A chiropractor works with patients to help them recover from pain in the most natural way possible. They also offer holistic treatment plans to restore the patient’s flexibility and mobility when recovering from inflammation or strain. Hence, the chiropractor must set up a clinic that is conducive to achieve these goals. Here are some tips on starting a chiropractic practice.
Creating A Business Plan
A business plan puts the chiropractor’s vision into writing. It details all the business aspects of the practice, including the list of services and the team of medical professionals who will deliver the services, marketing strategies, and financial projections. By drafting a business plan, the chiropractor can gauge its viability and timeliness.
Registering the Chiropractic Practice
The chiropractor must decide on the type of legal entity appropriate for the practice from the business plan. Here, the professional separates personal liability from the liability arising from the clinic.
Types of chiropractic practice include:
- Solo practice
- Group practice
- Hospital-owned practice
- Federally certified health care center
- An academic health care center
Next, the clinic has to register for state and federal taxes by first applying for an EIN.
Acquiring The Relevant Licenses and Permits
A chiropractic clinic must have a valid business license before it starts to book any patients. These licenses vary from state to state. Still, a Certificate of Occupancy (CO) permit is necessary for running the practice from any office premise. Most landlords obtain the license on behalf of their tenants. But, when running the clinic from their property, the chiropractor has to liaise with the local government authority to get one.
Establishing the Administrative Requirements
A chiropractic practice maintains books of accounts to capture all the clinic’s transactions. Second, it needs a valid business bank account where all the cash received is deposited. These records make it easier to plan for business growth, comply with tax requirements, and keep tabs on spending. Next, business insurance is crucial to cushion the practice from any sudden loss.
Building the Brand
Finally, the chiropractor has to decide on the values and work ethics that will define the operations. This brand will make the clinic stand out in a competitive medical profession. As an independent professional, the chiropractor takes advantage of various digital marketing tools to establish the brand.
A chiropractor with a bachelor’s degree, a Doctorate of Chiropractic degree, and at least 90 credits of undergraduate work is ready to start their chiropractic practice. They should then concentrate on building customer loyalty to grow the practice.