Grappling with the ultimate Catch-22.
Grappling with the ultimate Catch-22.Job seekers at the start of their careers face a daunting challenge: employers want experienced candidates. When we talk to new DC grads and grads-to-be, we hear a similar complaint: Launching a new practice usually requires securing a loan, but the banks won’t lend unless you have a proven track record of success.
It seems unfair, true, yet most DCs have found a way around this obstacle and in this issue of Chiropractic Economics, a group of experts shares their secrets with you. The problem also confronts seasoned professionals who want to rescue or expand a practice—obtaining credit is usually easiest when you don’t need it. We have tips for DCs in this conundrum as well.
Other areas where you may encounter this kind of predicament in your practice include equipment and software upgrades. It can be difficult to assess how much these will add to your bottom line until you’ve fully integrated them into your workflow.
And consider the transition to ICD-10. We have an assumed target date (October 2015), yet healthcare lobbyists from most branches of medicine are urgently petitioning the Department of Health and Human Services for some degree of relief, possibly in the guise of a longer transition period.
Yet another chicken-and-egg dilemma concerns EHR and meaningful use requirements. You have to ponder the benefit of demonstrating compliance with Stage 1 and Stage 2 (depending on when you begin qualifying). If the reimbursement penalties are small, you might be tempted to hold out until 2017 and the Stage 3 meaningful use final rules are published.
In all these circumstances, the future is uncertain. And if you wait for conditions to be perfect, you may be waiting too long. Some degree of risk is inevitable, so look to mitigate it by making early preparations, doing the research, and performing due diligence. We’ll do our best to help.
To your success,
Daniel Sosnoski, editor-in-chief
Let me know what’s on your mind: 904-567-1539; Fax: 904-285-9944; dsosnoski@chiroeco.com.
