8 Steps to Starting Your Own Chiropractic Practice

Are you considering starting your own chiropractic practice? It's an achievable goal with many advantages, beginning with the ability to be your own boss. Additionally, it allows you to build something that embodies your vision of "how things should be done."

Starting a chiropractic practice is an exciting opportunity, and by following some essential steps, you can increase your chances of making this dream a reality.

Step by step guide to Starting a Chiropractic Practice

1. Create a Business Plan

Creating a business plan is crucial for clarifying your vision and is also essential when applying for a business loan or seeking funding from other sources. Therefore, take your time and approach it with thoughtfulness and thoroughness.

The main parts of a business plan include:

• Executive summary — A brief overview of the other sections.

• Company Analysis — Describe the origins of your business and outline your areas of focus. Additionally, clarify the principles you want your practice to represent, along with your mission and vision.

• Industry Analysis and Strategy — A concise summary of the entire industry and the areas where you can influence it. What actions will you take or what will you provide to set your practice apart (i.e., your competitive edge)?

• Location analysis — What market considerations influenced your choice of practice location? If you are still searching, what are the essential characteristics of an ideal location?

• Competitive analysis — Identify your direct and indirect competitors, along with their strengths and unique features.

• Marketing plan — What will your practice focus be, what pricing model will you use, where will you choose to locate, and how will you promote and expand your business?

2. Grasp Your Initial Costs

Naturally, opening an office requires financial expenditure. When presenting your business plan to a lender for a loan application, it's essential to have a clear grasp of your start-up costs. 

The typical expense for starting a new chiropractic practice is approximately $120,000. This amount covers tangible costs like buying equipment, furnishings, and renovating the space (build-out costs are about $75 per square foot, depending on your location).

You should also allocate approximately $1,500 per month for a marketing budget, along with costs for rent, utilities, insurance, license renewal, billing systems, electronic health records software, and wages if you employ staff. Experts recommend that when calculating your startup costs, it's prudent to overestimate to accommodate any unexpected expenses later on.

3. Choose Your Business Structure

There are various business structure options, each offering distinct advantages to consider. It is advisable to consult with a qualified attorney in your state to guide you on your choices and assist in obtaining all necessary licenses and registrations.

4. Acquire Malpractice Insurance and Business Coverage

Having malpractice insurance is crucial for chiropractors. Since you are responsible for diagnosing and treating patients, there is always a risk of being sued. Navigating through the various malpractice insurance options can be daunting, so it’s wise to consult with colleagues, conduct online research, and consider several options before selecting a provider. Additionally, as a business owner, you must also have general liability insurance to protect your practice against incidents like slip and falls, employee injuries, fire, theft, and more.

5. Plan for the Future

Costs per square foot differ significantly between cities, but experts concur that a space of approximately 1200 to 1500 square feet is adequate for a solo practitioner. This includes treatment rooms and a front desk, while also allowing for future expansion.

Remember that the space you rent might just be a large, empty room. You'll need to redesign it to meet your needs and ensure it's both visually appealing and professional for your patients. Plan thoroughly for the present and future. Make sure to obtain several contractor bids and understand the construction timeline — choose contractors experienced in medical office design. This process can be slow, so incorporate that into your schedule.

6. Assemble Your Team

Initially, it's important to hire a capable and personable front desk receptionist. This individual will handle tasks such as answering the phone, checking in patients, scheduling appointments, and helping patients fill out forms, among other responsibilities.

Keep in mind that the front desk is your initial opportunity to create a positive impression on your patients, so ensure it's a strong one. To cut costs, consider hiring someone on a part-time basis with the potential for full-time employment as your practice becomes more established.

There may come a time when you need and want to hire more staff. Consider who these individuals should be and how you intend to manage them. Take advice from successful businesses that ensure their team members understand all facets of the business, so they are prepared if a crucial employee departs or becomes ill.

7. Choose the Appropriate Technology for Investment

Selecting the appropriate EHR technology can enhance the growth of your chiropractic practice and optimize all facets of your business, particularly if you are a solo practitioner — so don't skimp! This also applies to appointment scheduling software and any other software that aids in the efficient operation of a chiropractic practice.

8. Leverage Marketing

In today's era of social media and the internet, there are many options to promote your new practice. Investing in a professional-looking, user-friendly website is beneficial, as is hiring someone to handle your social media. Explanatory videos on your site can enhance SEO and can also be shared on other relevant platforms or used in online advertising. You might also think about creating a "video press release" to announce your opening, which can be distributed widely and cost-effectively.

Traditional networking is highly beneficial. Contact local professionals to inform them about your new practice and encourage them to refer patients to you.

As mentioned before, becoming a member of your state's chiropractic association, the local Chamber of Commerce, and other professional organizations will assist in spreading the word — and may offer chances for you to address groups or join panels, thereby boosting your market presence.

Ensure Protection Before Starting Your Practice

Even if you take all the necessary steps to establish your practice, a lawsuit could still jeopardize your career. Having chiropractic malpractice insurance is the only certain way to safeguard against a lawsuit from a patient incident or injury, ensuring you can effectively protect your assets.

If you need any additional information or need to obtain insurance please visit our MALPRACTICE INSURANCE RESOURCE HUB page on this site.

This material was provided by our partner carrier The Medical Protective and Advisory Board of Chiropractors.