Small Business Funding Options For Chiropractors & Physical Therapists
Even though chiropractors and physical therapists face increasing challenges to have a high level of client satisfaction, they have seen drastically higher customer satisfaction ratings than normal. This industry relies heavily upon insurance payments. Chiropractors and physical therapists often have to wait several weeks to months before receiving payment for their services. This leads to cash flow issues.
The time that a chiropractor or physical therapist spends waiting for payments from an insurance carrier results in a loss of profits and makes it more difficult to pay for recurring expenses. Having updated equipment and inventory cannot be postponed. Chiropractors and physical therapists reputation revolves around their patients seeing results quickly after treatment.
While waiting for these insurance payments to come in, the business has to survive off of the revenue from copays. This may be enough money to stay afloat, but it is by no means sufficient capital to expand a business or have any sort of improvements.