Let’s face it — with insurance reimbursement on the decline, DCs are moving to add more and more cash-based services to their practices.
This phenomenon also comes at a time when patients are increasingly seeking healthcare solutions that provide more personalized attention, greater access to their doctors and a proactive approach to their overall health and well-being. A concierge chiropractic practice or direct-access cash practice offers all of these benefits and more.
Why consider a concierge chiropractic practice?
Let’s explore some compelling reasons to consider moving to a concierge practice model.
Improved patient relationships
One of the greatest benefits of a concierge chiropractic practice is the ability to build deeper, more meaningful relationships with patients. Because concierge providers typically manage a much smaller patient load, they can spend more time with each patient during appointments. This extended face-to-face time fosters trust, encourages open communication and allows for a more thorough understanding of each patient’s health history and concerns.
This empathetic approach to patient management makes the patient feel heard and understood. This allows you to gain more insight into how to provide the best care for positive long-term health outcomes.
Concierge chiropractic practices also offer patients improved access to their doctors. Most concierge practices create doctor accessibility via phone, email or text outside normal office hours. This level of availability is especially appealing to busy professionals, families and individuals with chronic health conditions who enjoy having more immediate access to their chiropractic physician.
This convenience creates peace of mind for patients, knowing they have direct, timely access to their doctor without long wait times or rushed appointments.
A more sustainable business model
A concierge practice shifts the focus from reactive acute care to long-term preventive care. Without the time pressures of traditional practices, direct-access doctors can develop customized, comprehensive wellness plans for each patient. These plans often include detailed screenings, lifestyle recommendations, nutrition and fitness guidance and more. The reality is, the concierge chiropractic practice brings you back to your full philosophical approach to health, rather than just insurance-based functional spine care.
Insurance-based providers often suffer from the demands of high patient volume, insurance paperwork and the record-keeping required to prove medical necessity. These burdensome administrative tasks can quickly lead to burnout. Concierge practices offer a more sustainable business model, with fewer patients and the ability to practice chiropractic with empathy, attention and thoroughness that more easily creates long-term patient value.
With more time to dedicate to each patient and the freedom to practice without excessive bureaucratic hurdles, many DCs find their passion for chiropractic reignited in the concierge model. This benefits the provider and can also improve patient outcomes as a result of more attentive care.
Enhanced personalized care
Each patient in a concierge chiropractic practice receives a level of personalized care that is difficult to achieve in a traditional practice setting. DCs are able to take into account not only a patient’s medical history but also their personal goals, lifestyle and preferences when creating a treatment plan.
This individualized approach is especially valuable for patients with complex medical needs, people with chronic illnesses and those who desire a more holistic approach to their health. Patients appreciate the ability to receive care tailored specifically to them.
Fewer administrative burdens
Concierge chiropractic practices often operate with fewer administrative burdens because they rely less on insurance reimbursement. Instead, patients may pay a monthly or annual membership fee for access to the practice. This streamlines the billing process and allows you to focus on patient care rather than dealing with insurance claims and billing disputes.
By eliminating much of the red tape associated with insurance-based practices, concierge doctors can run a leaner, more efficient practice, allowing them to focus their attention where it matters most: on patients.
Financial predictability
As a bonus, a concierge business model offers financial predictability. Concierge chiropractic practices often operate on a membership or subscription-based model, allowing patients to budget for their healthcare costs without surprise bills or fluctuating insurance deductibles, which are often one of the biggest reasons patients drop out of care.
In addition, for the chiropractic entrepreneur, this model provides a stable revenue stream and reduces the uncertainty of slow and fluctuating reimbursements from third-party payors. This allows for a more predictable income stream, leading to less financial stress and more focus on providing exceptional care. The concierge model is often more profitable with lower patient volume as well.
Improved patient satisfaction
Another benefit to the concierge model is higher rates of patient satisfaction and retention. Patients appreciate the more personalized care, the increased access to their provider and the focus on wellness and prevention. They feel their time is more valued and their health concerns are taken seriously. As a result, patients are more likely to retain membership in the practice for the long term and refer others.
Building a concierge practice is a viable option for DCs looking to escape the inefficiencies of traditional models and a powerful way to improve the patient experience. By providing enhanced access, personalized care and a focus on prevention, concierge chiropractic practices meet the growing demand for a healthcare experience that puts the patient first.
Final thoughts
For DCs looking to regain control of their practice and deliver a higher standard of care, transitioning to a concierge model could be the key to long-term success and satisfaction in the ever-evolving sector of chiropractic business management. However, due to the intricacies of insurance rules and state and federal compliance, don’t try to develop a concierge model in your practice without utilizing consultants who understand how to make it work. Violating the rules can be costly.
MICHAEL PERUSICH, DC, a former investment banker, is a solutions-focused advisor with more than 25 years of success across the healthcare and consulting industries. Perusich is the CEO of Kats Consultants LLC, where he and his team offer a unique platform of business knowledge and personalized practice management tools for today’s chiropractic entrepreneur. Reach him at 407-308-5590 or katsconsultants.com.
