A Lifeline to Help Chiropractors Survive the Pandemic
NCMIC steps up to become a Paycheck Protection Program (PPP) lender.
COVID-19 has wreaked havoc on small businesses – and chiropractic practices have been no exception. Although the Paycheck Protection Program (PPP) was created to help provide much-needed relief, many businesses that applied for aid found themselves shut out, unable to get the funding they needed.
After NCMIC team members started hearing from chiropractors nationwide who had been unable to get a loan, the company sent a survey to policyholders to ask about their experience with and interest in PPP. The overwhelming response was that DCs desperately needed these loans, but most were unable to even get an application in.
That's when an idea began to form: What if NCMIC stepped up to become a PPP lender? "The idea was a little outside of the box," says Tony Dickinson, president, NCMIC Finance Corporation. "Most PPP lenders are banks, so for a malpractice insurance company to enter the space was pretty unusual. But we are really passionate about doing anything we can to help DCs – not just our policyholders, but the industry as a whole. So we pushed hard to make it happen."
After being vetted and going through an extensive approval process, NCMIC received Small Business Administration (SBA) approval to facilitate PPP loans. By the original June 30 deadline (which has been extended until Aug. 8), NCMIC had already facilitated more than $4 million in PPP loans to hundreds of DCs.
The process has been simple: Confirming eligibility consists of answering a few questions and takes just a few moments to complete. After the appropriate documents are DocuSigned and verified, doctors receive the funds in their designated bank account within one business day.
"This has been an answer to months of prayers, time, and energy," said Dr. Becky Fischer, whose loan was funded in early June. "One of the biggest benefits of using NCMIC was that I actually got to talk to an actual person either when I called or within a short period of time on the same day. Everyone I worked with was easy to talk to – friendly and professional. I never felt put off and there were never any excuses, just results."
With so many practices experiencing lean times, PPP funding has helped DCs keep their doors open and continue paying staff. "We're incredibly grateful to have this opportunity to help the doctors and the industry we're passionate about serving," NCMIC CEO Mike McCoy said. "The bottom line is, when there's a crisis in the DC space, we're here to help. 'We take care of our own,' is our motto, but it's not just words on paper. It guides every decision we make."
Editor's Note: Article submitted by NCMIC. As noted, the Paycheck Protection Program has been extended until Aug. 8, 2020; earlier legislation extended the covered period from eight to 24 weeks and eased loan forgiveness rules. NCMIC has pledged to continue funding loans as long as the program remains in effect.
Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
Some pundits say that the upcoming presidential and congressional races, and many local races, might be the most consequential in our country’s history. We do not have the choice of sitting on the sidelines and hoping our patients will carry our water. Unlike other medical professions such as physical therapists, podiatrists, nurses, etc., the health care class (AMA) will not protect us. We must be in the game.
The most common condition affecting the shoulder is rotator-cuff disease. From acute tears to chronic tendinopathy, it’s common and needs a thorough workup. In fact, even asymptomatic shoulders can have full-thickness rotator-cuff rears in up to 40% of instances. Let’s look at additional conditions that can present to the office with weakness, loss of motion and pain in the shoulder beyond rotator-cuff tears.
