by Ray Foxworth, D.C., FICC •
President & Founder, ChiroHealthUSA •
Chiropractors reluctant to raise their fees could end up sinking their practices. Here’s how occasional increases can benefit everyone.
Chiropractic’s market value is set the same way as any other business: by the law of supply and demand. It’s one law that can’t be repealed, a fact that can be hard to accept for chiropractors who don’t want to inconvenience or alienate their patients with higher prices.
Here’s another hard fact. Overhead in a typical practice can average 50% (here’s how to calculate yours). Those reluctant to update their fees to reflect market value must accept that, ultimately, this means falling financially behind their competition.
That’s not a position that does a practice or its patients any good. That other almighty cost-setting factor – inflation – is annually acknowledging that everything a chiropractor needs costs more, making smart fee-setting even more of a necessity.
Are you disturbed by the notion of updating and raising your fees? Don’t forget how budget-friendly chiropractic can be when compared to standard medical treatments, surgeries, and drug regimens that are perpetually more expensive.
Those who update their fees are more likely to stay competitive and afford what they need to function. This isn’t just a smart move in the present but also in the coming years.
Market Value and Tomorrow’s Demand
The market for chiropractic services is looking up. Employment numbers are projected to grow by 10 percent heading toward 2031, according to the Bureau of Labor Statistics. This makes it, on average, the fastest growth of all occupations in a market set to be worth in the region of $16 to $18 billion by the close of the decade.
Such expansion doesn’t happen without increased demand for the service. Several factors are behind this trend, including an increasing number of seniors in the population as the human lifespan extends and a growing public awareness of the types and benefits of chiropractic care.
Then there’s the generally poor musculoskeletal health of the public, with lower back pain being so common it’s the world’s leading cause of disability. An ever-increasing and ever-maturing population indicates an ongoing uptick in the number of people who’ll be seeking mobility treatments.
When all these factors are considered, the market value of chiropractic should go up. Higher demand will necessitate more practices, fueling increased competition. Clinics should update their fees to reflect the times so that everyone can benefit from the growth.
Market Value in Your Local Area
Understanding how wider market value can affect your fees is only half the process. Knowing the local market value for chiropractic is the other. It’s best to compare your clinic to ones of similar size and service scope to discover how their prices compare to yours and to the overall market.
This is easier said than done since many chiropractors don’t publish their fees online. They also cannot discuss them with their colleagues as this might be considered price fixing. Visit fairhealth.org or chirocode.com for a general overview of usual, customary, and reasonable charges by both zip code and CPT codes.
Bottom line: quality care costs money to provide, and that money comes from fees. Keep yours in line with the market (and inflation), and you can maintain the good work your practice does. As you elevate your fees to match the market, ChiroHealthUSA is here to help you keep care affordable for your patients while helping you to be profitable in your practice.
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Why is the Discount Challenge prize amount $15,024? Because that is the average “per-occurrence” fine for Medicare inducements. That’s not $15,024 per patient, that’s not per provider, that’s PER VISIT. Stinks, doesn’t it? To us, the prize amount is worth the investment if we can help our profession better understand proper discounting.