SMART Chiropractic Billing, Coding, Documentation, Compliance & Business Strategies from Dr. Tom Necela
When it comes time to transition or sell your chiropractic practice, it’s understandable that every owner wants to get top dollar for their business. For many chiropractors, our business is our baby. Our patients are like an extended family or friends. We’ve put years of blood, sweat and tears into building this entity up and we can see the value …
I frequently get questions from docs who are looking to place an associate chiropractor wanted for buyout ad – and aren’t quite sure about some of the buyout details. Interestingly enough, we get an almost equal number of questions from the other side of the fence – from DC’s who have responded to an associate chiropractor wanted ad – and …
In Part 1 of the Chiropractic Practice Sale Marketing Mistakes to avoid segment, we discussed some common mistakes chiropractors make when attempting to attract a buyer or prospect. Admittedly, it’s not an easy task to find a perfect fit for your practice style, location, timing, price and all the other criteria that will make a great match for your sale …
Unfortunately, there are many goofs and blunders you can easily make when selling a chiropractic practice or transitioning your business. Today, we’re going to discuss the first of a series of chiropractic practice sale marketing mistakes that can have disastrous consequences on your chiropractic practice sale or transition. The first mistake most chiropractors make in marketing is to Under-Promote (if …
One question many chiropractors face when nearing their desired retirement or transition goals is simply this: “is it a good time to sell a chiropractic business?” As most DC’s are familiar with stock market surges, a buyer or seller’s market in real estate and similar “timing” issues where one looks to capitalize on the trend of the day, it makes …
When it comes to buying or selling a chiropractic practice, it’s important to consider its price which is determined by both the marketplace and its value on paper. When looking at the value of a chiropractic practice specifically, the single largest contributor to value is typically an intangible asset called “goodwill.” Basically, what this means for the buyer is that …
It’s no secret that chiropractors feel that a lot gets in the way of our desire to care for our patients and practices. In this respect, we are not alone. And I believe part of the keys to success is to look outside the chiropractic bubble towards what other healthcare professionals are doing well – in addition to modeling what’s …
Chiropractic Telemedicine or Telehealth is one of the hottest topics in practice management, clinical patient management and billing/coding circles – and it is one that we have been getting many questions about from the chiropractic community. Because this opportunity to implement chiropractic telemedicine or telehealth in your practice is so new, it’s one that does not have a long track …
As with all things insurance, the one constant is change. Obviously, the feds are no different. Here are four 2019 Chiropractic Medicare updates you must know now (as they are effective January 2019). Medicare Deductible We’ll ease into this with the simple fact that CMS has announced that the deductible has increased slightly for Medicare beneficiaries in Part B, which …
If you are planning a future chiropractic practice sale or transition next year (or within the next three years), there are some strategies that you can employ at the end of the year to better position your business for the eventual sale or transition. The good news is that they are relatively simple moves that can be done quickly. The …
