April 14, 2016 // Franchising.com // SCOTTSDALE, Ariz. - With a unique, consumer-focused healthcare model that successfully overcomes issues around convenience, cost and insurance concerns, The Joint Corp. (NASDAQ: JYNT) today announced it has continued the impressive growth trajectory that has characterized the company’s performance over the past three years.
The Joint achieved a 48 percent year-over-year growth in patient visits, topping 3.1 million in 2015. That number is up from the roughly 2.1 million visits reported in 2014. On average, traditional clinics handle approximately 490 visits a month compared to The Joint with an average of more than 1,600 patient visits a month for well-established clinics.
The increase in raw volume can be partially attributed to The Joint’s rapid expansion in the U.S. Since going public in November 2014, the company has opened 81 new The Joint® Chiropractic clinics, bringing the total number of locations to 330 across 29 states.
“We are opening clinics quickly to ensure that patients continue to enjoy convenient, no-appointment-needed access to high-quality chiropractic care close to home, work or when they’re traveling,” explained John Richards, chief executive officer of The Joint Corp. “The Joint offers a patient experience that sets it apart from a typical visit to a doctor’s office. Our patients tend to be busy and want to visit their chiropractor when it’s convenient; they don’t want to readjust their schedules to accommodate their doctor’s availability.”
Rather than relying on insurance, The Joint offers affordable self-pay options that are usually less costly than an insurance co-pay. This approach eliminates frustrating pre-authorizations and referrals and removes limits on the number of visits. It also enables many patients to benefit from a maintenance program to enhance mobility and quality of life once their initial pain is alleviated.
“Our unique structure reflects how well our care model is aligned with current patient expectations and needs while being flexible enough to seamlessly adapt to the increasing consumerization of healthcare,” Richards said. “It also dovetails perfectly with the transition to a focus on prevention and wellness rather than treating patients who already have medical problems.”
The Joint’s patient-friendly approach is helping increase demand for chiropractic care overall. Company figures show 20 percent of patients were new to chiropractic (i.e. they had never been treated by a chiropractor before. The Joint’s retail approach to healthcare, as well as growing consumer acceptance of chiropractic care as a mainstream treatment option, will likely drive even greater demand. The 2015 Gallup-Palmer Inaugural Report: Americans’ Perceptions of Chiropractic, found that 57 percent of U.S. adults are now likely to visit a doctor of chiropractic (DC) if they experience back or neck pain.
Growth is also expected to be stimulated by an increase in the already high prevalence of musculoskeletal disorders, which are often treated by chiropractors. Experts predict the incidence of these disorders will surge as the population ages since Americans 45 to 64 years old suffer from the highest rate of musculoskeletal conditions. According to The Bone and Joint Initiative, back and neck pain affects nearly one in three adults and half of all American adults will suffer from a musculoskeletal disorder during their lifetime. Back pain causes 12 to 14 percent of U.S. adults to visit their physician, more than any other musculoskeletal complaint.
“The Joint is well positioned to take advantage of existing, emerging and future trends that will impact market demand for chiropractic care,” Richards stated. “We look forward to anticipating market needs and developing the groundbreaking innovations needed to succeed now and in the future value-based healthcare system.”
The Joint is reinventing chiropractic by making quality care convenient and affordable for patients seeking pain relief and ongoing wellness. Our no-appointment policy and convenient hours and locations make care more accessible, and our affordable membership plans and packages eliminate the need for insurance. With 330+ clinics nationwide and nearly 3 million patient visits annually, The Joint is an emerging growth company and key leader in the chiropractic profession. For more information, visit www.thejoint.com, follow us on Twitter @thejointchiro and find us on Facebook, You Tube and LinkedIn.
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In California, Colorado, Florida, Illinois, Minnesota, New Jersey, New York, North Carolina, Oregon and Tennessee, The Joint and its franchisees provide management services to affiliated professional chiropractic practices.
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, our failure to develop or acquire corporate clinics as rapidly as we intend, our failure to profitably operate corporate clinics, and the factors described in “Risk Factors” in The Joint Corp.’s Registration Statement on Form S-1. Words such as "anticipates", "believes", "continues", "estimates", "expects", "goal", "objectives", "intends", "may", "opportunity", "plans", "potential", "near-term", "long-term", "projections", "assumptions", "projects", "guidance", "forecasts", "outlook", "target", "trends", "should", "could", "would", "will" and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
SOURCE The Joint Corp.
For The Joint Corp.
(480) 664-8412 ext. 15
Based in Scottsdale, Arizona, The Joint is reinventing chiropractic by making quality care convenient and affordable for patients seeking pain relief and ongoing wellness.