In the healthcare industry, many businesses place their focus on getting more patients in the door instead of strategizing to retain their existing patients.
According to Invesp, a conversion rate optimization company, 44% of companies focus more heavily on customer acquisition, while only 18% of companies concentrate more heavily on retention as a part of their growth strategy. Invesp additionally reported that a 5% increase in customer retention can increase business profits by as much as 25-95%.
Increasing spend on acquiring patients your business is unable to keep is a wasted investment and a quick way to drain your budget!
Patient retention can drive greater ROI and is less expensive to your practice than attracting new visitors. Read on to learn how (and why) you should increase patient loyalty and retention so your marketing dollars don't go to waste!
Did you know that Invesp also reported that acquiring a new customer is as much as 5x more expensive than retaining an existing customer?
Think about the costs of acquiring a new patient and the marketing your practice uses. Your PAC, or Patient Acquisition Costs, are determined by your business' investment in tactics like print advertising, digital marketing, direct mail, radio, and other mediums to increase brand recognition and get patients in the door.
While these are all important initiatives, they are not exactly cheap. And, this money is wasted if a business has poor retention rates.
The least expensive way to fill appointment slots is to ensure that your established patients continue to return to your practice. Utilization of Patient Engagement Platforms and strategies will help you increase patient retention and trust.
With more healthcare options available to your patients than ever before, an unhappy or neutral patient can simply take their business elsewhere. Your practice needs to build patient advocates by promoting good experiences.
A few simple ways to make your patients happier with their overall visit are to:
When your patients are happy, they'll recommend your practice to friends and family. They could refer decades worth of business to you, which is a critical reason to keep established patients satisfied.
According to the Ninth Annual Vitals Wait Time Report, one in five patients have sought new providers after a long wait time experience. You can reduce patient churn and increase your bottom line by streamlining your patient check-in.
Some great ways to ensure your patients are able to check-in for appointments with ease include:
Utilizing check-in kiosks and encouraging the use of mobile solutions for patient check-in are great places to start improving your practice's waiting room experience. By reducing errors, improving efficiency, and facilitating better communication in your front-office, you can better retain your current patient base.
It's time to wow your patients and turn them into advocates for your practice!