Most of us didn’t go to chiropractic school for the money. We did it because we genuinely wanted to be doctors. The dream of one day opening our own practice and having our own patients? Like all people, we just want to serve and lead the good life. But for too many of us practicing today, this dream is anything but a reality. Let’s examine some of the potential problems and what you can do to change things.
5 Reasons It Isn’t Fun to Run a Typical Chiropractic Practice Today
- Insurance reimbursements are decreasing every year . . . and so is your revenue
- More hours with less pay
- Staff turnover—you can’t afford to give raises, so people quit when there is no room for career growth.
- Personal relationships with spouse and children—why do so many chiropractors get divorced?
Chiropractors across the nation are waking up to an American Nightmare. It has never been harder to make a good living as a doctor. In fact, it is getting harder each and every year.
This, in turn, makes it increasingly difficult to serve your community. Sell, retire, or drastically cut payroll and overhead are the thoughts that race through your head each day. Fortunately, there’s a solution.
5 Reasons You Should Implement Cash Services
- Diversify—Stop putting all your reimbursement eggs in the insurance company
- Remove the leash around your neck and relieve yourself of the stranglehold of insurance
- Offset losses from decreased insurance reimbursement.
- Cash is king.
- No threat of insurance
5 Best Cash Services to Implement Immediately
- Nutrition/functional medicine—Americans spent $21 billion on vitamins and supplements in 2015.1
- Health club—Membership fees, personal training income, and the pool of new
patients make health clubs a great joint venture for a chiropractor. Health club memberships grew from 17.3 million Americans in 1988 to 54.1 million in 2014.2
- Spa—Enjoy cash revenue from spa club membership, med-spa services, and product
sales. “Premium skin care will grow by $718 Million in real growth and will reach
$5.5 Billion by 2019.”3
- Spinal decompression—An oldie, but a Patients will still purchase cash plans for spinal decompression.
- Regenerative medicine—With advances in stem cell therapy and PRP, more people are willing to pay large sums of cash in an attempt to avoid surgery.
5 Reasons to Open a Wellness Center
- The perfect blend of cash services.
- Bring the patients to you. Create a symbiotic cross-referral machine, creating a never-ending pool of prospects for every department within the
- Clients who pay, stay, and refer. People today understand that preventing disease means living This, and the changes in the health insurance industry, make the wellness center model a good investment.
- Regain control—A properly built and well-managed wellness center can solve all of your core business problems and restore order, sanity, security, and prosperity to your practice and
- Increase revenue!
What practice owners need is a new, profitable business model. Get off the hamster wheel. You don’t have to keep working harder and longer hours for less money. The traditional small practice is dying. But small, independent providers can still run their own successful practices—if those practices are based on a proven model. Look into wellness centers if you need a change.
- Scott C. “Americans Spend Billions on Vitamins and Minerals That Don’t ” Healthline News, March 19, 2015.
- International Health, Racquet & Sportsclub Association: 2014 IHRSA Health Club Consumer Report.
- “The Future of Skin Care: Game-Changing Trends and Influencers.” Euromonitor International, June 2015.
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