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A Chiropractic Company is Going Public, The Joint has applied for an IPO

  • DrTirpak

    Poster Profile:

    Name: DrTirpak
    Email: Amy@cecruncher.com
    Age: ????
    Location: Tampa, FL
    Position: Owner
    Sign: Gemini
    Bio:

    Helping Chiropractors find some class is my job.
    Experienced Chiroprctor and Internet lover, Amy Tirpak, DC, started CE Cruncher with the support of the Advertising Agency that she co-owns.


by: DrTirpak posted: October 14, 2014

The Joint - Chiropractic Franchise

The Joint Corporation applied for an initial public offering (IPO) with the U.S. Securities and Exchange Commission on September 9th 2014. The terms of the offering were not provided, yet the S-1 form was filled for up to $35 million. If all goes as planned they will join the NASDAQ with the symbol JYNT later in the year.

The Joint functions as a franchisor of over 215 well-branded cash-only Chiropractic clinics in 26 states, with a strong presence in the West and Midwest of the US. Currently all of the clinic are owned by franchises, mostly Chiropractors.

The company started in 1999 by Chiropractor Dr. Fred Gerretzen in Tucson Arizona and grew to 8 clinics in 2008 when he sold the company to the venture capitalist Business Ventures Corp. In 2010 John Leonesio, former CEO of Massage Envy took the helm of the Joint and this year moved to the position of Chairman of the Board. Leadership changes early this year acquired John B. Richards in the role of Lead Director and his fellow Starbucks Executive David Orwasher as President and COO.

All of the franchised clinics are staffed by licensed Chiropractors, most employing at least two to cover their extensive hours. The clinics operate 6-7 days a week, with weekday hours extending past 5 pm. The Joint clinics do not accept insurance or Medicare and offer inexpensive monthly plans. According to The Joint’s website an initial consultation has a cost of $19, with follow up adjustment at a rate of $29 or a monthly package of 4 for $49 with a 6 month contract or $59 month to month. Packages can be utilized at any of The Joint locations.

Each clinic is structured to offer routine wellness Chiropractic care. They provide exams and adjustments only in an open concept treatment area. The offices are not equipped with x-rays or therapeutic equipment. Appointments are not required, patients are scene as walk-ins. Providing only maintenance care, acute patients are referred to other providers, including traditional Chiropractors.

Their future plans laid out in their IPO include reacquiring regional developing rights and purchasing existing franchises while expanding their own network of clinics and developing additional franchises. Utilizing the Starbucks expansion experience of their new leadership The Joint aims to proliferate in targeted markets with concentrated marketing and reduced operating costs.

The Joint’s federal filling reports an average of 540 to 948 new patients per year in their clinics between 2010 and 2013. In the first six month of this year the franchises generated $19 million in revenue from 948,304 patient visits. So this year their clinics averaged 735 patient visits a month with a monthly revenue of $14,728.62 or $20.03 per patient visit.

Chiropractors interested in their clinic  opportunity can find information about costs upfront. New franchisees pay $29,000 for a clinic of their own, with The Joint collecting half if sold through a regional developer. Each of The Joint’s 40 directly franchised clinics pay royalties of 7% of gross revenues and the remaining clinics franchised through regional developers pay 4% of gross revenues. They also charge a national marketing fee of 1% of gross revenues from to all of their clinics.

The Joint reports that they offer an advantage over traditional Chiropractic offices with prices over 50% less, a retail consumer driven approach and by educating patients on a maintenance approach to Chiropractic care. They believe their appeal to Chiropractors stems from their ability allow them to spend more time treating patients, less overhead, personnel and administrative responsibilities in The Joint’s business model.

Do you own a Joint franchise or work for one? Are you considering buying a franchise? Has a Chiropractic franchise moved close to your office? 

CE Cruncher would love your opinion; we want to know what you think and start a dialogue about the changing face of the Chiropractic profession.

Filed Under Tags:  Chiropractic Franchise  ·  Chiropractors

Comments

seems like I've worked this way before....just help the folks.
by: Mary Lowther
The Chiropractic profession could learn from the Joint, ie; What the Public wants from their Chiropractic Care ... but I fear most Chiropractors will fail to understand the many changes in healthcare delivery ... sad The Joint is offering the Public what it wants ... Dr. Brian Portreous
by: Dr. Brian Porteous

Comment on A Chiropractic Company is Going Public, The Joint has applied for an IPO

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