Chiropractic Economics recently conducted their 20TH Annual Salary & Expense Survey.
There were some fascinating statistics in the report. Following are some we wanted to point out to you.
- 92% of chiropractors sell at least one product in their office.
- 8% of gross revenues are attributed to selling products compared to 7% in 2016.
- The reimbursement rate jumped dramatically to almost 72% compared to 56% in 2016, 64% in 2015 and 66% in 2014.
- 14% of practices are cash only compared to 11.8% in 2016.
- 34% of chiropractors utilize laser therapy.
Our Conclusions
- Chiropractors are trying to bring more cash into their practice by selling products. Services, not just products, should be included.
- Additional cash modalities whether products or services like therapeutic lasers will help offset uneven reimbursement payouts and lower gross billings.
More Cash
Therefore, let’s consider laser therapy as an option. The chart below shows a variety of per treatment charges for laser therapy. Wouldn’t you like to add from $7,200 to $72,000 each year to your revenues? That would be a nice additional increase to the $443,090 in average reimbursements that chiropractors reported in the survey.
Your laser will create revenue from day one. We assume you will take 4 weeks vacation each year and work 48 weeks. During those weeks you will see your normal load of patients. Among those patients will be ones you or your staff will treat with your laser.
REVENUE
Example for 1 year (48 weeks)
| Average Charge | $30 | $40 | $50 | $60 |
| 5 Pts x 48 | $7,200 | $9,600 | $12,000 | $ 14,400 |
| 10 Pts x 48 | $14,400 | $19,200 | $24,000 | $ 28,800 |
| 15 Pts x 48 | $21,600 | $28,800 | $36,000 | $ 43,200 |
| 20 Pts x 48 | $28,800 | $38,400 | $48,000 | $ 57,600 |
| 25 Pts x 48 | $36,000 | $48,000 | $60,000 | $ 72,000 |
Summary
Add cash to your practice. Please ask us to create a customized revenue model for your practice location and size
