The Healthcare Industry is Booming, But Whoâ s Getting Paid?

The healthcare industry has become a multi billion dollar monster, but while pat ients see costs skyrocket and insurance companies, pharmaceutical manufacturers and even attorneys see their profit margin grow, why is it that chiropractic pro viders are seeing decreased revenue per patient year after year? Experts consider mismanagement, exorbitant waste and fraud to be some of the mai n elements that contribute to the out of control numbers and although rarely con tributing to the problem, Chiropractors are feeling the pinch. A recent report f rom The Institute of Medicine found that over $750 billion was attributed to the se factors in 2009 alone. This was almost thirty percent of spending for that ye ar. Other factors such as the increase in average age, expensive advances in tre atment and care as well as â defensiveâ care are also responsible for the rise in costs. Are You Missing Out By Not Catering to The Needs of An Aging Population? The population is aging and according to The Centers for Disease Control and Pre vention 71 million Americans, or 19.6% of the population will be 65 years old or older by 2030. This is an increase of 7.2% compared to the 35 million Americans 65 years or older in the 2000 census. As the population ages we see an increase in chronic illness such as poor joint health, deteriorating bone density and ne urological disorders as well as the need to utilize health care services more fr equently, yet the reimbursement to chiropractic and other medical practitioners to care for and treat these patients adequately has decreased. Private practitio ners are finding that while they are well versed in patient care, they are not a s prepared to keep up with ever changing guidelines for reimbursement. The syste m lacks the infrastructure to provide them with support. There is also a growing need for more coordination between providers so that tre atment is streamlined to properly treat the patient, as well as avoid duplicatio n of services that cost providers in expected reimbursement. Defensive Care Creates Challenges for Most Doctors while Creating Opportunity fo r Chiropractors In 2004, The Congressional Office of Technology Assessment found the need to def ine defensive medicine. This ever growing issue occurs when the practitioner fee ls the need to order more tests or procedures to not only treat the patient, but to assure they donâ t subject themselves to liability issues or frivolous malpractic e lawsuits when the patient outcome is less than desirable. This type of care we ighs heavily on the system by driving up health insurance costs, medical provide r malpractice insurance costs and even causing some doctors to turn away high ri sk patients. Many of these â high riskâ patients could find tremendous benefits from the healing power of Chiropractic care. Medical Advancements Create a â True Healingâ Void? Advances in pharmaceuticals, biopharmaceuticals and treatment options have provi ded many patients with treatments and solutions for their ailments, but the mone y spent on pharmaceuticals in the U.S. is almost twice what is spent in the rest of the world. The biomedical industry has also grown by an average of 10 percen t per year since 2004. Chiropractic care could address many of the problems faci ng these overmedicated members of the U.S. population. When it comes to health care costs for the patient and the lack of reimbursement for most medical providers the solutions arenâ t always simple. However, the facts c learly point to a need for shift by the Chiropractic community in both marketing and demographic focus. Getting Paid to Be The Hero If the services your practice offers do not cater to the specific needs of our a ging community your practice is missing out on a valuable revenue stream and sen iors in your area are missing out on affordable wellness. Our Senior population has on average a higher level of care plan compliance when compared to other dem ographics and are extremely vocal about the Doctors they love outperforming ever y other demographic 2 to 1 when it comes to referrals. Investing both time and c

apital adjusting your practice to welcome this important patient demographic cou ld be the best business decision you make. www.kaiseredu.org/Issue-Modules/US-Health-Care-Costs/Background-Brief.aspx#What% 20is%20driving%20health%20care%20spending?, http://www.iom.edu/Reports/2012/Best -Care-at-Lower-Cost-The-Path-to-Continuously-Learning-Health-Care-in-America.asp x, http://www8.nationalacademies.org/onpinews/newsitem.aspx?RecordID=13444, http ://www.aaos.org/news/bulletin/janfeb07/clinical2.asp, http://www.kff.org/rxdrugs /upload/3057-08.pdf, http://www.pharmameddevice.com/App/PrintFriendly.cfm?linkid =23294&moduleid=3162&appname=100485