While most doctors who make the move to Integrative healthcare to focus on more holistic care, and to better align with their personal philosophy, there is the question of whether the clinic can be profitable.
Is there a Market for Integrative Doctors?
According to a report from the National Center for Complementary and Integrative Health (NCCIH) since 2007, Americans have increased their use of fish oil, probiotics, and melatonin, among hundreds of supplements. This rising health consciousness points to a need for more holistic doctors who look at health and wellness rather than simply curing diseases.
Nearly 20 million adults in America have had chiropractic or osteopathic manipulation, and nearly 18 million adults practiced meditation. These treatments along with the adoption of other alternative therapies all show the increasing care people want to take for their health.
The Rise of Alternative Medicine
Alternative medicine careers have skyrocketed in the last decade and continue to remain popular among patients. Many patients feel uncomfortable with simply trusting in the guidance of Western or Traditional medicine.
In fact, American patients have increased their spending on alternative medicine products by 26 percent since the year 2000. This trend will continue to grow as awareness increases and generations shift.
What is the Average Salary for Integrative Doctors?
According to the Bureau of Labor Statistics (BLS) health diagnosing and treating practitioners earn a median annual salary of $74,000 annually. Of course, this is the based rate and does not account for additional revenue available to clinic owners.
According to the Association of Accredited Naturopathic Medical Colleges (AANMC), naturopathic doctors (NDs) working in large practices earn between $80,000 and $90,000 per year.
Keep in mind that actual salaries may vary greatly based on specialization within the field, location, years of experience and a variety of other factors. Plus, as you gain more years of experience, you’ll be able to demand a higher salary.
Through offering supplements, IV Therapy and many other types of wellness solutions, the average Integrative clinic can become a viable and profitable business for all involved.
If you’re planning to run your own practice, it is wise to spend time networking and marketing yourself in the community where your practice is located.
Naturopathic doctors who have worked at building a reputable practice have been known to earn upwards of $200,000 per year.
Is the Integrative Market Competitive?
According to the AANMC, the amount of Naturopathic Doctors practicing in the U.S. has tripled over the last decade. While there are approximately 3,500 NDs working, there is also a growing interest from patients, therefore competition will depend on factors unique to your situation and location.
If you plan to run a private practice, it’s important to consider the area where you’ll be located. Look at how many alternative medicine practitioners in the community or will you be providing a solution to a demand? Networking and marketing yourself is one of the best ways to get your name out there and build your base of clients.
If you are thinking of moving your practice into an integrative health model, chances are you are wondering how much you can earn. Thanks to our years of experience in the holistic medicine field, we can assure you that the opportunities are available and ready to take for doctors practicing Integrative medicine.