The Traditional Chiropractic Business Model Is Broken
Today, many chiropractors are working too hard and too long and for too little pay. They’re simply not generating the consistent income that they want, which means having to work longer hours to see more patients to improve billing.
The average chiropractor already sees forty-two patients a week and deals with a significant administrative workload. Add the higher customer acquisition costs and battling with insurance companies over claims and reimbursements, and it’s no wonder that one in five chiropractors admit that they are burned out.
The traditional chiropractic business model is broken.
There’s a Better Way to Run a Chiropractic Business
In healthcare, the traditional way of providing service is “pay as you go.” Patients either pay cash for a treatment or pay a copay and provide their insurance information for billing.
A subscription model is an alternative. Patients pay for a subscription or membership fee that gives them access to multiple treatments on demand. For example, a chiropractor might offer four visits a month for $99, which is slightly more than the cost for one visit. Patients get a discount and more access to care, and chiropractors get a recurring source of revenue to help run their business more efficiently.
Many chiropractors also offer unlimited adjustments in their subscription plans to entice patients to sign up. Some use this as the base membership plan, while others offer a certain number of treatments per month and have an unlimited plan as an upgrade option at a higher price point.
Benefits of a Subscription Model for Chiropractors
The biggest advantage of moving to a subscription model is that it provides predictable monthly revenue. This enables you to more accurately forecast your revenue and cash flow, making it easier to plan for the future.
It also helps reduce the administrative burden and reliance on insurance reimbursements. Since you don’t have to wait to get treatments approved by insurance companies, you are free to base your care decisions solely on what patients need, without having to worry about whether carriers will pay out.
A subscription model builds patient loyalty because they are more likely to continue treatments and live a healthy lifestyle that includes regular adjustments.
Chiropractors moving to a subscription model typically find that their stress levels are reduced and their satisfaction levels improved. They can develop longer-term relationships with their patients and spend more time with each patient. Since they do not have to rely on volume and the constant pressure of finding new customers, they can focus on quality of care.
The subscription model also enables chiropractors to transition to a cash-based practice to reduce reliance on insurance companies or even remove them from the equation altogether.
Benefits of a Subscription Model for Patients
If you recognize that the chiropractic business model is broken and want to switch to a subscription model, you should know that patients also benefit.
Subscription models offer discounts for continuing treatment in a “use it or lose it” model, so patients can lower their total costs while receiving more adjustments and consultations.
Subscriptions also help patients who want to continue treatments, as most insurance plans only cover a limited number of treatments. Furthermore, most patients who get regular chiropractic treatments see long-term benefits, including a healthier lifestyle.
Some chiropractors offer walk-in adjustments in their subscription model. This means patients can show up anytime during office hours without having to schedule in advance.
How ChiroSpring Enables Subscription Models
ChiroSpring’s chiropractic practice management software platform makes it easy to create bundles of services for different plans.
You can create templates for care plans to offer to patients and then use them to track progress. You can call up these templates at any time without having to build them from scratch. Treatments are synced with patient records so at a glance, you can see their care plan details at check-in and the number of visits they have left, make quick edits to SOAP notes, and view patient history, all in one place.
If patients want to add services, such as more adjustments each month, you can quickly customize the care plan to suit their specific needs and produce estimates for patient approval.
ChiroSpring automates the payment process, tracks adjustments, and automatically writes off any unused treatments.
Billing and payments are integrated into your practice management software, making reconciliation easier.
The traditional chiropractic business model is broken, and it’s time to fix it. ChiroSpring can help you transition your business to a subscription model today.
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!