Combatting Economic Impacts on Your Practice

Mar 1, 2023 | Member Providers, Providers

by Ray Foxworth, D.C., FICC • 

President & Founder, ChiroHealthUSA • 

2023 forecasts for the U.S. economy are grim. An expert survey by Bankrate placed the odds of recession at 64 percent, with inflation and staffing struggles being two further problems set to sting chiropractors this year. There are others, such as the drive to modernize or adopt new payment models.

The key to living with inflation is accepting that it will always be there, eating into your budget and profits as long as you’re in practice. Here are some steps that could help your practice weather economic storms.

Know What You’re Making (and What You’re Spending)

Here’s the most vital question in your economic survival kit. Can you confidently say what your overhead is? You’re not making informed financial decisions if the answer is “No.”

Use the ChiroHealthUSA Overhead Calculator for a snapshot of your current financial situation based on factors such as your monthly expenses, total yearly visits, insurance reimbursements, and more. This figure will give you a solid base to calculate your next monetary move.

Treat Your Staff Well

Burned-out employees can do one of two things: underperform or resign. You can’t afford to lose staff, especially not now. Take time to establish a healthy work/life balance for you and your team, and you’ll make your practice as efficient and effective as professionally possible. It will also be personally pleasant to be part of. Those are two valuable factors at any time, but they could prove to be priceless advantages in a trying economy. Don’t miss our upcoming webinar with Dr. Mark Sanna on March 6, where he discusses making your practice culture count more than ever.

Modernize Your Technology

Inflation makes it harder for people to seek out and afford chiropractic care and, in turn, worsens the economic impact on your practice. Modernizing how you approach chiropractic can help you and your patients navigate a tough economy while overcoming the practical limitations of legacy care models.

Meeting patients quite literally “where they are” is increasingly popular and is achieved by offering telehealth consultations. Digital visits can help reduce current or prospective patients’ financial burden by eliminating travel expenses and the need to take costly time off work to visit in person. Not every chiropractor is capitalizing on this trend, so doing so might give you an edge toward greater income.

Streamline Documentation and Operations

The potential economic impact of improper documentation on your practice can hardly be overestimated. Staying current with chiropractic codes, updating patient records, and navigating healthcare and insurance plans, must be performed with precision, especially in today’s economic climate.

Even a small mistake can cost more than you can comfortably afford, while a large one could close your practice permanently. If you missed our January webinar on tips for avoiding billing mistakes, watch the recording here.

Economic downturns happen in cycles, and business owners who are proactive, always protecting their businesses, not only survive, but thrive. Reduce your debt, build up your cash reserves, know your cost of doing business, and treat your employees and patients well.