Creating Predictable Monthly Recurring Revenue for Chiropractors
Chiropractors Must Create Predictable Monthly Recurring Revenue to Grow
Research shows that chiropractors make about $160,200 per year. But the revenue earned by an office can differ based on the number of clients and how much patients pay for services.
Making a steady income is the ideal way to grow your chiropractic practice. Unfortunately, it may be tough to maintain a given revenue range if many patients leave your facility for other offices.
Problems Faced When Using Traditional Business Models
Traditional chiropractic care involves patients paying after service delivery. While some people may use credit cards and cash, most rely on their health insurance to cover medical costs. If your practice depends on the pay-after-session model, you may face several issues.
First, the income generated within a particular period may differ because some patients may not come in regularly. Others may also cancel or postpone their visits if the date and time aren’t suitable.
Another issue that may lead to varying income is high churn rates. These may occur when your patients opt for facilities offering cheaper services. They may also be due to lower satisfaction when a patient must wait an extended period to get needed care.
Some patients only consult a chiropractor during free clinic days or when there are discounts. If you offer such incentives in your practice, you may lose patients when the offers expire, irrespective of whether you give high-quality services.
Handling insurance payments can be frustrating and sometimes lead to irregular income. Furthermore, some patients may be skeptical about getting your services if you don’t accept other payment methods.
Another prevalent issue when using a traditional business model is time wastage. For example, you will need more time to bill patients after a session, and your team must reconcile accounts and keep track of all patient charges.
Creating Recurring Revenue with Subscription-Based Chiropractic Care
Shifting to subscription-based services is an ideal way to create reliable cash flow. This move can also encourage more patients to stick to your office, which will lower churn. It also enables you to predict the income that you’ll make in a particular period based on active subscriptions.
Determine your patients’ needs by conducting surveys after appointments. You can also email questionnaires to learn about the services that they would like you to offer. As you assess your patient’s needs, collect information regarding other aspects like:
- Their income
- The regularity of earning their income
- How much they would like to spend on chiropractic care
- The changes that they would like you to make in your office
Once you have this information, use it to design care plans that meet patients’ needs. Develop several packages to ensure that you accommodate most income groups. You can also offer sub-packages, including popular therapies like spinal traction.
The next step in creating recurring monthly income is informing your patients about the packages. You can do this by sending a newsletter via email or uploading blogs on your website. Alternatively, issue flyers after appointments, and post the news on social media to reach a bigger audience.
When patients subscribe to your care plans, inform them about the renewal date. Capture their credit card information and automate the billing cycle. You should also adopt digital systems to ease intake exams and store health records.
Patients’ needs may change based on their health conditions. As you adopt subscription-based care, let each member shift to a different package. Do ensure that you assess a patient’s health needs before approving the transition, to protect their wellbeing.
Generate Recurring Monthly Revenue with the Right Tools
Shifting to subscription-based chiropractic care requires proper planning. If you lack the right tools, it may be tough to embrace such a system and track each patient’s account.
ChiroSpring provides various tools to simplify service delivery when using a subscription-based care model. This solution enables you to create customized care plans. You can also estimate costs and determine the proper discounts to give patients.
Another feature that you can leverage with ChiroSpring is integrated payments. This tool enables you to store patients’ cards on file and ease billing. You can also schedule payments and speed up work because you don’t need an external browser.
Other processes that you can simplify with ChiroSpring when you shift to subscription-based care plans are:
- Analyzing patient needs using their health records
- Determining the efficiency of care plans with outcome assessment
- Reconciling accounts
- Backing up patients’ files
Create Monthly Recurring Revenue with ChiroSpring
Subscription-based models enable your chiropractic office to boost cash flow. Partnering with ChiroSpring will provide all the tools that you need to grow and make monthly recurring revenue. You can also keep your patients happy by showing that you understand their needs.