenses, such as marketing, training or hiring additional staff? Will we be able to see enough patients to generate the ROI we need? Adding new innovative modalities to your practice can be a win-win experience for both you and your patients. The key to success is putting the modality to work. 

MICHAEL PERUSICH, DC, is a solutions-focused advisor with more than 25 years of success across the healthcare and consulting industries. His broad areas of expertise include coaching, training, content development and motivational speaking. Perusich is the CEO for Kats Consultants LLC, where he and his team offer a unique platform of business knowledge and tools for today’s chiropractic entrepreneur. For more information, visit katsconsultants.com.