How to Understand the Subscription-Based Chiropractic Businesses
Chiropractors treat about 35 million patients in the US each year. More people are enrolling in chiropractic courses to leverage the growing market. Other offices are also providing lucrative care plans to attract and maintain patients.
Adopting a subscription-based chiropractic business model is ideal for growing your office. If you are considering shifting to such a program, you should understand what membership-based care plans entail.
This precaution will ensure that you know what your patients want and can quickly identify the tools needed to simplify onboarding. Here, we provide the ultimate guide to a subscription-based chiropractic business model. We also discuss the benefits of such a system.
What Is a Subscription-Based Chiropractic Business Model?
A subscription-based chiropractic business model involves charging your clients an agreed flat rate. So, instead of billing them after a session, they pay the amount first, typically at the beginning of the month.
With an active subscription, a patient can visit your office for chiropractic care at any time. Depending on their selected care plan, they can get all the needed services at no extra cost.
Before adopting a membership-based business model, though, you should determine the suitable frequency to bill patients. You may offer several packages with varying renewal periods, including:
Once a patient enrolls in a plan, store their card on file. This measure will enable you to renew the care plan subscription automatically. You can also permit patients to pay with cash, provided that they remit the amount by a specific date.
Problems Faced When Using a Typical Business Model
If you charge your patients after treatment or consultation, your business may face problems. For one thing, patients may avoid booking several sessions to save money. This will make it tough to achieve preset health goals and raise revenue.
Another issue related to the pay-after-services business model is the inability to predict income. Since you can’t forecast the number of patients that you will get in a certain period, it will be hard to assess expected revenue.
This issue will affect budgeting and financial planning. If your patients face hardship, your practice may also find it challenging to meet operational costs. Other problems that may arise when you charge patients after a session are:
- Your employees may work under stress when you have many visits.
- Handing appointment booking may be tough.
- You may need more software solutions to manage work.
- Some patients may need to wait for an extended period to get the required care.
- You may not meet the needs of all patients.
If you don’t offer membership-based care in your chiropractic office, you may lose patients at a high rate due to different reasons. For example, some clients may only seek your services when you have discounts. Otherwise, they will shift to other practices with cheaper services.
A typical business model can lead to churn due to the lack of commitment. If patients don’t pay in advance, they can stop caring for their health just to avoid costs.
The fear of insurance fraud is a key issue linked with a typical business model. If you only allow patients to pay with their insurance policy, they may doubt bills to their accounts. They may also not fully trust your services, thinking that you are only recommending treatments to make more money.
The Benefits of Subscription-Based Chiropractic Business Models
Subscription-based chiropractic models can help you solve various issues. First, you will attract more clients to your offices because packages are relatively cheaper in the long run. The patients may also refer their family and friends to your office, lowering your marketing costs.
Second, membership-based care plans enable you to predict income accurately. It will be simpler to budget for significant spending, like buying machines. Once you embrace such programs, you can avoid patients doubting the need for costly treatments.
Other benefits of a subscription-based chiropractic business model include:
- Better patients’ health due to preventative care
- Simplified patient billing and account reconciliation
- Fewer emergency visits
- Less stress on your staff
Subscription-based chiropractic care plans enable you to meet patients’ needs in many ways. First, you can easily engage them when planning health goals and assessing outcomes. Second, you can offer several payment options and affordable packages for each income group. Third, such programs lessen the cost of hiring employees to manage appointments.
Leverage a Subscription-Based Chiropractic Business Model with ChiroSpring
A subscription-based chiropractic business model is more practical than a pay-after-services one. Having packages will enable you to expand your practice and offer better services. You can also leverage different tools to ease work and manage patient data. ChiroSpring offers the ideal practice management software. This solution will help you boost patient experiences and safeguard their information.