Happy New Year!
First Newsletter of the New Year!
Thank you, dear subscriber, for sticking with us this last year. We enjoy putting them together and hope you gain insight from them to help you reach your goals.
Our focus is practice and business development. We want to help you grow and improve the quality and quantity of your services and your bottom line. And, in the bargain, enjoy doing so with your spirited team.
I have learned much over these nearly 2-score years of practice management work. I want to pass on observations and strategies that can help you achieve your goals in business, as a professional, and personally as well.
I encourage you to read my book, The Goal Driven Business. Get it and refer to it now and then. The last section has 21 Goal Driven Principles, which distills practice building. Just get the book for those and read one a day.
On the first Thursday of each month, Lisa has a newsletter she sends out. She is our resident pro for all things insurance, credentialing, and practice sales. You can contact her anytime. (More info on her below.)
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CHIROPRACTIC IS GROWING
But to start this New Year off, the message is simple: Be positive and Goal Driven!
There is so much to be optimistic about, and I will present some real reasons for this in the coming weeks. But let's start out with the growth of chiropractic and natural healthcare.
The chiropractic profession is expected to grow at a compound annual rate of 26.3 between 2023 and 2033. This means it is anticipated to grow from a yearly value of $571 million in 2033 to almost $6 billion by 2033.
Compare this to the dental market. It is expected to grow at a compound annual rate of 4%.
There are more conservative predictions for the growth of chiropractic, but most are above 10%. The paper I cite appears well-researched. (Reference is on our blog, link below.)
NOT JUST CHIROPRACTIC
And it is not just chiropractic. As a profession, naturopathy is anticipated to grow by around 15-20% over the next 10 years.
Needless to say, the organic food industry has been growing. Sales were around 13 billion in 2005. In 2023, sales hit 64 billion and are expected to reach 144 billion by 2032.
People have been buying more supplements. In 2000, the U.S. supplement market was valued at $15 billion. In 2023, it was valued at $53 billion.
DRIVERS OF NATURAL HEALTHCARE
What are the reasons for this growth? I am sure it is obvious to you when you work with patients every day. Americans want to be healthy and what has been promoted to them, well, has been making them worse. So, they are looking elsewhere.
It's no secret that American's health, when compared to other industrialized countries, ranks last.
Surveys show that there is a significant shift in consumer attitudes towards proactive health management rather than reactive treatment. This shift is also towards non-invasive and drug-free treatments. In some cases, Grandma's remedies were better! Surveys show that consumers are seeking alternatives to pharmaceuticals due to concerns about side effects and dependency.
Other factors that are driving chiropractic and natural health include:
Seniors and sports! There is a rising incidence of conditions such as back pain, arthritis, and sports injuries, particularly among aging populations and those with sedentary lifestyles. People want help without surgery. And all professional football teams use chiropractors, so weekend athletes also seek natural care.
Growing Awareness and Acceptance: Surveys also show that more people are becoming aware of the benefits of chiropractic care.
Integration with Conventional Medicine: Reports indicate increased collaboration between chiropractors and other healthcare providers. I personally know chiropractors who work in hospitals.
Affordability of Services: Chiropractic care is generally more affordable than many conventional medical treatments.
For auld lang syne, my friend,
Ed
References:
U.S. Chiropractic Market Size, Share & Trends Analysis Report By Designation (Clinic, Wellness Center, Rehab Center, Franchise), By Location (Urban, Suburban, Rural), And Segment- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033
Chiropractic Care Market Size, Share & Growth Trends, 2031 https://www.persistencemarketresearch.com/market-research/chiropractic-care-market.asp
U.S. Chiropractic Market Size, Share & Trends Report, 2030 https://www.grandviewresearch.com/industry-analysis/us-chiropractic-market
Chiropractic Care Market Size, Share, Scope, Trends, Growth ... https://www.verifiedmarketresearch.com/product/chiropractic-care-market/
Advancing Chiropractic Care: Opportunities and Challenges for the ... https://jfsdigital.org/articles-and-essays/2024-2/vol-28-no-4-june-2024/advancing-chiropractic-care-opportunities-and-challenges-for-the-future/
The Future of Chiropractic Market: AI and Automation's Role in ... https://www.linkedin.com/pulse/future-chiropractic-market-ai-automations-role-k18fe/
America ranked last.
Organic Food
Supplements
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If your practice-building efforts aren’t taking you to your goals, there are reasons -- many of which are hidden from you.
Find out what they are and how to sail to your next level by getting and implementing my book, The Goal Driven Business.
The Goal Driven Business
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