I’ve spent the past six months truly digging into the valuation of our industry (what our industry is “worth” from a financial standpoint) and industry trends. I’ve recently partnered with an investment firm to find a business in integrative health to acquire and run for its next stages of growth.
This journey is just starting, but it’s forced me to really analyze and understand not only the data available to us, but also what’s missing for next stages of growth in acupuncture as it relates to the complementary and integrative health industry.
I’m already seeing three key areas where we have opportunity. I’ll be diving more deeply into these in future articles, as it’s important for us to understand not only at a high-level, industry-wide perspective what issues need to be addressed, but also how each of these initiatives can be furthered through our individual practices.
1. The Value Gap
There is a huge disparity between how we as an industry view ourselves (first and foremost because we often don’t think about our industry as a whole) and how different entities view us. I was able to convince a global firm that complementary and integrative health is an area that should be part of its portfolio (with actual data), and it was not only accepted, but also enthusiastically received.
If people smarter than me can look at the industry and see such incredible opportunity, why do we often spend an enormous amount of time and energy concerned about things being taken from us, or not having enough, as if there is no way to grow without being on the defense? There is plenty to go around.
2. Obstacles to Perception
We have a lack of standardization compared to other health professions, and this is confusing. While there are aspects of this non-linear approach that are beautiful, such as the personalized nature of a treatment or treatment plan, the lack of consistency as a whole causes some tension with the current health care delivery system we have.
While it’s not necessary to protocolize our entire medicine in order to be included in the system, it is important to realize that this lack of a consistent standard with regard to education, credentials and licensure requirements is problematic for scale.
3. The Narrative
While I could certainly include messaging, PR and the narrative of this medicine in with obstacles to perception, I believe this is a critical area of opportunity which deserves its own bullet point. How we speak, explain, sell ... they all matter. Our reluctance to lean into unapologetically articulating the value of this medicine with clarity, consistency, and again, standard terminology, matters.
It’s something that we’ve seen other professions do well, and coming together with a common mission, vision, and message will be critical to our success.
The Path Forward
While I’ll be detailing action plans for how you can improve our industry’s growth and viability just as an individual in your private practice, I want this to be a takeaway for you today: Other industries are on board with the power of this medicine. They see the value, they know it can be powerful (why do you think scope encroachment is a thing?) and they are willing to put in the work to make it grow.
We have the ability to either be bystanders and watch it grow differently without us, or we can choose to firmly stand in the power of our scope and come together for a path forward.
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