Does Your Chiropractic Practice Face these Financial Challenges?

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Does Your Chiropractic Practice Face these Financial Challenges?

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If your chiropractic practice is struggling, it may be difficult to identify opportunities for improvement. There are many moving parts to a chiropractic operation, so it can take time to pinpoint the departments that are lacking. Measuring each department against key performance indicators can give practitioners an idea of which areas are underperforming.

A chiropractic clinic’s financial department is certainly prone to displaying symptoms of inefficiency. Does your chiropractic practice face the following financial challenges? If so, the process of debugging your practice may begin here.

Downward trend in your chiropractic practice’s profitability

Profitability is one of the biggest indicators of growth for a chiropractic business. If you notice a downward trend, it may be time to implement a plan of action for debugging your financial department. Start by gathering data and analyzing the department objectively before considering infrastructure and systems that will re-position this department for optimal efficiency.

Insurance and third-party dependency

A sustainable chiropractic clinic does not rely on insurance or a third-party for compensation. Rather, they implement a direct pay system that provides greater value to patients. Higher copays and deductibles tend to discourage patients from pursuing chiropractic care. Additionally, patients are more likely to prioritize the availability of coverage over sticking with their recommended care plan, which decreases the likelihood of them realizing the full potential of chiropractic. Not only is a direct pay system more cost-effective for patients, but it also saves chiropractic clinics the financial burden caused by reduced reimbursements from insurance companies. As chiropractors think of new ways to relay the value of chiropractic care, patients will be more apt to embrace a direct pay model.

Your chiropractic practice depends upon additional external funding

Effective chiropractic practice management sets a clinic on pace for self-sufficiency. A high-performing chiropractic clinic can sustain itself without relying on constant oversight from a chiropractor. More importantly, it can sustain itself financially without depending upon additional external funding for continual survival. If debt or equity is your practice’s life source, it may be time to consider alternatives.

Debug your chiropractic business with SOVITA CHIROPRACTIC CENTER™

These symptoms are just small indicators of a greater chiropractic practice management issue. Allow our chiropractic franchise to help you conduct a results-oriented root cause analysis of your struggling practice. SoVita CHIROPRACTIC CENTERTM introduces the opportunity for chiropractors to reinvigorate their chiropractic clinic using time-tested infrastructure and operational standards.

It’s not too late to revive your chiropractic business from the inside out. Speak with a member of our franchise support team to learn how!

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