In 2020, the COVID-19 pandemic caused only a slight dip in chiropractor office revenues industry-wide. Chiropractor revenue grew steadily from 2012 to 2019. Even though chiropractor services were considered essential in most of the country, economic shutdowns took a toll in 2020 halting the increase.
However, chiropractor revenue is expected to grow once more, reaching $15.6 billion by 2024. The chiropractic field continues to be highly competitive, with over 67,000 chiropractic businesses in the US in 2021.
Factors Driving The Trend
There are a number of factors driving the overall growth in chiropractor revenue. Many of them can be attributed to changes in attitudes in the medical community and the aging of the US population.
Since the historic decision in Wilk et al vs the American Medical Association, the medical community has become more open and accepting of chiropractic medicine. Many medical practitioners now recognize that traditional medical treatments for back pain are ineffective. This recognition coupled with the Rand Corporation’s 1992 analysis of spinal manipulation as an effective intervention for lower back pain led to new treatment recommendations by the Agency for Healthcare Research and Quality. Twenty years later, in 2015, the Joint Commission added chiropractic to its pain management standard.
With the traditional medical community now embracing the benefits of more holistic approaches to treatment and patient well-being, chiropractors began to receive referrals and broader acceptance of their services.
The American population is aging and that bodes well for chiropractors. The American Chiropractic Association estimates that chiropractors treat approximately 35 million Americans each year. Patients are middle-aged, married, and more likely to be female than male. As the population ages, more Americans are middle-aged and female, so the core demographic is expanding.
An estimated 5%-10% of senior Americans visit a chiropractor at least once a year seeking relief from pain. Many of these treatments are now covered by Medicare.
These are all positive trends for chiropractors. However, most practices are still looking for ways to increase revenue.
How Offices are Increasing Chiropractor Revenue
Increasingly, offices are increasing their revenue with the addition of complementary services and products. Nutrition is a natural part of holistic treatment, so it only makes sense that offices would add diet and nutrition-related services.
Dietary counseling
Research published in the Journal of Manipulative and Physiological Therapeutics connects a diet-induced proinflammatory state to chronic pain and other degenerative diseases. Nutritional counseling to reduce proinflammatory states as well as address healthy blood pressure levels, blood sugar levels, and weight are natural integrations to the chiropractic office.
A National Institutes of Health-funded study of chiropractors in New York state found that 80% of those surveyed provided nutritional counseling. It’s no wonder chiropractors see the value in diet. Just compare the education of a conventional medical doctor to a chiropractor. The conventional medical school education may contain few if any classes in nutrition, and if offered are provided as elective courses. Most chiropractic colleges incorporate at least 2 nutrition courses in the core curricula.
Chiropractors are filling the void in dietary counseling. According to the National Board of Chiropractic Examiners, 57% of the chiropractors in the United States co-treat obesity and diabetes. And because they take a whole-patient approach, they include dietary counseling as part of their treatment plan. Additional services create additional revenue.
Nutritional supplements
Most Americans don’t eat a diet that supports optimum health. Because nutrition plays such an integral part in every system of the body, dietary counseling often includes recommendations for nutritional supplementation.
Adding nutritional supplements to your arsenal of treatments allows you to customize the regime of supplementation exactly to the patient’s needs. When you have access to a broad spectrum of vitamins, minerals, botanicals, and glandulars such as those produced by Nutri-West you can develop a personalized multi-vitamin that’s as individual as the patient’s fingerprint.
Also, when your office provides the supplements, you are assured of the quality and purity of the product your patients take.
And as your patient’s nutritional needs change, it’s easy to change the supplementation regime. Additional products create additional revenue streams.
The Future for Chiropractor Revenue is Bright
With greater recognition of the profession and an increased focus on wellness as a health strategy in the US, the future of chiropractic is bright.
In New York alone, Statista projects chiropractor revenue to be $694 million by 2024. As we move into 2022, there’s every reason to believe revenue trends will continue to be positive.