5 Common Medical Accounting Mistakes Chiropractors Make and How to Avoid Them
Introduction
Imagine this: Your chiropractic practice is running smoothly, patients are streaming in, and your hands are full ensuring they leave satisfied. But behind the scenes, something critical is being overlooked—your financial health. Billing errors, neglected expenses, and unpaid claims are silently eating into your profits. What if you could identify and fix these issues before they jeopardize your practice?
Here’s a staggering fact: 30-40% of medical claim denials result from billing and coding errors. For chiropractors, these mistakes can amount to thousands in lost revenue every year. Yet, they’re avoidable with the right strategies and systems in place.
In this guide, we’ll uncover the top five medical accounting mistakes chiropractors make, discuss their impact, and provide actionable solutions. With insights from financial experts like Altrust Services, you’ll learn how to maintain a healthy bottom line while focusing on what you do best—caring for patients.

1. Inaccurate Billing Practices
Billing errors are among the most common and costly mistakes in chiropractic practices. Incorrect use of CPT codes, undercoding, or overcoding can result in claim denials, audits, and even legal penalties.
Common Errors:
- Undercoding: Failing to bill for all services provided, leading to revenue loss.
- Overcoding: Inflating claims, risking audits and financial penalties.
- Improper Documentation: Insufficient treatment notes to justify billed services.
- Patient Information Errors: Misspelled names or incorrect insurance details.
- Lack of Follow-Up: Neglecting unpaid or denied claims.
How to Avoid:
- Train your staff regularly on coding updates and documentation standards.
- Use billing software to ensure accuracy and automate processes.
- Partner with experts like Altrust Services for streamlined billing solutions and error-free submissions.
- Conduct regular internal audits to catch and correct mistakes early.
2. Neglecting Expense Management
Poor expense management can lead to financial instability and hinder growth. Without a clear understanding of where your money is going, it’s easy to overspend or miss cost-saving opportunities.
Common Challenges:
- Overlooked operational expenses.
- Vendor contracts that haven’t been renegotiated in years.
- Lack of a financial buffer for unexpected costs.
Solutions:
- Regular Expense Reviews: Periodically review spending to identify unnecessary costs and areas for savings.
- Optimize Vendor Contracts: Negotiate better terms or switch to more affordable suppliers.
- Establish Emergency Funds: Build a cash reserve for unforeseen expenses.
- Use Technology: Implement scheduling and billing tools to minimize missed appointments and enhance efficiency.
3. Inefficient Claim Processing
Inefficient claims management is a significant barrier to financial stability. Up to 61% of denied claims are due to incomplete or delayed responses to documentation requests, resulting in missed revenue opportunities.
Problems:
- Incomplete or missing documentation.
- Failure to follow up on denied claims.
- Lack of tracking systems for claim status.
Solutions:
- Implement billing systems that flag errors before submission.
- Develop a schedule for tracking and resubmitting denied claims.
- Outsource Revenue Cycle Management (RCM) to professionals like Altrust Services for streamlined processes and improved claim acceptance rates.
4. Overlooking Financial Reviews
Skipping regular financial reviews is like driving without a map—you might be headed in the wrong direction without realizing it. Without these reviews, creeping expenses and cash flow issues can go unnoticed until it’s too late.
Importance of Reviews:
- Identify trends in revenue and expenses.
- Spot and address potential financial issues early.
- Realign budgets to meet long-term goals.
Steps to Implement:
- Use chiropractic financial software with built-in reporting tools.
- Schedule monthly or quarterly financial reviews.
- Focus on key metrics like revenue, profit margins, and spending patterns.
- Make immediate adjustments based on insights from reviews.
5. Inadequate Staff Training
Staff training is often overlooked, but it’s essential for accurate billing and coding. Research shows that 30-40% of claim denials stem from staff errors in coding and documentation.
Issues:
- Lack of familiarity with updated billing codes.
- Misuse of modifiers, leading to claim rejections.
- Insufficient knowledge of insurance verification processes.
How to Improve:
- Schedule regular training sessions on billing and coding updates.
- Provide ongoing education on revenue cycle management.
- Establish a feedback loop to track staff performance and encourage improvement.