Sponsored by Advanced Medical Integration
Regenerative medicine’s revenue soaring
According to a report released by Zion Market Research, the regenerative medicine (RM) industry made an incredible $7.97 billion in revenues in 2017. Furthermore, that number is expected to more than triple by 2024, increasing to approximately $26.3 billion in total sales.
What is regenerative medicine?
The NIH, U.S. Department of Health and Human Services, states that: “Regenerative medicine is the process of creating living, functional tissues to repair or replace tissue or organ function lost due to age, disease, damage, or congenital defects.” This includes stem-cell therapy.
Growth rate twice all other markets combined
Regenerative medicine is enjoying an annual growth rate of 18.59 percent, twice as high as all other markets combined over the last five years. It makes money because it works.
RM is perfect for chiropractic evolution
RM falls squarely into the ideal province, philosophy and practice of doctors of chiropractic (DCs). Many are moving into this field by integrating their clinics to facilitate the use of this amazing protocol.
What an integrated practice is not
Integrated practices can easily be confused with multidisciplinary practices, which involve two or more health care practitioners working in the same facility. The only collaboration between caregivers is usually sharing office expenses. This is not integration.
What is integration?
When several different licenses (disciplines) work as a team on their joint patients as a team, collaborating on evaluation, diagnosis and treatment, this is real integration. It is explained clearly in Advanced Medical Integration. Everyone works together, using their individual knowledge and skills for the common good of the individual team member.
Obstacles to regenerative medicine integration
Obstacle 1: Many chiropractors don’t understand the benefits of integration with MDs, other practitioners and RM. First is the benefit to the patient. RM offers better help for patients to improve the health of their musculoskeletal system.
Obstacle 2: Another obstacle to integration is truly integrating the practice and not just bringing a medical doctor on staff to treat his or her own patients. The end result is still a multidisciplinary practice versus becoming a practice that essentially establishes a “team” committed to the total health of each patient.
When DCs integrate with medical doctors providing regenerative medicine, they’re able to give their patients the best of both disciplines in one convenient setting. No more going to different locations to treat related illnesses and injuries, and no more wondering if both health care providers are working toward the same goal. Integration gives patients more treatment options within the same facility.
Look at the treatment a chiropractor can give compared to what a medical doctor can do. These two disciplines collaboratively can address most problems. Add stem cell therapy and you have under one roof everything needed to provide care without drugs or surgery (unless needed).
It can boost your patient base, increase your revenues by increasing the number of people you treat. Providing more services also increases the number of billings made for reimbursed services, growing your bottom line. These two factors create a more sustainable practice that is less impacted by the dreaded and all-too-familiar declines in healthcare spending.
You must know the law. It varies state to state and involves restrictions and regulations regarding the sharing of patient data, billing and other patient-related issues.
Finding a RM specialist who fits
The next step is to find and hire a regenerative medicine specialist who is a good fit for your current practice. This is an essential point. It is a marriage of professions and, as with a marriage, there must be alignment of goals, purposes, plans, ideal scenes, valuable final products, and you must like and respect each other.
All of these elements may fit perfectly, yet there may be philosophical, religious or political differences. And there could be differences in ideas about implementation of drugs and invasive surgery. All of these things must be completely smoothed and aligned to obtain a positive and sustainable resonance that will endure.
All of this must be tied down by a legally binding contract. Good agreeable written and enforceable contracts are the glue that keep good relationships firm and enduring. The contract should be like a legal roadmap of business behavior.
What do you do when you find your perfect RM partner?
Your existing patient base must be advised of the addition, giving them all of the information about the new caregiver needed to make them feel they will be in good hands. Make sure the new member gets to know them all, and they should smoothly move him or her into the fabric of your clinic as a valued member of your team.
About Advanced Medical Integration
Advanced Medical Integration (AMI) is the nation’s leading consulting group for establishing holistic, philosophically based medical integration. Whether you are new to medical integration or already have an integrated center, AMI will help you develop your practice to the new standard in desired holistic medical services.