Calculating the Cost of Patient Acquisition and Retaining Patients

Do you song the sources of your patients? In many practice control structures, your body of workers can input the supply wherein your patients came from such as radio commercial, phone book and patient referrals. You can tune numbers of patients who came to you from those numerous assets in your exercise management system’s reports. Look for reviews that offer you with the source and rely of patients from that supply in addition to dates the men and women have been registered.

If you are tracking the sources of your sufferers, do what it costs to gain a brand new affected person? You will must have a look at the amount of money you’re spending for radio ads, telephone book, patient appreciation activities, signage, and other promotions. Then you may take the number of patients who got here to you from that supply and divide that number through the quantity you spend on that advertising.

That will provide you with the price of acquisition. Granted, charges for some things such as signage and inviting facilities are difficult to apportion to either acquisition or retention. Did a brand new affected person come because he saw your name to your signal? Did an existing patient stop in because you advertise that you have positive glasses frames in inventory? The numbers will in no way be perfect, however they’ll come up with an idea of what is working. Knowing the cost of obtaining a affected person through numerous means and the common greenbacks in sales for a patient will come up with an idea on how a good deal you may spend to collect a new affected person.

You might also have patients who’ve been coming to you for years. They love and consider you and wouldn’t dream of going everywhere else. You can be the handiest option in town, which sincerely makes it easier to keep patients, but chances are that your sufferers produce other options even if they need to journey a long way. Many practices lose about 50% of their affected person base each 5 years. You can calculate your price of affected person acquisition by means of monitoring the supply of your sufferers and dividing the variety of patients from that source by using the fee of that source. You also can calculate your retention price by means of doing the same factor; dividing the quantity of patients who visited you this yr by using your fees of retention. You will continually find that your cost to collect new sufferers will exceed your value to hold them by means of a large margin.