The biggest barriers for people to get proper health care are high costs and limits by insurance companies. According to a KFF Health Tracking Poll, half of all adults in the US say that they have skipped healthcare because of the expense.
This can also keep patients away from chiropractic care, even when they would benefit from treatment. Subscription-based care plans can help overcome this challenge for patients and benefit chiropractors at the same time.
Maximizing profitability for chiropractors requires higher client retention, consistent cash flow, faster payment, and lower customer acquisition costs. A subscription-based care plan can do all that and more.
Subscription-Based Care Plans: Benefits for Patients
A well-designed care plan can lead to better outcomes and enable patients to live healthier lifestyles. However, due to the cost, many patients are reluctant to complete their care plan once they start feeling better. Subscription-based care plans offer a more affordable option.
Chiropractors can offer discounts for a subscription plan vs individual payments to help reduce patient costs. For example, if one adjustment costs $85, you might offer a care plan that includes four visits a month for $99. For many patients, this will be lower than the copay for four visits on a traditional insurance plan.
Not only can this lower costs for those with insurance, but it also provides a more affordable option for those without it.
Insurance companies won’t cover fifty-two adjustments a year, and Medicare limits what’s covered to only what’s “medically necessary.” This can lead to frustrating back and forth with insurance carriers about what they will cover and what they won’t. Patients won’t have to deal with these limitations with subscription plans.
Patients on a subscription plan are more likely to take advantage of preventative care. Rather than only visiting the chiropractor when they have an injury or pain, a patient can invest in preventative care to improve their health and stop issues before they worsen.
Subscription-Based Care Plans: Benefits for Chiropractors
A subscription-based plan also creates several important benefits for chiropractors.
Predictable Cash Flow
Perhaps the biggest benefit is that the subscription model generates consistent cash flow. You get monthly recurring revenue to help with budgeting, forecasting, and planning. This reduces your need to squeeze in more patients and work more days and longer hours to generate revenue. It also reduces the monthly stress about whether you’ll book enough appointments to hit your profit margins.
No Insurance Claims Paperwork
A subscription-based care plan is a cash business, which eliminates the administrative headaches of dealing with insurance companies. It saves time on claims preparation, filing, and adjudicating.
It also keeps your focus on what’s best for your patient’s health and not merely what their insurance will cover.
More Time with Patients and Retention Building
The most important factor in patient satisfaction is the time that they spend with chiropractors in treatment, discussion, and planning. Yet, the average chiropractor spends barely more than a quarter of their workday with patients due to paperwork and other tasks.
Switching to a subscription model allows you to spend more time with patients rather than admin work. This builds stronger relationships and helps with patient retention to build a robust practice.
“Use It or Lose It”
A subscription-based care plan is built on a “use it or lose it” model. Whether a patient uses all their monthly adjustments or consultations or skips a few, you still get paid the same amount.
Transitioning to Cash Practice
If you’ve thought about transitioning to a cash practice, a subscription-based care plan model is a great way to get started.
You Need a Robust Chiropractic Practice Management System
Subscription-based care plans are not easy to manage manually. However, a robust and reliable chiropractic practice management platform like CHIROSPRING can simplify the process.
Creating templates and custom care plans is simple. For a subscription or membership model, once a patient agrees to the care plan, you can automatically apply payments to the plan and write off any unused adjustments automatically.
By automating routine tasks, you can increase productivity overall and in many cases, reduce your staffing needs. With CHIROSPRING, you get everything that you need to run your practice more efficiently and reduce your administrative burden, including:
- Online scheduling
- Automated appointment reminders
- Online intake
- Fast SOAP Notes, including auto-SALT and customization
- Appointment tracking
- Integrated billing and payments
- Automatic ERA posting for easier reconciliation
With digital storage, you can eliminate paperwork in your practice and have instant access to patient records, outcome assessments, X-rays, and any other necessary documentation in just a few clicks.
Transform Your Practice and Maximize Revenue
When you can streamline processes and reduce your administrative burden, you can remove much of the stress and frustration of running your practice. Whether you plan to implement subscription-based care plans or not, CHIROSPRING can transform your practice, save you time and money, and maximize your practice revenue.
CHIROSPRING is an all-in-one practice management and EHR system built specifically for chiropractors to help them regain face-time with patients, spend less time on back-office tasks, maintain a limited staff, and save operational costs.
To see how CHIROSPRING can help you simplify how you manage your practice, reach out to one of our specialists today!