The Costs of Starting a Chiropractic Business
There is more to starting a chiropractic clinic than finding the right building and making sure you have the proper paperwork in order. To be successful in your business venture, you need to take a deep drive into the costs associated with starting your own practice.
In the first year, you can expect to spend $100,000 or more in initial startup costs, according to a recent survey of chiropractic doctors. An empty office space can cost up to $50 per square foot, which can rise quickly depending on the part of the country you live in. Furniture can easily cost you up to $60,000. Other costs include business and medical insurance, continuing education, license renewal, labor and overhead cost, rent, and other utilities.
On paper, these costs may appear intimidating. But this isn’t the end of the world. Really isn’t. The cost can be made up by the amount you charge each of your clients, which will vary with your services and treatments provided. In 2021, chiropractors in the U.S. indicated they had a 30% to 35% profit margin.
When it’s time to head to the bank, lenders will ask about your start-up costs, your liabilities, your assets, and your net worth. Be prepared to talk about your existing cash flow and your business plans to generate income to pay back bank debt.
Here’s what Genesis Chiropractic Software comes into play. Our system is one of the most effective EHR software options available. Our software will act as your fully functioning front desk, eliminating the need to hire an office manager or front desk staff person. This will give you more time to focus on patients rather than paperwork. Working with us is proof to the bank that you’re prepped and ready to handle billing the right way.
Genesis Chiropractic Software offers billing software that will double your patient volume, without increasing your staffing needs. Equally beneficial, patients find the interface easy and intuitive to use and it increases their engagement in their care plan since they have full access to their records and S.O.A.P. notes in the software. Patients feel that you value their time when they don’t have to repeat paperwork for each visit, which will lead to high retention rates and loyal referrals.
At Genesis Chiropractic Software, we provide assistance with insurance billing and exceptional customer support, saving your practice even more time and expense. Our EHR and billing systems are offered at affordable plans designed to help you from your practice’s very first day.