Value Adding for Maximum Profit
I love this topic because it’s easy to miss the mark, especially since so many consultants and marketing firms misappropriate this term and don’t actually coach on value-adding. The idea of value-adding has come under scrutiny in light of the current trend of corporate acquisitions of primary care clinics and the rising patient expectation for comprehensive, patient-centered treatment (Abelson, 2023). This is because of how the healthcare industry is changing. There is a growing need to separate actual value addition from empty rhetoric when corporate companies acquire primary care operations. The demand for genuine, efficient value-adding solutions has never been greater due to the rise in patient expectations for a comprehensive healthcare experience. Don’t get me wrong, plenty do an absolutely amazing job, and their clients see great results, but more often than not, disaster strikes. Especially in the case of Joseph and Bonnie… When Joseph and Bonnie opened their practice, they were die-hard, convinced that they only needed to practice their specialty and nothing else. If we stay true to our specialty’s expertise and principles, we shouldn’t need anything else in the practice to thrive. Although reasonable, this viewpoint failed to consider the changing expectations of healthcare consumers. Patients are increasingly looking for holistic healthcare that covers their current requirements and their long-term well-being, according to Yussof et al. (2022). This suggests Joseph and Bonnie’s single-focused strategy didn’t meet the patient’s desire for comprehensive care. Today’s patients want treatments that address their current health needs and promote wellness, including preventative and long-term health management. Thus, healthcare professionals who offer more services are valued more. So they went about building out a space with the money their mentor had given them and whatever they could find and were adamant that physical therapy was the only service to be offered. Once the space was open, they began marketing to orthopedists in the area and getting patient referrals. That’s when the opportunities opened up. Patients started asking about ancillary services they didn’t have, making them feel like they looked silly. Patients asked about home fitness programs, nutrition, supplementation, and other specialties like Chiropractic or group fitness. The study by Patel & Singhal (2023) demonstrates the growing tendency of patients to seek comprehensive care. It showed that most patients favor healthcare facilities that offer various services under one roof. Patients increasingly view healthcare as a holistic activity. They want nutrition advice, exercise regimens, and alternative cures, not just specialist therapy. This shift in patient preferences fuels the desire for multi-service healthcare facilities that can meet several health and wellness goals. Initially, Joseph and Bonnie ignored it and kept progressing, growing at around 10%. They did a first-quarter review, and it was clear they were not on track to meet their financial freedom goals. They were convinced that something had to change, but they knew working harder to build new referring relationships was not scalable. They could only see so many patients daily, and hiring more therapists would add to their overhead. They needed a solution that minimized overhead growth while maximizing potential revenue. Joseph and Bonnie started taking patient requests seriously and realized a clear pattern. Patients were looking for wellness, not just treatment. Patients wanted to know if they could have a one-stop shop for preventative and therapeutic care. This was a new concept to Joseph and Bonnie, but they began exploring it and found an incredible and vast potential revenue stream in things like product offerings, DME, and more. Such a change toward integrated healthcare delivery is consistent with the ongoing tendency within the pharmaceutical sector to develop into wellness providers with patient-centric services (Moreno, 2019). This represents a larger healthcare shift from treating sickness to promoting well-being. Pharmaceutical corporations are expanding their position to include disease prevention, wellness, and patient-centric services for different health needs. Patients want a single source of preventative and therapeutic care. At first, Joseph and Bonnie only wanted to add what they could manage and keep the specialty singular. However, it soon became clear that their patients were looking for a more sophisticated preventative care so they hired a part-time nutritionist who turned into a full-time nutritionist. They bought used fitness equipment and hired a part-time fitness instructor who turned into a full-time instructor (Joseph recently replaced this person as the full-time trainer because of his personal love of fitness; the perks of being the boss). So what is value adding? Is it simply the addition of multiple complementary specialties into your practice? Maybe. Recent developments in primary and pharmacy care have demonstrated that value addition can be achieved by implementing cutting-edge health methods like digital medicines and remote patient monitoring (Smith, 2021). Value-adding extends beyond incorporating diverse specialties. Digital medicines and remote patient monitoring improve patient care and convenience. These strategies satisfy patients’ desire for individualized, accessible treatment, bringing value to a practice. It could also be the addition of community events, marble floors in the patient bathroom, or a cooling station with fancy refreshments. The true value add in a practice is unique to the patient community. It’s a matter of listening to the value-adds they seek and finding a way to accommodate them that supports the larger purpose and mission. If your practice is in a really nice part of town and you managed to get a great deal on space but are short on cash, it could be a matter of setting up one fancy area in your practice that you can afford to spruce up (it should also be functional, before you go replacing drapes). Whatever change you attempt needs to address two things: Patient requests – Surveys often help the most in this area Patient function – You want the value to add(s) to be usable in some way that improves the patient’s experience both individually and as a group A fancy cooling station with multiple settings, fruit, vegetable-enhanced water, and more can get patients talking and feeling fancy. Often these changes can also help enhance the practice’s
Maximizing Chiropractic Efficiency: The Power of Integrated Software Solutions
In today’s digital age, the healthcare industry, including chiropractic practices, is rapidly evolving. With the rise of technology, there’s an increasing need for integrated software solutions that can streamline operations, enhance patient experience, and boost overall efficiency. In this context, the integration of platforms like Genesis Chiropractic Software and TrackStat is nothing short of revolutionary. The Need for Automation in Chiropractic Practices Automation is no longer a luxury but a necessity. With the increasing demands on healthcare professionals, manual processes can become tedious and prone to errors. By automating tasks such as patient management, appointment scheduling, and follow-ups, chiropractors can ensure a smoother and more efficient workflow. This not only saves time but also reduces the chances of human error, ensuring that patients receive consistent and high-quality care. Segmentation for Personalized Patient Care One size doesn’t fit all, especially in healthcare. Every patient is unique, with different needs and health conditions. By segmenting patients into different categories based on their health conditions, treatment plans, or other criteria, chiropractors can offer more personalized care. This not only enhances the patient experience but also ensures that each patient receives the most appropriate and effective treatment. The Power of Sales Pipelines in Patient Conversion A robust sales pipeline is crucial for any business, including chiropractic practices. By tracking new patients, their last and next visits, and other relevant information, chiropractors can gain valuable insights into their conversion rates. This data can be instrumental in identifying areas of improvement and implementing strategies to boost patient conversion. Enhancing Patient Retention with Data Analytics Patient retention is a critical metric for any healthcare practice. By analyzing data on patient drop-offs, chiropractors can identify specific points in the patient journey where they’re losing patients. With this information in hand, they can implement targeted strategies, such as educational workshops or progress exams, to enhance patient retention. Streamlining Operations with Two-Way Texting and Smart Reactivations Communication is key in healthcare. Two-way texting allows for seamless communication between chiropractors and their patients, ensuring that patients are always informed and engaged. Additionally, smart reactivations can help chiropractors identify and reach out to patients who haven’t been in for a while, ensuring that they continue to receive the care they need. Reducing Accounts Receivable with Integrated Solutions Financial health is crucial for the sustainability of any practice. By integrating solutions that help reduce accounts receivable, chiropractors can ensure a steady cash flow and financial stability. This not only ensures the smooth running of the practice but also allows chiropractors to invest in further enhancing their services. Conclusion The integration of platforms like Genesis Chiropractic Software and TrackStat offers a plethora of benefits for chiropractic practices. From automating tasks to enhancing patient experience and boosting efficiency, these integrated solutions are truly game-changers. As the healthcare industry continues to evolve, it’s crucial for chiropractors to leverage the power of technology to stay ahead of the curve and offer the best possible care to their patients. Note: For a deeper dive into these topics and to hear firsthand experiences from industry experts, watch the video at the top of this page.
Why ClinicMind?
DO YOU know a practice owner who wants more patients in her clinic, better pay-per-visit, and better collections? We all know healthcare practice owners who want to remain independent and grow and yet are frustrated by insurance companies and continuous battles to get paid and stay compliant. Now, as a patient, do you like visiting a healthcare practice, receiving bills, and reconciling them with your insurance company? You are not alone. As it turns out, most other people do not like their patient experience. The problem is that patient and independent practice needs have evolved in step with society and technology, but management methodology remained in the 19th century. There’s a fundamental mismatch between how healthcare practices and patients are managed — and the practice owners’ and patients’ expectations. We came to a startling observation: patients no longer want their care to be managed the way it used to be managed in the previous century. And yet, practice owners still use their old methods to memory-manage their practice. Who is taking advantage of this mismatch? The insurance companies – payers. From the outset, we knew that healthcare costs are spiraling out of control. We also knew that insurance companies, medical equipment manufacturers, pharmaceuticals, and hospital executives have been all making handsome returns and benefitting from healthcare cost growth. One question bothered us: why are the practice owners unable to participate in that growth? How was it that the key contributors to healthcare service were excluded from fair compensation for their work and grew exceedingly frustrated with rules and regulations? Some providers were selling their practices to join larger networks or hospitals, and others were moving to different industries. National studies have shown that physician burnout rates are climbing up. For instance, Mayo Clinic Proceedings reported that the prevalence of burnout among U.S. physicians was 63% in 2021, compared with 38% in 2020, 44% in 2017, 54% in 2014, and 46% in 2011. We also noticed that with experience, medical billing managers start cherry-picking insurance companies for easy follow-up. So, the practice owners could not get paid on time and in full by a growing number of insurance companies (payers). The more obstacles payers pose – the less paid the providers are. Payers were stacking the game against the providers by continuously adding new rules to reduce payments and increasing the frequency of provider audits. In addition to continuous consolidation, resulting in scarcity of payers (a market structure known in economics as Oligopsony), which allows the payers to drive the reimbursement fees down, they also have a two-pronged resource advantage: attract Ivy-league MBAs to build sophisticated claim-processing protocols and discover every little pretext to deny or delay claim payment leverage the most powerful digital technology to implement those protocols on the ever-growing volume of claims. ClinicMind was founded to address two basic challenges facing providers: a patient-provider expectations mismatch and payer-provider adversity. First, the patients have transformed how they expect healthcare service delivery, but practice owners have not adapted their practice management methodology. Second, insurance payers underpay and delay payments because they make a substantial profit from the “float.” The float is the money insurers hold onto between the time they collect premiums and the time they pay out claims. In summary, 1. The Basic Mismatch Between Patients and Providers: a. Background: The healthcare industry has undergone significant changes in recent years, with patients becoming more proactive in managing their healthcare and demanding a different level of service. This transformation is largely due to increased access to health information through the Internet and the rise of patient-centered care models. However, many practice owners, particularly in traditional healthcare settings, have not adapted their practice management methodology to meet these changing patient expectations. b. Conflict: Patient Expectations: Patients today expect convenience, transparency, and a more personalized approach to healthcare. They want to schedule appointments online, access their medical records easily, and receive timely, clear communication from their healthcare providers. Provider Resistance: Many practice owners and healthcare providers are accustomed to traditional, paper-based methods and may hesitate to embrace digital technologies or change their established processes. This resistance can result from the comfort with the status quo, fear of the unknown, or high implementation costs. c. Resolution: To resolve this conflict, healthcare practices must adapt to the changing landscape. This may involve investing in electronic health records (EHR) systems, online appointment scheduling, telemedicine services, and more. Additionally, training staff and providers to use these technologies effectively is crucial. Clear communication with patients about these changes, the benefits they bring, and how data security and privacy are maintained can help build trust and reduce resistance. 2. Payer-Provider Adversity: a. Background: In the healthcare system, insurance payers (such as health insurance companies) often maintain a substantial portion of their profit through a financial mechanism called the “float.” The float is the money insurers hold onto between the time they collect premiums and the time they pay out claims. This float can represent a significant source of income for payers. However, it can create a conflict of interest with healthcare providers. b. Conflict: Payer Profit: Insurance payers benefit from maintaining a healthy float, as they can invest these funds and earn returns. The larger the float, the more profit they can potentially make. Payers have a significant advantage over the providers because of the oligopsony and because of significantly larger resources for better talent hiring and data processing. Provider Concerns: Healthcare providers, on the other hand, often face challenges in receiving timely and appropriate payments from payers. Delays or disputes in claims processing can impact their cash flow and ability to provide care. Providers feel that payers prioritize maintaining their float over ensuring prompt reimbursement. c. Resolution: Transparency and fair contracting: Establish clear and fair contracts between payers and providers that outline payment terms, including prompt payment schedules and dispute resolution mechanisms. Industry consolidation: Metcalf’s Law states that the value of a network is
Leading with Purpose: Resilience and Revolution in Chiropractic Care with Dr. Gilles LaMarche!
In the vast landscape of healthcare, chiropractic care often occupies a misunderstood and underutilized corner. Yet, this specialized field has so much to offer, not only in terms of physical wellness but overall health and vitality. This article sheds light on the broader implications of chiropractic practice, inspired by the profound insights shared by chiropractic trailblazer, Dr. Gilles LaMarche. The Chiropractic Paradigm: A Game-Changer for Health The nervous system, with its extensive network of nerves and cells, serves as the body’s primary system. It is the master controller of our body, orchestrating each function and process. Yet, many of us overlook its role in our health journey. A chiropractic approach places the nervous system at the forefront, emphasizing the importance of maintaining its optimal function to achieve overall well-being. Chiropractic care transcends beyond addressing neck and back pain—it is about unlocking the body’s potential to self-heal and self-regulate. As more people begin to grasp this, they can make more informed decisions about their health, prioritizing spinal and neurological health as essential aspects of their wellness routine. Young Chiropractors: The Future Advocates As the healthcare paradigm shifts towards prevention and holistic well-being, it’s an opportune moment for young chiropractors to step forward. They can be the advocates for change, sharing their expertise in neurological function and spinal health with the broader healthcare community and their local circles of influence. Even the smallest communities can benefit from their visibility, gradually erasing misconceptions and elevating the understanding of chiropractic care. Authorship as Influence Credibility is key in the information-saturated world we live in. For chiropractors, writing and publishing work on chiropractic practice can elevate their standing in the community, while also expanding their reach. Dr. LaMarche’s own experience as an author has seen the beneficial effects of such endeavours, with chiropractors being able to enlighten more people about the benefits of chiropractic care through their published works. As we move forward in an era where personalized, holistic health care becomes the norm, chiropractic care is poised to play a significant role. The insights from Dr. Gilles LaMarche underline the potential of chiropractors as essential health providers and advocates for change, propelling us towards a future where spinal health and well-being are recognized for the pivotal roles they play in our overall health. It’s time to unleash the full power of chiropractic.
