2. In total, the chiropractic industry generated around $12.5 billion in revenues last year.
3. There are now about 75,000 chiropractors in the U.S., but that number is expected to grow about 15% over the next decade (which would bring the total up to more than 86,000.)
4. According to a comprehensive survey of DCs, the average gross billings are now $$619,530. That’s up from $608,100 last year.
5. Average collections have also increased for chiropractic practices. The projected 2018 average collections are $448,850, which is up from $443,100 in 2017 and $385,000 for 2016. Therefore, the average DC reimbursement rate is now hovering around 72 percent.
6. Chiropractic practices are welcoming an average of nine new patients per week and seeing a total of 139 patients per week with a PVA (patient-visit average) of 16.6.
7. The average DC pays his Chiropractic Assistants $34,180 annually. (Not surprisingly, there’s also a positive correlation between CA pay and higher practice earnings!)
8. DCs also spend $22,800 on office leases or mortgages, $13,440 on advertising, and $2,715 on malpractice insurance on average.
9. Whether they’re big or small, chiropractic practices still aren’t maximizing their earning potential. In fact, 98% of chiropractic practices still earn less than $1 million a year.
10. Where will income growth come from for DCs and their practices? The field of chiropractic will continue to experience a huge opportunity for growth in response to the opioid painkiller epidemic in the United States. In fact, the opioid crisis is so profound that legislators are starting to take notice and promoting laws that support and encourage chiropractic care as a primary alternative treatment for managing pain instead of opioids.
This movement has been called a “once in a lifetime opportunity” for DCs, as the time is now for chiropractors to invest in their own growth and success!