In 2006, two out of three chiropractors increased billings (67%), while almost ninety percent (88.3%) of chiropractors sold retail products to patients. At an average $28.5 collections per patient visit (PVA), retail product sales to patients remains a major revenue source. But for junior practitioners with a humble patient growth record, point of service sales is the fastest way to increase practice revenue.
An added benefit of such sales is improved patient relationship. By offering your patients quality products that enrich their lives outside of your office, you demonstrate your care. Your patients are reminded of you – and of your care about them – every time they use the products you sell them. Better patient loyalty means lower attrition, frequent referrals and, eventually, improved profits.
Stick to familiar products. Offer products you use during your treatments. Offer items like topical analgesics, hot and cold packs, orthopedic pillows and supports, water-based pillows, herbal packs, massage tools, lotions, oils, butters, scrubs, aromatherapy, etc., which can be used in your office to benefit your patients daily.
Maintain exclusivity. Choose products not available in retail stores. Patients feel special if you offer products they can not find in mass retail markets.
Display. Set up retail displays in both waiting room area and the treatment room. Make sure the patients can feel, touch, sample, read about the benefits of the products, and ask you questions, giving you an opportunity to talk about their benefits.
Manage accounting. Best billing systems manage both healthcare claims and point of service sales records uniformly, without imposing extra complexities on practice management. The challenge is to process healthcare claims with insurance companies while leaving point of sales records aside and still produce correct sales and balance reports for each patient.