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The Ultimate Guide to Chiropractic Practice Financial Management

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The Ultimate Guide to Chiropractic Practice Financial Management | Altrust Services

The Ultimate Guide to Chiropractic Practice Financial Management

Financial management shapes every adjustment, treatment plan, and expansion decision you make. With a clear strategy, you’ll control costs, stabilize cash flow, and fuel growth—so you can focus on exceptional patient care, not spreadsheets.

1. Establishing a Financial Budget

A forward‑looking budget keeps spending disciplined and growth intentional.

  • Identify Fixed Costs: Rent, payroll, and utilities form your non‑negotiable baseline.
  • Allocate for Growth: Reserve funds for marketing, equipment upgrades, and staff training.
  • Monthly Variance Checks: Compare actual spend against budget to spot leaks fast.

2. Streamlining Accounts Receivable (AR) and Accounts Payable (AP)

  • Automate Invoicing & Payments: Accounting software sends patient statements and schedules vendor payments on autopilot.
  • Dedicated Follow‑Up: Assign staff or set automated reminders for overdue balances to keep AR days low.

3. Managing Payroll Effectively

  • Payroll Platforms: Tools like Gusto handle multi‑state taxes, direct deposits, and benefits in one click.
  • Consider Outsourcing: If complexity rises, a payroll service can reduce compliance risk and free up time.

4. Tax Compliance and Optimization

  • Healthcare‑Savvy CPA: Capture deductions for supplies, CE, and business travel while staying compliant.
  • Real‑Time Expense Tracking: Log deductible costs immediately to avoid scramble during tax season.

5. Tracking and Categorizing Expenses

  • Receipt Apps: Tools like Expensify scan receipts and auto‑categorize spend.
  • Review Recurring Costs: Audit subscriptions and supply contracts quarterly for savings opportunities.

6. Revenue Cycle Management (RCM)

  • Integrated Billing: Automate claim submissions to cut errors and speed reimbursements.
  • Staff Coding Training: Fewer mistakes mean faster payments and fewer denials.

7. Investing in Practice Growth

  • Marketing Budget: Fund digital ads, community events, and referral programs.
  • Technology & Equipment: New modalities and efficiency tools boost patient value and revenue.

8. Financial Reporting and Analysis

  • Monthly P&L Reviews: Understand revenue drivers and expense drains.
  • Balance Sheet Health: Track assets, liabilities, and equity to gauge long‑term stability.

9. Cash Flow Management Techniques

  • Rolling Forecasts: Anticipate slow seasons and plan cost adjustments ahead of time.
  • Flexible Patient Payments: Offer installment plans to minimize outstanding balances.

Conclusion

A disciplined approach to budgeting, automated billing, meticulous expense tracking, and strategic investments transforms financial chaos into predictable profit. With these practices in place, your clinic can thrive—providing top‑tier care while maintaining rock‑solid financial health.

Book a financial strategy session with Altrust Services and set your practice on a path to sustainable growth.

Why AltruST is Your Ideal Offshoring Partner?

Looking to elevate your team with top-tier talent? Meet Altrust – your go-to offshoring ally for businesses of all sizes.   

At Altrust, we’re all about crafting teams that vibe with your culture and values. Our commitment to quality and professionalism makes us the perfect fit for businesses seeking offshoring excellence.   

With a proven track record, our seasoned professionals are here to guide you through the offshoring journey, ensuring a seamless and successful partnership.   

Partnering with Altrust means tapping into our expertise in cultural alignment, talent acquisition, and employee management. We’re not just a service; we’re your dedicated partner in building the perfect global team for your business – whether you’re a small startup or a big player in the market.   

To reach out to Altrust please contact us at buildmyteam@altrustservices.com. Let’s discuss how we can enhance your team with top-tier talent and explore the benefits of offshoring excellence together. Looking forward to connecting! 

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MEDICAL TRANSCRIPTIONIST
40 hrs/week

Approx. Price Per Hour (USD): $10.00

 

Responsibilities:

  • Transcribe dictated recordings from healthcare professionals into written reports
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  • Ensure proper formatting and adherence to healthcare documentation standards
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  • High school diploma or equivalent required
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  • Create and implement comprehensive marketing plans to attract and retain patients
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  • Bachelor’s degree in marketing, communications, healthcare administration, or a related field required
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Highly Regarded Skills and Experience

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Responsibilities for a Developer Specialising in WordPress

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Requirements

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SEO SPECIALIST

40 hrs/week
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Responsibilities

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Requirements

  • Proficiency in Google Analytics, including GA4.
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  • Minimum of 3 years of experience in SEO, preferably in an agency setting.
  • Strong understanding of HTML/CSS and website structures.
  • Excellent written and verbal communication skills.

COLD CALLER

40 hrs/week
Approx. Price Per Hour (USD): $10.00

Responsibilities
  • Cold call real estate sellers from provided lead lists
  • Qualify sellers and properties over the phone
  • Schedule appointments for the acquisition team to visit potential investment properties
  • Log all calls and appointment details in the CRM (Folio)
  • Achieve daily and weekly appointment-setting targets

     

Scope
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  • They will use an internal CRM to log calls and appointments.
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Requirements

  • 6 months experience in cold calling and/or appointment setting
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  • Organized and detail-oriented
  • Familiarity with CRMs

MEDICAL BILLER AND CODER

40 hrs/week
Approx. Price Per Hour (USD): $10.00

Responsibilities
  • Obtain authorizations and pre-approvals from insurance companies
  • Verify patient insurance coverage
  • Submit claims to insurance companies
  • Follow up on unpaid/denied claims
  • Appeal denied claims
  • Communicate with insurance companies to resolve issues
  • Maintain accurate patient records
Requirements
  • 6 months experience in medical billing
  • Knowledge of billing practices, terminology, and software
  • Strong attention to detail and organization skills
  • Excellent written and verbal communication abilities
  • Able to multitask and prioritize effectively
  • Passion for improving the patient and provider experience

MEDICAL RECEPTIONIST

40 hrs/week
Approx. Price Per Hour (USD): $10.00

Responsibilities

  • Calendar and Task Management
  • Answer incoming phone calls
  • Schedule appointments for new and existing patients
  • Enter patient information into EMR system
  • Follow up on missed calls
  • Make reminder calls/texts for appointments

Requirements

  • At least 6 months experience as a Medical Receptionist
  • Familiarity with medical terminology and health insurance
  • Excellent phone skills and customer service skills
  • Strong attention to detail
  • Proficient with computers and data entry

DIGITAL MARKETING

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Enhance your online presence with our comprehensive Medical Digital Marketing package, designed to attract more patients and maximize your ROI. Our services include:

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✅ SEO (Basic & Expansion) – Improve search rankings and increase visibility.
✅ Google Business Profile Management – Stand out in local search results.
✅ PPC Management – Get high-quality leads with targeted ads.
✅ Social Media Marketing – Engage with patients and grow your brand.
✅ Email/SMS Marketing – Connect with your audience effectively.
✅ Press Release – Build credibility and brand awareness.

 

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