While at my desk on my physio ball, I was reading Chiropractic Economics annual Salary and Expense Surveys and took a deep dive into the Billing & Collections (B&C) category. I was jarred by a pattern over the past five years which makes me continue to fear that we are falling behind. The surveys in B&C category are a wake-up call that proves we can no longer ignore the impact of decreasing third-party reimbursements.

Below are the survey results countrywide in the chiropractic office B&C category and Average Reimbursement Percentages over five years. It is noteworthy that billings/charges increased each year with the exception of one year’s slight decrease. Here’s what the survey reveals from billed charges/reimbursement ratios:

2021 – 65% Reimbursement
2022 – 69% Reimbursement
2023 – 74% Reimbursement
2024 – 71% Reimbursement
2025 – 62% Reimbursement

So, what can you do to increase/improve income in your practice? Here are some tips:

• Improve your practice’s patient care plans to ensure patients stick with their plan. Have you offered a visual picture of the patient’s report of findings, for example, and is your confidence in your adjustment where you want it to be when discussing your clinical findings? Are you making the best use of your therapies in your care plans?
• Offer care plan packages to create a hybrid reimbursement practice or close the gap between your insurance model and patient self-pay model. It’s okay that you want to continue billing patient’s insurance as a courtesy to your customer base. Know your obligations when doing so regarding treatment plan standards, documentation/medical records standards, billing standards, obligations to respond to payer requests, and credentialing & compliance standards.
• Offer valued products for retail such as ergonomic/rehab equipment like foam rollers, cervical rollers/pumps, resistance bands, and pillows. Other items include massagers, nutritional supplements, fitness trackers, orthotics, and your own branded merchandise such as water bottles or ice packs. Keep in mind the anti kickback laws. You’ll want to ensure these products are for sale and not giveaways to induce referrals. Please consult a healthcare attorney if in doubt.
• And finally, you’ll obviously want to keep your collections by having a solid compliance program in place to avoid potential payback penalties for not having a solid program in place.

Need guidance on developing your hybrid practice and navigating the reimbursement landscape? We can help! Just ask…Lisa

Source: Chiropractic Economics Online Magazine, www.chiroeco.com

Lisa
lisa@pmaworks.com