Opportunity: More Chiropractors Make House Calls
Some chiropractors are exploring home delivery service models as a means of lowering practice costs. Facing rising maintenance expenses and lower insurance reimbursement rates, chiropractors are looking for more independent and flexible practice models. Running a house-call practice requires low startup capital and overhead, according to Chiropractic Economics. Instead of buying, opening, or partnering on a medical office location, chiropractors invest in basic supplies including a portable table, transportation, and technology tools for appointment booking and billing.
Catering to patients at home could lead to improved profitability for chiropractors, but would also require targeted marketing campaigns and coordination of visits to maximize efficiency.
U.S. consumer spending on services, an indicator of spending on alternative medical services like chiropractic services, rose 2.3 percent in August 2014 compared to the same month in 2013.
U.S. consumer prices for medical care commodities, which may impact chiropractor office operational costs for equipment and supplies, increased 2.9 percent in September 2014 compared to the same period in 2013.
U.S. consumer prices for medical care services, an indicator of profitability for chiropractor services, rose 1.7 percent in September 2014 compared to the same month in 2013.
Total U.S. revenue for offices of other health practitioners, which includes chiropractor offices, rose 7.1 percent in the second quarter of 2014 compared to the previous year.
Practitioners in this industry provide diagnostic and therapeutic treatment of the neuromusculoskeletal systems, with a focus on manipulation and adjustment of the spinal column.
No major companies dominate the industry.
Patient services account for 95 percent of industry revenue; other sources of revenue include sales of medical devices, vitamins, and OTC drugs.
Typical customers suffer from back or neck pain.
Chiropractic offices must be able to handle fee-for-service payments and insurance claims.