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?
New ICA-Endorsed Medicare Legislation Introduced in House
The Chiropractic Act of 2022 (H.R. 8701), introduced by Rep. Bill Posey (R-Fla.) and endorsed by the International Chiropractors Association, is touted by the ICA as Medicare legislation "that can be quickly passed into law. It provides clear instructions for standard of care evaluation and management services (exams and radiological imaging when needed)."
In a press release announcing the new legislation, the ICA summarized the key points of H.R. 8701, which would "amend title XVIII of the Social Security Act to ensure equitable treatment of items and services furnished by chiropractors under the Medicare program," as follows:
- "Provides specific instructions to CMS to cover what is standard of care – evaluation and management services – specifically including examination and when needed radiographic imaging services, while specifically excluding any expansion of scope for the prescribing of drugs – an important clarification that the Congress agrees with a majority of the chiropractic profession."
- "[S]treamlines provision regarding patients' freedom to privately contract for services so that all physicians as defined in Medicare (which includes chiropractors) are able to privately contract. This is commonly referred to as the Opt-Out Provision. Chiropractors are the only physicians currently not included in this provision."
- "Eliminates the vestiges of the antitrust discrimination against chiropractors that were at play in 1972 when chiropractic was included in Medicare."
- "[P]rovides swift implementation so that Medicare Beneficiaries may reap the benefit of the changes as quickly as possible."
Editor's Note: As of press time, it is unclear how H.R. 8701 compares / differs from American Chiropractic Association-endorsed companion Medicare bills currently under House and Senate review (H.R. 2654 and S. 4042, respectively). Stay tuned.