It’s Time for Chiropractors to Use Subscription Business Models
Since the start of the COVID-19 pandemic, monthly recurring revenue has been inconsistent for many chiropractic practices. In some cases, visits dropped off and have yet to return to pre-pandemic levels. While we expect that to change, it’s a reminder to many about the challenges of managing a business with inconsistent cash flow.
When you have a slow month or are delayed in getting insurance claims paid, it can affect your cash flow and limit your ability to grow your business.
These are just a few reasons to consider chiropractic subscription business models.
What Is a Chiropractic Subscription Business Model?
Rather than rely on insurance payments based on when patients schedule appointments, chiropractic subscription business models feature a package of benefits that patients can use. Chiropractors typically bundle a package that includes multiple adjustments or consultations for a monthly fee.
Chiropractic subscription business models benefit patients and providers alike.
Benefits for Chiropractors
A subscription model provides steady income each month to help you manage cash flow and plan more efficiently for the future. It eliminates the stress of wondering if you’ll have enough patients this month to pay for the overhead and staffing.
Having subscriptions is also an easy way to move patients from insurance to cash. By offering them a discount in exchange for a commitment to an extended care plan, you may be able to move your business toward becoming a cash-based practice.
As a cash business, you can avoid filing claims, arguing over fees, or justifying treatments provided with insurance providers. You can spend more time on patient care and less time dealing with administrative paperwork.
When you offer automatic recurring payments as part of your subscription plan, you can also stop worrying about chasing payments.
Benefits for Patients
Nearly all insurance plans limit the number of visits to chiropractors. If a patient wants regular adjustments for preventative health, for example, they will run out of insurance-covered visits well before the year ends. With a subscription plan, patients can choose how often they want treatments.
For frequent patients, chiropractic subscription business models offer a significant discount. In many cases, the cost of a monthly plan can be less than the full amount for a single adjustment.
Chiropractic Subscription Business Models Change the Relationship for the Better
When patients have to pay out of pocket or provide a co-pay for every visit, they may wonder if the chiropractor wants to see them frequently because care is actually needed or it’s just more financially beneficial for the business.
A subscription plan removes that doubt. The chiropractor gets paid the same amount whether the patient uses their services or not, so care is based solely on what the patient needs. This leads to better patient outcomes.
Chiropractic subscription business models also tend to increase patient retention. When patients are paying for every individual visit, they may get frustrated when they don’t get a quick resolution to their health concerns, even if they logically understand that relief may take time. Conversely, once they do get some measure of relief, many patients stop coming in for treatment, even if they would benefit from continuing care.
A subscription model makes it more likely that patients will continue visiting and develop a healthier lifestyle for the long term. With regular visits, chiropractors have more of an opportunity to build relationships with patients, which also helps with trust and retention.
Another way that a subscription model can change the patient relationship is that it puts more distance between treatments and payments. Patients sometimes feel overwhelmed when they see how many times that they’ve been to the chiropractor and how much they are charged each time. With subscriptions, there are no individual charges. If a patient pays monthly, they may have four weeks’ worth of adjustments and consultants without ever having to touch their wallet. In fact, the more visits that are shown in their plan, the more the patient feels that they’ve gotten their money’s worth.
How CHIROSPRING Makes Subscription Plans Easy
With CHIROSPRING’s chiropractic management software, you can create flexible and customized care plans easily. You can use built-in templates or create a custom plan in a snap. This enables you to summarize packages of care and add in or remove elements to fit a patient’s budget. You can also create estimates or add discounts on the fly.
It’s easy to bundle services and create subscription packages and track usage. For example, you might offer a $99-per-month plan for four adjustments with a “use it or lose it” provision. ChiroSpring will track how many adjustments have been made and automatically count visits to the care plan. Unused adjustments are automatically written off.
With integrated payments, payments are automatically applied to care plans. You can also set up reminders and auto-pay and store credit cards securely to make the entire payment process seamless.
Transforming Your Chiropractic Business
Chiropractic subscription business models can help you and your patients create a better future. CHIROSPRING can make it happen and enable you to transform your practice, save time, and grow your profitability.
ChiroSpring is an all-in-one practice management and EHR system built specifically for chiropractors to help them regain face-time with patients, spend less time on back-office tasks, maintain a limited staff, and save operational costs.
To see how ChiroSpring can help you simplify how you manage your practice, reach out to one of our specialists today!