How Much Should Chiropractors Charge for Their Services?
So, how much do you charge your patients? Well, the answer isn’t always easy.
We often ask ourselves: “How much are my competitors charging?”, “What’s the normal market rate for my area?”, “Are my prices reasonable?”, and “Are my prices competitive?”
The reality is there’s a balancing act to be done between what you’re paying for overhead costs, employee salaries, office supplies, and what you catered for lunch last week.
How Much Do Your Services Really Cost?
The average overhead in typical chiropractic practice is 50%, according to a national survey. It’s expected this amount will likely increase due to increasing infrastructure and utilities costs. Here’s a simple formula to calculate your costs:
- Make a list of monthly fixed expenses
- Determine your number of patient visits per month
- Determine true patient reimbursement value (with insurance)
- Divide your overhead cost by average number of visits to get your cost per visit
- Divide the cost per visit by the average income per visit to get your overhead percentage.
Factor Insurance and Additional Costs
It’s not uncommon for chiropractors to find themselves working with patients who are either not insured or underinsured. This can make it difficult to forecast certain patient costs, so make sure your patients are up to date on their insurance paperwork to avoid this type of headache.
Don’t Forget About Chiropractor’s Fees
This can vary by region or state, but chiropractors fees have generally increased over the years to specifically assist underinsured patients. If that’s the case, you should consider using the Discounted Medical Planning Organization (DMPO). This makes it easier for you to see patients who may be underinsured or simply don’t realize their insurance doesn’t cover all of the chiropractic care services they need.