How We Serve Chiropractors
It takes a special kind of passion for one to become a chiropractor. The practice is unlike any other medical profession, hovering on the line between alternative healing and generally accepted medical practice. Many chiropractors go through the years of education and training required for their profession based on the desire to spread the same type of healing they received some years before, healing that inspired them to help others feel the same sense of relief from pain. Though in recent years chiropractic care has received more recognition, many are still skeptical. However, the relief a chiropractor can bring to his or her patients is beyond amazing.
We want to give you that same kind of relief when considering your practice’s financial situation. As a medically based CPA firm, we understand the specific needs of chiropractors and alternative health specialists, and can customize our extensive service offerings for you. Taxes, accounting, and financial planning for a medical office can be complicated, and is definitely not the reason you went to medical school. That is where we come in. We want to inspire you to build the practice of your dreams, and will be with you every step of the way. At every stage of your career you need a trusted adviser who can motivate you to take charge of your financial situation by holding you accountable and showing you how to decrease your overhead, increase your savings, and increase your revenue.
At Parkhurst & Associates CPA PC, one of our specializations is fee-based financial services for medical practices, including chiropractic firms. Here are some of the services we offer:
- Start-up Tax & Entity Planning
- Practice Acquisition Consulting
- Ratio & Industry Benchmarking
- Transition & Valuation Consulting
- Partnership Financial Consulting
- Tax & Accounting Services
- Comprehensive Financial Planning
Professional Services for Chiropractors in Private Practice
What would it take to motivate you to think about how much something you’re not doing is costing you? Have you ever stopped to consider how small inefficiencies affect your practice? Inefficiencies such as patient no-shows, failure to return phone calls, slow processing of insurance claims, and low new-to-return or infrequent-to-regular patient conversion percentages can cost a chiropractic practice thousands of dollars each year. These may seem like small matters, something to be handled when you aren’t so busy; but have you ever analyzed the dollar amount lost because you were just too busy?
Traditional tax and accounting services barely skim the surface of the needs a chiropractic office has. Our firm understands the amount of time and dedication it takes to building a successful practice, and we provide several fee-based, industry-specific consulting services to help you understand your financial position. True financial consulting involves in-depth benchmarking of a practice’s Key Performance Indicators (KPIs) to determine areas of inefficiency and acts as a foundation for measuring the progress made toward reducing inefficiencies to meet an organization’s goals.
Are the office visit fees too low? Is the practice spending excessive amounts of money on unnecessary overhead expenses? Are the collections timely and adequate? How does my practice stack up against the competition? These are all questions a chiropractor needs to ask that industry benchmarking can answer. If you don’t benchmark your practice against other chiropractic firms or wellness centers, and against the goals you’ve set, how will you know which areas you need to improve? Regardless of your goal, we can find the causes of inefficiency and work with you to determine what the cost is to your practice in dollars, and point you in the direction to increase productivity and revenue.
Start-up & Transition Services for Chiropractic Partnerships & Wellness Centers
Some of the chiropractors we’ve worked with are either in the beginning stages of their career, or are looking to advance their career by partnering with an established chiropractic office. Other chiropractors choose to start their career at a wellness center or chiropractic franchise, where the financial side of the practice is handled by another owner or corporate accounting department. This is a great place to start, because it allows a new chiropractor to spend more time on patient care without the hassle of bookkeeping, accounting, or other tedious financial paperwork. But what if you could have that kind of convenience in your own practice, or as a partner in an established chiropractic firm?
On that note, if such an opportunity existed, how would you value a practice to determine wage-splitting? Is it always 50/50 in a partnership? These are questions for both a chiropractor who is considering partnering with an established firm, and for a seasoned chiropractor who is considering expanding his practice. If you already have an established chiropractic career and are thinking about bringing on a new doctor or other alternative health professional to help your practice continue to grow and succeed, some of the same services we offer new chiropractors from the buyer-side perspective can be taken advantage of from a seller-side perspective. Based on the activities a new partner will be performing, we can assess the value of those activities to the practice and help devise a customized plan for dividing income between partners. This service can also be used when dissolving a partnership as a chiropractor or other health professional who has a stake in the firm transitions out of the practice.
Let Us Serve You
Just one consultation is all it will take for you to understand the value our firm can add to your chiropractic career. We would be happy to serve you by scheduling a free initial consultation to discuss the financial statements for the practice, and to determine if our firm is a good fit for the needs of your practice. For more information about the specific services Parkhurst & Associates offers, or to learn how we can help you save money on taxes, better understand the financial side of a chiropractic office, or grow your practice by correcting inefficiencies give us a call at 512.582.7500. We look forward to working with you!