4 Benefits of Using Chiropractic Subscription Plans
Chiropractic procedures take time and your time is money. Unfortunately, getting paid for your time also requires working with your patients’ insurance providers, which means filling out the right claims forms in the right way for processing. That requires investing in staff who can help you navigate those processes appropriately. Fortunately, there’s a better way: chiropractic subscription plans.
Subscription plans are becoming more common throughout healthcare and across the business world because they’re a more efficient way of getting paid on a timely basis (without having to deal with insurance headaches). Chiropractors are among the many healthcare providers who are making the transition. Here are four benefits of using chiropractic subscription plans.
1. Reducing Insurance Headaches
The ability to manage insurance company processes remains a key factor in the success of any medical practice. The challenge is even greater for chiropractic offices, given that most practices are small and individually owned and don’t have much room for extra overhead.
The cost of staying abreast of varying coverages and claims processes is high. For example, Medicaid Part B covers some services available from a chiropractor but leaves out others, such as the cost of X-rays, massage therapy, or acupuncture. Effectively dealing with insurance requires having a staff with experience dealing with issues such as procedure codes.
One way of dealing with insurance headaches is to not deal with them at all—you can convert to a cash-based practice. Chiropractic subscription plans can provide you with a less-troublesome path to revenue.
Rather than involving the third-party payer—the insurance company—subscription plans enable you to deal directly with the patient. You keep their card numbers on file and make adjustments to their plans as they desire. By eliminating the cost of dealing with insurance, you can make your practice more profitable.
2. Generating Monthly Recurring Revenue
Subscription plans work on a flat-fee model. Patients pay a fixed amount each month and get a set number of visits or other services. Whether they use all their benefits or not, you still get the money.
This delivers predictability to your cash flow. Subscription plans provide annuity streams, and more of each payment makes it to your bottom line. The monthly charge also provides predictability and transparency for patients. They know exactly what coverages they have and will see these fees as a small price to pay for wellness.
Subscription models have been around for a long time, of course. What’s different now is that a wider cross-section of businesses is recognizing the value of subscription plans and building successful models that trade a little revenue for lower costs.
3. Saving Patients Money and Providing Better Care
Some patients may wonder if chiropractic subscription plans are ultimately more, not less, costly for them. The opposite is true: since most people require ongoing chiropractic care, a subscription plan provides greater value over the long run.
Plans are set up to include a certain number of visits for a fixed monthly price—for example, four visits for $99 a month. Since you are essentially asking the patient to commit to a plan ahead of time and buy in bulk, you can charge less per visit.
The longer that a patient stays with you, the better they feel and the greater their overall savings. But there’s another benefit for patients. Subscription plans encourage them to come in for care more regularly because they don’t have to worry about whether the insurance company will pay the fees. They can visit as often as their plan allows.
With less worrying about dollars and cents, patients can focus on their recovery.
4. Providing Opportunities for Innovation
Subscription plans enable you to be creative in how you market your service. You can develop multiple types of care plans based on the needs of your patients. In other words, you can change what makes it into your subscription plans. It doesn’t always have to be a monthly fee for a select number of visits. You may be able to build subscription plans that offer other “value adds,” items relevant to your patient and practice that increase loyalty.
These give patients the sense that they are getting something for nothing. For example, chiropractors often provide counsel on the importance of nutrition in chiropractic care. You can add this and other services to your packages and then over time, if needed, vary the price, thus increasing your revenue stream.
Whichever direction you choose, chiropractic subscription plans enable you to provide better service to your patients.
How ChiroSpring Helps Make Subscription Plans Work
Subscription plans open a whole new dimension to your practice. But they also require back-office changes. You can’t keep track of all the aspects of subscription plans manually.
The ChiroSpring EHR practice management system will help you automate and track your various plans across all your locations. Once the work is automated, you can change the offers in your subscription plans based on patient feedback.
The ChiroSpring platform streamlines all aspects of billing in your practice. Your patients will know exactly what they owe, no matter what location they choose. Patients will also notice efficiencies in other aspects of your practice, such as scheduling.