For a newly graduated chiropractic doctor, the prospect of setting up a practice is both exciting and downright daunting. You may have already been scouting out an attractive location, the best tables and equipment, and envisioning how you’ll market your new practice to attract clients. But before even opening the door to your new patients, you need a solid business plan to address how you’re going to fund your practice.
Will you be solo, or will you hire an office manager or a chiropractor’s assistant? How will your office be managed, including patient information, scheduling, and billing? These are substantial questions and costs to consider. When expenses, assets, and liabilities are taken into account, the average cost to set up a chiropractic practice may range from $50,000 — $100,000.
Whatever your bottom line amount turns out to be, the most important take-away is that it costs more to set up your practice the wrong way than it does the right way.
The lenders you approach will certainly ask about your start-up costs, your assets and liabilities, and your net worth. They’ll want to review your cash flow projection and financial requirements for the first year of operation. They’ll want to know that you’ve done your research, and are truly dedicated to sustaining a chiropractic practice and serving patients.
What may impress them the most, however, is that you’ve also done your research on the most effective EHR software that will set you squarely on the path to higher revenue collection and patient retention from day one. In addition, the EHR software can fully function as your front desk, eliminating the need to hire an office manager or front desk staff person. Being able to focus on patients more than paperwork will save you valuable money as well as time.
Platinum System EHR and billing software has doubled patient volume for established chiropractors, without increasing staff needs. Equally beneficial, patients find it easy and intuitive to use, and feel more like a partner in their care plan since they have access to their full records and S.O.A.P. notes in the software. Patients feel that their time is valued when they don’t have to repeat paperwork at each visit, and we know that valued patients become loyal referrals.
Plus, Platinum System’s assistance with insurance billing and exceptional customer support saves DC’s even more time and expense. The EHR and billing systems are offered at affordable plans, depending on whether you choose to subscribe or purchase the software. You can get started for just $119.99 per month, which includes full tech support, updates, text message reminders, online forms, and credit card integration.
If you’re starting a new practice, Platinum System may very well be the best investment you’ll make to ensure that your business starts out on the fast-track to success. Quick, reliable, and seamless, Platinum System has a retention rate of over 95% among thousands of doctors around the world.
View our free online demo to see how our tools can help you grow your practice. We offer a free 30-day trial, with no credit card required. To discuss how Platinum System might serve your startup needs, contact us online or call us at 888-808-4898.
