It’s no secret that chiropractors are all fighting declining reimbursements and a growing portion of fees are being pushed onto the patient by the insurance payers. In fact, according to Athena Health Payer View 2012, the weighted Provider Collection Burden increased by 7 percent from 2010 – 2011. In other words, your patients are being forced to foot more of the bill, which then increases the burden on you to collect it.
Because these moves are precisely calculated by insurance companies, chiropractors tend to feel powerless at times. As a result, we often sigh and continue to take the beating. And while reality dictates that we cannot win every battle, we can minimize the damage done to us by insurance payers by learning to recognize which ones will give you the biggest headaches ahead of time. Certainly, you could easily say that no insurance plan is ideal, but with a little bit of homework, you’ll see that certain plans spell more bad news than others. Here’s how to spot the rotten apples: Read More
Of our entire 13 Things You Will Need to Change series, this post will perhaps represent the toughest challenge for many to chiropractors accept and overcome, which is why I have saved it for last. Before I spit it out, let me preface it with three quick thoughts:
a) The old revenue model, purely based on volume, is crumbling.Payers are paying less and less for adjustments and limiting care while expenses continue to increase.
b) Unfortunately, over the last decade or so, utilization has not increased; in fact, the latest stats indicated that the public use of chiropractic has either flatlined or decreased slightly.
c) Simple economics dictate that if the price of your service is decreasing, the frequency of which it is consumed is decreasing and the cost to deliver that service is increasing, you have an impending disaster in the works.
Thus, here is the single biggest change that chiropractors must make: Read More
This year, we are starting out with 13 things you need to do. Quite frankly, I don’t think the number matters. Whether it’s 4 secrets or 7 or 70, there is one absolutely necessary, super vital, umm—ultra important (what else can I say?) thing you need to do with this helpful information. In fact, I was going to wait to put this as #13 of our 13 things series but I’ve received so many whining emails lately about how the economy is killing their practice, I just have to put it forward now. Here it is: Read More
This post may come as a surprise to many of you as I don’t have any cool marketing names attached as a tagline that brand myself a self-proclaimed marketing “guru,” “genius,” “maven“ rainmaker or even noisemaker.
But, like it or not, our businesses all need marketing in some shape or form. And because of that, I am a student of many in this regard. Mostly, I don’t look at chiropractic marketing experts because the bulk of them have just borrowed their ideas from each other and a select few, from real marketing heavyweights.
As the healthcare landscape changes in 2013 and beyond, I believe that many chiropractors will be forced to take a more serious look at their marketing efforts. Some, in fact, who have not given a thought to marketing in a decade or more, will need to begin anew or face the consequences as they watch their numbers slowly take a dive. Newer DC’s will have to master marketing skills that they were definitely not taught in school, as most materials that would appear in such a classroom are dated by a decade at the least. So where do we turn? Read More
How do you measure success in your chiropractic business? Many coaches tell you to keep stats, CPAs love creating financial reports and even the most un-analytical chiropractors tend to know how many patient visits they had.
But what about the somewhat fuzzier indicators of good performance? They are just as vital to the success of your practice, but rarely examined, tracked or tweaked for better results. Today, we will be looking at those! Read More
Let’s talk about raising fees and increasing profitability. Most of you would certainly be in favor of the latter (more profits) but many of you feel a sudden nervous twitch contemplating the former (raising your fees).
In this day and age, some of you may also protest that fees are set in stone by payers. While this is true for some payers and for some of your practice, this does not negate the fact that eventually you have to increase your fees to be profitable. It can diminish its impact but by much less than you think. Here’s why: Read More
Today’s post is a quick reminder of something we too often sweep under the rug. No one likes to deal with staff struggles and all of us like to point the finger when things are not going well in practice.
While the front desk does not deserve all the blame for poor performance of your practice, I have definitely observed a correlation in the success of your office and the quality of your front desk staff. It’s very simple: the busiest, healthiest, most vibrant practices have, for the most part, outstanding staff.
Certainly, this generalization is hard to quantify, so let’s get very specific so you can begin to analyze potential areas you may need to improve – regardless of whether your practice is booming, stagnating or headed for the toilet. EVERY practice can always do better in this department and MANY practices NEED to do better in order to thrive.
Each year, I visit more offices than my car tires want to count. And it amazes me how many offices neglect the ultimate basics when staffing their front desk. This is far from rocket science and very close to what most people would call common sense. Unfortunately, it’s also rare enough that we really can’t accurately say it’s all that common in chiropractic offices. So, let’s assume we are starting with a blank slate. Here are the basic requirements for a great front desk staff member. Read More
As chiropractors, all of you have heard of and undoubtedly run into patients suffering from Attention Deficit Disorder (ADD). While this is a growing and pervasive problem in today’s society, the more dangerous “dis-ease” that affects EVERY chiropractic businesses what I call RDD – “Retention Deficit Disorder.”
You won’t find RDD in the ICD-9 or even the upcoming ICD-10 diagnosis categories, but don’t ignore it because of that. This is a real and present danger that faces chiropractors and threatens to undermine profits. Left untreated, it can spell disaster for your practice.
Perhaps the greatest hazard of RDD is that its ill effects are quietly at work, every single day, behind the scenes. It’s something you may not realize, and if it goes unchecked, can hurt the long term survival of your practice. Read More