Multidisciplinary Practice: Don’t Wing It
Tip 1
As multidisciplinary practice has increased in popularity over the last few years, I have become aware of a troubling trend. More and more chiropractors are undertaking the conversion of their chiropractic practice into a multidisciplinary practice without the legal and managerial assistance of professionals experienced in this highly regulated area. In a recent survey performed by Chiropractic Economics, 28.7% of chiropractors responded that they practice in a multidisciplinary setting. Only 24.7% of these reported that they worked with a practice-management/consulting group. I call this winging it.
On a positive note, the Chiropractic Economics survey reported that multidisciplinary practices had 61% higher billings, 48% higher collections and earned 81% higher salary than solo chiropractic practices. With the proper guidance, multidisciplinary practice can be highly profitable.
When asked what their multidisciplinary practice concerns were, chiropractors had five common responses. A review of these responses provides insight into some of the reasons why winging it is not an option.
“I don’t know the legal requirements.”
Multidisciplinary practice must meet Federal and state legal requirements. In some states, multidisciplinary practice requires a complex corporate structure composed of three to four unique corporate entities, while other states permit a single corporate entity that varies only slightly from that of a solo chiropractic practice. For this reason alone, it is essential to work with a healthcare attorney well versed in the legal requirements for multidisciplinary practice in your state.
