Wednesday, May 27, 2015 08:06pm
North Adams, MA now: 66 °   
Send news, tips, press releases and questions to info@iBerkshires.com
The Berkshires online guide to events, news and Berkshire County community information.
LOG IN | REGISTER NOW   

Home About Archives RSS Feed
The Independent Investor: Snap, Crackle and Pop
By Bill Schmick On: 02:44PM / Thursday February 28, 2013
Important
1
Interesting
1
Funny
0
Awesome
0
Infuriating
0
Ridiculous
0

Chiropractors are seeing more patients than ever and that trend is expected to continue as Baby Boomers grow older. The popularity of alternative medicines and Americans newly-found caution towards pain killers only increase the demand. But the real question is can the industry get paid for it?

By 2016, the chiropractic industry is forecast to reach $14.8 billion in revenues. Those sales are divided among 142,000 to 143,000 chiropractors practicing in America today. That number is growing slowly even though the healthcare industry overall continues to grow far faster. The slower growth can be explained by a number of trends that have turned out to be a two-edged sword for the industry.

As I mentioned, the graying of America has been one trend that has filled the offices of many chiropractors around the nation. To be fair, my headline is misleading since the days of forcing someone's body into contorted positions and inducing a snap, crackle or pop are long gone. I, for one, have been going to chiropractors for years ever since injuring my back during a rocket attack in Vietnam. Sharing the waiting rooms with me and my disc issues, have been an increasing array of patients suffering a diverse list of common ailments. Neck pain from whiplash injuries, scoliosis, hip and knee problems and carpal tunnel syndrome are only some of the aches and pains that afflicts all of us oldsters (and many youngsters as well).

Unfortunately, most of these conditions cannot be resolved by surgery nor will they disappear forever once treated. I have herniated discs and for me this is a chronic condition. Although that's bad for me, it's good for the chiropractic business, or could be if it weren’t for the limitations placed on chiropractic visits by most medical insurance companies.

Most plans limit chiropractic visits to 12 sessions a year. I can go through that many visits in one month if I throw out my back severely, which can happen once or twice a year. After that, I pay out of pocket. Most people can't afford that.

Although chiropractic care is gaining acceptance among more and more health-care providers, it wasn't always that way. There was a time in the not too recent past when most medical professionals wrote chiropractors off as quacks or charlatans. The insurance companies, following that lead, made it extremely difficult for chiropractors to be reimbursed for their services.

The passage of the Patient Protection and Affordability Act in 2010 (Obamacare) is expected to improve the position of chiropractors among health insurance providers. The act makes it illegal for insurance companies to discriminate against chiropractors and other providers, relative to their participation and coverage in health plans.

That may be good news, but like other medical practitioners, chiropractors are faced with shrinking reimbursements, while at the same time their regulation and insurance costs are skyrocketing. Another hindrance to the growth of the profession is its position as an alternative medicine and not a primary form of healthcare.

Yet the well-documented shrinking in the numbers of general practitioners in America has also bolstered the demand for chiropractors as an alternative primary care physician.

"People often say they would rather come to us first before going to their doctor," says Ron Piazza, owner of Berkshire Family Chiropractor in Pittsfield and a practicing chiropractor since 1985.

He has a point. In my experience, it usually requires one to two months before I can get a visit with my GP. If there is an emergency, my alternative is the hospital emergency room. But I can get in to see my chiropractor on the day I call, if it is an emergency or a day or two if it is not. I know that whatever ails me, he will have a lot more expertise in guiding me in the right direction.

"More and more, we are being considered the first line of defense by our patients," Piazza explains. "Simply because there is nowhere else to go except the emergency room."

That makes a lot more sense when one realizes that the education required to become a chiropractor is not that much different than that required of a medical doctor. It is a four-year curriculum after college including residency whereas, in general, an MD requires six years, although two of those years are in residency.

From a personal point of view, I can expect to hurt myself at the gym or snow shoeing or cross country skiing or something else at least once or twice a year. The older I get, the less likely that my body can rebound on its own. I have a strong aversion to taking drugs and have found that a chiropractor performs for me the same function an auto mechanic provides for my car. In fact, I'm going for a tune-up tonight.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

 



0 Comments
     
News Headlines
Local Pilots Provided Aid During Clarksburg Brush Fire
C-SPAN to Broadcast BCC Speech by Sen. Warren
North Adams Police Personnel Commended for Life-Saving Actions
Selectmen Approve Phase 1 Of Bridge Repair, Town Warrant
Pittsfield Paid $80K In Moving Costs to 100 North St.
North Adams Financial Review Finds Few Issues
Pittsfield Licensing Board OKs New Classic Car Business
Northern Berkshire Relay for Life Set Friday Night
Humane Society Hosts Talk on Animal Hoarding
Cariddi Fields Questions About The State Budget

Bill Schmick is registered as an investment advisor representative and portfolio manager with Berkshire Money Management (BMM), managing over $200 million for investors in the Berkshires. Bill’s forecasts and opinions are purely his own and do not necessarily represent the views of BMM. None of his commentary is or should be considered investment advice. Anyone seeking individualized investment advice should contact a qualified investment adviser. None of the information presented in this article is intended to be and should not be construed as an endorsement of BMM or a solicitation to become a client of BMM. The reader should not assume that any strategies, or specific investments discussed are employed, bought, sold or held by BMM. Direct your inquiries to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com Visit www.afewdollarsmore.com for more of Bill’s insights.

 

 

 



Categories:
@theMarket (169)
Independent Investor (229)
Archives:
May 2015 (5)
May 2014 (1)
April 2015 (8)
March 2015 (6)
February 2015 (7)
January 2015 (9)
December 2014 (7)
November 2014 (4)
October 2014 (9)
September 2014 (5)
August 2014 (7)
July 2014 (2)
June 2014 (6)
Tags:
Economy Recession Jobs Debt Congress Interest Rates Crisis Japan Oil Stimulus Fed Retirement Election Debt Ceiling Stocks Housing Commodities Selloff Rally Deficit Energy Banks Fiscal Cliff Europe Stock Market Federal Reserve Markets Europe Metals Bailout Euro Currency Pullback Taxes Greece
Popular Entries:
The Independent Investor: Don't Fight the Fed
The Independent Investor: Understanding the Foreclosure Scandal
@theMarket: QE II Supports the Markets
The Independent Investor: Does Cash Mean Currencies?
@theMarket: Markets Are Going Higher
The Independent Investor: General Motors — Back to the Future
The Independent Investor: Will the Municipal Bond Massacre Continue?
@theMarket: Economy Sputters, Stocks Stutter
The Independent Investor: Why Are Interest Rates Rising?
The Independent Investor: How Will Wall Street II Play on Main Street?
Recent Entries:
@theMarket: June Is Off the Table
The Independent Investor: Will Memorial Day Kick Off a Strong Summer?
@theMarket: Another Record High
The Independent Investor: Millennials & Money
The Independent Investor: Avian Flu Scrambles the Egg Business
The Independent Investor: Does Another Trade Pact Make Sense?
@theMarket: Buy on the News
The Independent Investor: Should You Manage That 401(k)?
@theMarket: Right Back Into the Range
The Independent Investor: Brazil Not For the Faint of Heart


Third Thursday May 2015
Pittsfield's monthly summer street festival, 3rd Thursday,...
Girls Inc. Awards 2015
Girls Inc. honored scholarship recipients at the annual...
Williamstown Memorial Day...
Williamstown marked Memorial Day with a parade on Main...
Cheshire Memorial Day 2015
Cheshire residents, veterans, and special guests follow the...
Adams Memorial Day 2015
Adams observed Memorial Day with a parade and a ceremony at...
North Adams Memorial Day 2015
Residents, veterans, and guests met at the Veterans...
Clarksburg Memorial Day 2015
Clarksburg held Memorial Day observances at Town Hall with...
Pittsfield Memorial Day 2015
Pittsfield celebrated Memorial Day on Monday with a parade...
Wahconah High Prom 2015
Wahconah Regional High School held its 2015 Prom at the...
Lacrosse: Wahconah at Taconic
Wahconah won over Taconic 13-3 Friday afternoon.
Lanesborough Memorial Day...
Lanesborough celebrated Memorial Day Sunday with a parade...
Lee High Prom 2015
Lee High School held its senior prom at Cranwell Resort in...
Sullivan School Memorial Day...
Students, faculty, veterans, and distinguished guests...
Lacrosse: Pittsfield at...
Brendan Leary led the Pittsfield boys lacrosse team to a...
T&F: Quad Dual Meet
Mount Greylock's track and field team hosted three other...
Baseball: Wahconah at...
"It was really cold out today, and I had to heat up my...
Third Thursday May 2015
Pittsfield's monthly summer street festival, 3rd Thursday,...
Girls Inc. Awards 2015
Girls Inc. honored scholarship recipients at the annual...
Williamstown Memorial Day...
Williamstown marked Memorial Day with a parade on Main...
Cheshire Memorial Day 2015
Cheshire residents, veterans, and special guests follow the...
Adams Memorial Day 2015
Adams observed Memorial Day with a parade and a ceremony at...
| Home | A & E | Business | Community News | Dining | Real Estate | Schools | Sports & Outdoors | Berkshires Weather | Weddings |
Advertise | Recommend This Page | Help Contact Us
iBerkshires.com is owned and operated by: Boxcar Media 102 Main Street, North Adams, MA 01247 -- T. 413-663-3384 F.413-664-4251
© 2012 Boxcar Media LLC - All rights reserved

Privacy Policy| User Agreement