Traditional methods for determining the value of a practice are being expanded as a new mind-set is entering the chiropractic profession. The new mind-set creates questions about whether a practice has positioned itself for maximum marketability by properly incorporating technology and software into the practice itself.

Consider this:

• If you were to go out and purchase a device to play your favorite music, would you place a higher value on a cassette player or an Apple iPod?
• Would you choose to move into a neighborhood that had no cable television, and offered only the old over-the-air networks for viewing?
• Would you even consider buying a house with no indoor plumbing?

Obviously not. As technology improves, our expectations grow and change. We understand the value that new technology, systems, computers, and software add to our lives. And we look for ways to incorporate them into our purchases.

Unfortunately, many chiropractic practices still operate as though technology is not at the center of today's health care world.

Digital Expectations

Consider Generation Y, the generation that will most likely be looking to buy your practice. This is the most technologically advanced generation ever. Consider the facts about your potential audience of buyers:

• They have never known life before cable television.
• They grew up with CD players and digital music.
• They likely have a personal Web site on Facebook.com or Myspace.com.
• Most don't have a land-line telephone and rely on cell phones as an integral part of their lives.
• Most have never experienced life without e-mail and the Internet.

By relying on these technologies, what has this generation come to expect? Quality, speed, convenience, and efficiency.

Future Health's Dashboard Documentation
The Hyper-Speed note can provide a comprehensive note in less than 20 seconds for existing patients. The navigation and intuitive drop-down boxes allow DCs to complete thorough documentation in fewer clicks and fewer screens.	The navigation is similar to a car's dashboard and can be driven with voice activation, a stylus, a mouse, or by touch. Click on either image above to open a larger version in a new window.

The point is that these young chiropractors will eventually want a digital, paperless office providing them the same quality, speed, convenience, and efficiency in their operational practice. The amount of investment they will have to make to get your office up to their expectations could lessen the value of your practice in their eyes.

With this in mind, how will this generation look at paper records, travel cards, and old-fashioned x-ray files? How will a technology-savvy audience view your current practices from a financial standpoint? What about in terms of ease of use and efficiency? It's likely they would move on to look for a practice that is more technologically advanced, or even start their own practice.

Raise Your Practice's Value

Expecting a Lot

Here are some of the expectations that Generation Y will likely expect and demand:

Integration. This generation expects integration. From their digital music player, to their computer, to their cell phone—they are connected. And they will expect your office to be likewise if they're to pay a premium.

Customization. The "one-size-fits-all" approach of yesterday won't survive in today's marketplace. Customization is the buzzword. And it's become a selling point for everything from personal computers to automobiles to athletic shoes. It will also be the case in choosing what practice to buy.

Speed. This generation has a lot of strengths, but patience is not one of them. They can recall documents instantaneously, then e-mail, call, scan, page, chat, or overnight mail (if you're not in a hurry) to correspond anywhere in the world. They live fast and expect speed to be the norm. Slow software just won't cut it.

Versatility. The coming generation is technology savvy. They will expect and demand a software and a company with an ongoing future vision to allow for upgrades and additional components that can be added to their systems as they grow.

The more technologically advanced you can make your practice, the more value it will have for this technology savvy generation. Here are some things you can do:

Acquire high-speed Internet: It may seem simple, but this coming generation expects to be wired. And while it is something they can easily add, if you're not wired to a high-speed connection, then they will realize that your systems and records will likely not be up to speed.

Have up-to-date computing hardware: If your computer hardware is out of date, a potential Gen Y buyer will plan on replacing it and not give you credit for it. Plus, he or she will also question how up to date your records can be.

Be sure your software meets federal standards: The value of those patient records that you are trying to sell will be seen with a very different perspective by this digital generation. Will yours meet their expectations?

Having a software system that meets the digital expectations of this generation could be the most important thing you can do to add technology value to your practice. Keeping in mind the characteristics of your future market of buyers, start making choices in your practice that will appeal to them. When catering to this group of consumers, you don't have to compromise any aspect of your practice. There's no need to feel overwhelmed by just the thought of implementing a technology- savvy system that meets their needs. By carefully choosing your software systems, you can increase the value of your practice and even eliminate some existing headaches.

This digital generation will want a practice that is technologically up to date in the following areas:

To see how software helped one DC improve his workflow, check out our May 2007 article, "Software: Streamline Your Practice."

• Billing. They will want a system that allows them to meet federal expectations that are acceptable to third-party payors such as Medicare. They will expect auto alerts that remind them, reduce errors, and increase collections.
• Documentation. This is a two-headed monster. You need simplicity to allow for speed, yet it must be comprehensive enough to allow you to meet federal guidelines for appropriate documentation.
• Electronic health records. A true electronic health record will be a must to this coming generation. They know the difference between simple document files and health records that are interactive.
• Integration with other technology. This generation finds it important to find a software system that works closely with the other technology they want in the practice. Will your software work well with Myovision, PulStar, Titronics, and digital x-rays? It should if you want to appeal to the next round of buyers.

Brian Sibenaller is CFO of Future Health Inc, an Iowa-based technology company that offers software solutions for chiropractors. Contact him at (800) 348-7657, or by e-mail: at .