HealthSource Posts Strong 4Q Results
CLEVELAND, March 6, 2018 /PRNewswire/ -- With more Americans looking for non-surgical and non-prescription treatments for pain as a result of the opioid crisis, HealthSource, America's leading franchise group of chiropractic and holistic care clinics, is experiencing strong patient and revenue growth.
HealthSource finished 2017 with positive earnings, buoyed by a strong fourth quarter promotion that attracted 16,000 new patients, an increase of more than 11 percent. Revenue was also up 16 percent. In response, the franchise is scheduled to open 17 new clinics in Q1 of 2018.
Future growth also looks strong. According to a 2017 study conducted by Grand View Research, the Complementary & Integrative Health category is growing 17 percent annually in the United States, and is expected to reach $58 billion by 2025. This health category, as defined by the federal government, includes such services as chiropractic, massage, nutritional supplements and progressive rehabilitation, all services offered by HealthSource.
State governments are also modifying their workers' compensation rules, prohibiting surgery as the first option. Ohio just enacted the new regulation, along with restrictions on opioid prescriptions. Colorado, Minnesota and Washington already have restrictions on surgery as a first course of treatment, and other states are considering changing their workers' compensation regulation as well.
Dr. Chris Tomshack, CEO and founder of HealthSource, expects the changing consumer trends for non-invasive pain treatment to continue. "The opioid crisis has opened the eyes of many Americans that pills and surgery are not necessarily the best way to address pain," said Tomshack. "Millennials in particular are leery of taking prescriptions, and prefer holistic and homeopathic treatments versus surgery and medications."
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