Operating a successful podiatry practice in today’s complex environment requires the ability to effectively respond to key trends.
This means adjusting the modalities you use, the types of services you offer, and understanding what drives practice profits while navigating through market changes. To help through this process, we identified the top four industry trends.
- Fewer services being covered due to the Affordable Care Act (ACA)
- Lower reimbursements associated with podiatric services
- Competition from other healthcare providers treating traditional podiatry conditions such as plantar fasciitis and achilles tendonitis.
- A shift toward non-invasive, non-pharmaceutical pain management options
MLS Laser Therapy can help you turn these trends into opportunities by providing a cash-based service offering with an attractive profit margin that differentiates your practice from the competition and meets the growing demand for safe and effective pain management options. For additional information about how MLS laser therapy can help you expand your practice, download our FAQ ebook.
Let’s take a closer look at these trends and how MLS Laser Therapy can help your practice:
- Changes in coverage due to the ACA. Given the growing pressure on profit margins from the Affordable Care Act and lower reimbursement levels from many insurance providers, it is important for podiatry practices to find new ways to optimize their income with technologies that also provide a higher level of care for patients. MLS Laser Therapy meets both criteria: it effectively treats some of the most common patient problems while also offering additional cash-based income opportunities to offset fewer covered services under the ACA.
- Lower insurance reimbursement levels. The impact that the current state of reduced reimbursement models is having across the healthcare profession has been widely reported. As such, podiatrists need new strategies to mitigate the issues caused by reduced insurance reimbursement rates and changing reimbursement models. Introducing a cash-based, highly effective modality such as MLS Laser Therapy can be a key part of creating a more profitable future for your practice.
- Competition from other healthcare providers. Chiropractic and orthopedic practices looking to grow their own revenue and services are offering patients treatments for conditions which have typically been provided by podiatrists, such as plantar fasciitis. In order to combat these competitive forces, progressive podiatry practices are turning to new technologies such as MLS Laser Therapy to offer their patients cutting edge, effective services.
- Changes in pain management and trends. From the Millennials to the Baby Boomers, today’s consumers are looking for safe, effective, and non-invasive pain management alternatives. MLS Laser Therapy has been shown to reduce inflammation and pain more effectively than pharmaceuticals fora wide range of inflammatory conditions. This type of laser therapy is quickly becoming the standard of care in alleviating both acute and chronic pain with an 85 to 90 percent efficacy rate, without the risks of surgery or prescription pain killers. Plus, studies have shown that MLS Laser Therapy helps patients heal faster as well.
The four trends discussed above are driving forces that will help shape the landscape of the podiatry profession in the future. MLS Laser Therapy is a progressive and profitable modality that can help your podiatry practice address them successfully. Contact us to learn more about MLS Laser Therapy.
To continue researching the advantages of laser therapy on your practice, download our white paper: “Increasing patient care and practice profits: Could laser therapy be your solution?”.
