subject: Diversify Your Revenue For A Profitable Chiropractic Business [print this page] Today's businesses are under constant pressure to expand their revenue and profitability. Chiropractors are no exception, even though it can be easy to forget that chiropractor and other medical professionals are also business people. When looking to maximize profit, most chiropractors start with trying to improve the efficiency of their core practice by implementing improved billing and scheduling systems. Another sure-fire method for increasing revenue involves offering add-on products and services.
Most likely, your patients already value alternative health modalities like acupuncture or therapeutic massage. By offering these complementary services as part of your practice, you can establish yourself as a source for holistic treatment in the minds of your patients. Patient surveys have revealed that patients trust alternative techniques that their chiropractor recommends.
The greatest opportunity to boost revenue for a chiropractor is nutritional supplement sales. Many patients of chiropractor believe that nutritional supplements can help them return to good health and that supplements can maintain health. A recent study found that the majority of primary care doctors do not recommend nutritional supplements due to discomfort with the level of their knowledge and experience with supplements. A study that presented primary care doctors with a quiz on the documented benefits of selected supplements found that most primary care doctors did not know the proven benefits of supplements. This may be why most patients are more likely to discuss nutritional supplements with their chiropractor. Almost 75 percent of practicing chiropractors sell supplements. If your practice is not selling nutritional supplements, you may be missing an incredible opportunity.
Additionally, selling nutritional supplements can represent a longer term benefit to a chiropractor's bottom line. Patients will develop a rapport and feel comfortable discussing alternative health interventions with the chiropractor that recommended a supplement to them. This will often result in additional repeat business and referrals, both of which improve profits.
To be successful with your supplement business, you will need to consider each of your patients and their history and concerns. Then make appropriate suggestions of supplements that speak directly to their needs. As an example, a recommendation of fish oil for a patient that is concerned about heart disease and has high triglycerides speaks directly to their concern and takes into account knowledge about fish oil's documented benefits. You will earn respect from your patients as an accurate source of information about supplements. Choose a line of good quality supplements that you can acquire wholesale and stock a quantity of them in your office. This is important because to really build your revenue you need to be able to sell the supplement to your patient and send them home with it when you make a recommendation. This works the same way as drug samples do for a traditional doctor. Having supplements on hand to sell your patients will allow to you to build better revenues and build patient trust.
Chiropractors have a unique opportunity to increase profitability by incorporating complementary services such as massage and nutritional supplements. Patients have developed a greater level of trust and comfort about discussing alternative health practices with their chiropractors. As a result chiropractors have a rare opportunity to develop this trust into a successful supplement business.
