Integrative Chiropractic Practices
BY: MIKE HAMILTON
INCEPTION ONLINE MARKETING, OWNER
This is an area where I have only indirect experience. Chiropractors have been working in this area for decades, but over the last few years there has been a push into this arena again. As finances get tighter many doctors are looking for ways to increase their market presence. The integrative or physical medicine office style can be the answer.
Most offices that I see doing this type of work today are working alongside a physician’s assistant that is under the wing of a local medical doctor. It can be a very profitable model, but before you jump on board there are a few things that you need to be aware of.
The first caution I have is that this is an expensive model. If you have an extra $100,000 sitting in the bank then you may be able to handle the addition of this to your practice. If you’re limping along right now then you have a good chance of bankrupting yourself by adding this.
What most doctors don’t realize is that it’s going to take quite a bit of time for the insurance money to start coming in from all of this. It doesn’t happen overnight, and I’ve seen a few practices go bankrupt waiting for payments to come it.
The next issue is insurance audits. You see when your office suddenly increases its insurance billing by 5X there are going to be some red flags. You better make sure your documentation is bullet proof, and that you can withstand a lengthy audit. I’ve also seen practices go bankrupt waiting for their audit to end.
For the average office this is not something they should ever think about doing. If you’re a powerhouse business person, with extra money, and the ability to manage a number of employees then physical medicine may be great for you.
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