Blog, Chirosecure Live Event March 13, 2024

Chiropractic Malpractice Insurance – The Trend Changes in the Chiropractic Profession

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Well, Hey everybody. Welcome to the show today. I’m Dr. Randi Ross, CEO of Premier Practice Consultants. Let’s give a big shout out to ChiroSecure for inviting me to spend a few minutes here with you today. So today I’m going to talk about something that many of you might be cognizant of, maybe we need to focus on it a little more.

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Like everything in life, there’s trends and evolution and within chiropractic. Over the last 50 years, there’s been a lot of evolution. And even just in the last five years, there’s really been dramatic shifts in care. Now don’t send me a hundred emails about the foundation of everything needs to be a chiropractic adjustment.

We know that we’re going to say that, that it doesn’t need to be. really accentuated here. That’s a given. But what I want to talk about is things that I see as someone that represents practices for sale. What are the things that really not only buyers are looking for, but the general public is looking for from us.

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They’re looking for us to expand and offer them more services that fall within that wellness capacity, that they are comfortable with a chiropractor going for. I would say that I’ve really noticed in the last five years, there’s really a lot of changes. Now, there’s always been add ons to chiropractic throughout the years, and I think we’re really seeing more of that now as the add on services, cash centers, profit centers, whatever words you want to use to describe them, really fit within the model.

of the services and the care we’re already providing. So what I see not only the practices that are having more profit and more attractability when they get to the point of a sale, but from what the clients that I have tell me, these are the things that their patients are looking for. So this is always going to be a bit of a moving target over years.

But for example, right now, The big trends that are, if you want to call them add ons, profit centers within chiropractic. are things like laser. Laser’s probably already been around for a long time. So maybe not as much of the prominent feature that I want to talk about, but there’s all this, shockwave and soft wave different therapies that are out there.

Decompression is huge. There’s something, some people have offered services for neuropathy. Now, let me premise all this with. You have to make sure that you’re following the guidelines of your state and legally what you’re allowed to do. But I think we need to really recognize this as a broader change and shift and evolution of, the practice of chiropractic.

And I think we need to always be on top of what are the latest trends, what are the things that, the consumer is very educated today. Between, we have constant information in the, in just in the palm of our hand in a phone that didn’t exist, 10, 20 years ago, as prevalent as it is today.

If someone’s looking for this type of service, why not make it a part of what you offer? And as a result of that, You also will generate more revenue and make more profit and have a higher income, which you deserve. Don’t give that service away to someone else in the community when it’s something that you can offer.

I have a little joke when I’m working with people, if they’re new practitioners or Someone’s moving in office or wherever it might be. I say if it’s in your office and it’s not generating revenue, it shouldn’t be taking up space there. The days of doing things just to make patients feel better.

And I mean feel better as feel good, not necessarily really even, render that much of a dramatic difference. are really over, anything that’s in your office should be generating revenue. Otherwise it’s taking up space and it’s probably not rendering you the results that you even think it might be.

Patients just get used to things. So you feel like you have to continue to provide that, but in essence, that’s not really true. And the important thing to really also recognize, when I say you have to watch these trends, you have to be on top of what’s going on in your profession. Go to your large state association conferences and, see what are the different types of equipment and services and tables and all the different things that are out there, So that you are on top of the trends.

Cause you know what? 10 years from now, this conversation will be totally different. With the evolution of technology, as quickly as it develops these days and as quickly as things hit the market, even five years from now, we might be having a very different conversation as to what are the trends in our profession.

And you can’t just bury your head in the sand and say, this doesn’t exist. Because our profession, like any other healthcare profession, does evolve, is evolving, and constantly evolving. So understanding what the market dictates and what you want, not only serves you now, but it serves you As you are in practice, not only does it serve your patients, but ultimately when you get to the point that you contact someone like me, and you’re looking to see what is the value of my practice?

These things that are additions, add ons, ancillary, do add value. And I can tell you, that buyers are looking for these things. I can tell you, especially younger doctors that are exposed to a lot more during their clinic time than, 35 years ago when I was in clinic, we didn’t have a lot of exposure to things.

You had to go out into the marketplace and learn that afterwards. But these younger doctors are learning these things and they’re learning how to implement them into care. So to generate more revenue now, to provide a broader range of service to those in your community, and to always be positioning your practice for the highest market value that it could render at any given time.

That’s just some seeds I wanted to plant for you today. I hope it makes you just start thinking about a few things. If you don’t have profit centers and things in your office, start looking at what you would like to be involved with, and what connects with you. Maybe something, a service you’ve even benefited from in someone else’s office, and then continue to watch those trends.

Be connected to what’s going on in the profession. Go to your state associations, visit all those vendors that have different pieces of equipment and notice the new things that are on the market. That’s it for me today. I’m Dr. Randi Ross, CEO of Premier Practice Consultants. Thank you for letting me spend a few minutes with you and we’ll see you next time.



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