In this training video, I’ll discuss different ways for you to:
- Get new patients
- Identify your patient acquisition cost
- Minimize your patient acquisition cost
The big question you need to ask yourself is:
How much am I willing to spend on marketing, without hesitation, to acquire a new patient in my practice?
You need to know the maximum threshold here, because it will help you reverse engineer your marketing budget, and allow you to make smarter decisions about how to grow your practice. I call this number the patient acquisition cost, or PAC value for your practice.
So here’s one thing you need to know before you estimate your PAC.
Your net profit per new patient.
Typically, private practices make between 10 and 25% net profit per patient, and this depends on several factors like overheard and reimbursements.
Here’s an example: If your average reimbursement (collected amount) is $70 per patient visit, and the patient comes in for 12 visits, your gross revenue is $70 x 12 = $840. Your net profit (after expenses like wages, utilities, rent, marketing) is $140 (which is 20%). The question now is – how much of that $140 are you willing to spend (on more marketing) to acquire new patients.
The top five ways to lower your patient acquisition cost
- Detailed tracking of your expenses with different marketing mechanisms (ask your accountant for help if numbers aren’t your strength)
- Identifying not only how many patients came in, but WHERE they came in from
- Tallying up the numbers to identify your exact PAC and eliminating one mechanism each week (the one with the highest PAC needs to go)
- Word of mouth referrals from existing patients (the low hanging fruit for growth in your practice)
- Engaging patients with current events and trending topics that interest / affect patients through workshops, newsletters and social media
Thanks for reading! Please leave a comment for the community and share your biggest takeaway from this article.
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