In this FDD Talk 2016 post, you’ll learn the following:
- Section I – Background information on the HealthSource Chiropractic franchise opportunity, including relevant news updates
- Section II – Estimated initial investment for a HealthSource Chiropractic franchise, based on Item 7 of the company’s 2016 FDD
- Section III – Presentation and analysis of HealthSource Chiropractic’s financial performance representations, based on Item 19 of the company’s 2016 FDD, including information on the:
- 2015 average monthly collections for the 271 HealthSource Chiropractic franchise outlets that (i) have operated and used the Phunkey/HS Worx billing software for the entire 2015 fiscal year (January 1, 2015 to December 31, 2015) and (ii) were in good standing with the franchisor (meaning that the franchise must not have a past due initial franchise fee or continuing franchisee fee balance that the franchise is not actively trying to pay)
Section I – Background Information
Chris Tomshack retired from his own chiropractic practice at the ripe old age of 37, but he still had an entrepreneurial spirit that wanted more. What he did was study a variety of industries to come up with a system for starting and running chiropractic practices.
After opening several successful new practices, he realized that franchising his concept made perfect sense. That’s when he launched the HealthSource Chiropractic and Progressive Rehab franchise program in 2006.
The company grew the number of locations fairly quickly, up to a peak of 395 in 2013. But since then the number of locations has declined to its current 360.
Here’s how HealthSource Chiropractic and Progressive Rehab keeps things cracking in the chiropractic franchise segment:
A Winning Combination
It’s one thing to be a great chiropractor, and another thing to be a good business person. What HealthSource does is combine the two.
Tomshack honed not only a superior treatment protocol for patients, but also the behind-the-scenes business practices that can take any chiropractic practice from good to great.
More Than Chiropractic Care
More and more people are looking to go to fewer places to receive the health and wellness treatments they want, which is why HealthSource offers a lot more than just basic chiropractic treatments. It encourages clients to look at the bigger picture of their health to lay out a vision and goals to achieve and maintain overall wellness.
They offer services ranging from weight control and meal planning to massage and sleep therapies along with a full range of chiropractic and rehabilitation treatments.
Balancing Patient Care and Business Care
Small chiropractic practices have a very hard time growing and thriving when treating patients forces running the business to take a back seat. Between keeping up with new technologies and treatments, hiring and training staff, dealing with insurance, and marketing, it’s no wonder so many practices feel stuck.
The point of becoming a HealthSource franchisee then becomes clear – you get all the support you need to run the business side of the practice so you can really focus on treating patients and giving them the keys to unlock their health – which will keep them coming back for more.
What HealthSource Brings to the Table
HealthSource has figured out some things they don’t teach you in medical school, like how a practice can see 200-300 patients each week in an efficient manner without spending an arm and a leg on overhead; how to quickly transition patients from pain elimination to an overall wellness approach to keep them engaged and involved; providing the best technology, HSWorx, needed to handle practice management from patient billing to appointment scheduling; a whole advertising and marketing department to make sure the world knows about your practice, including Next Level Complete for robust Internet marketing efforts; and HealthSource University, which provides all the training and skill development everyone on your staff needs to take your business to the next level.
Section II – Estimated Costs
- Please click here for detailed estimates of HealthSource Chiropractic franchise costs, based on Item 7 of the company’s 2016 FDD (updated).