There is always room for improvement in the Healthcare Industry. Every patient will not always be satisfied, but they will give you an idea of how it works. Your practice should focus on patient retention to maximize its overall performance. As a medical provider, you may be the only option in town for them, which certainly makes it easier to retain them as patients. However, there is a chance that your patients have other options even if they have to travel a longer distance. Many practices lose about 50% of their patient base every five years.
You can Calculate the Cost of Patient acquisition by tracking the source of your patients. Similarly, you can also calculate your retention cost by doing the same thing for your Medical Practice. You will always find that your cost to acquire new patients will exceed your expense to retain them.
Never underestimate the influence of a loyal patient base. If patients trust you, they will recommend you in their circle because their experience exceeds their expectations. If you want to build a thriving medical practice, you have to take care of your most important asset: your patients.
The majority of healthcare providers and practices invest heavily in acquiring new patients, but they are clueless about Patient Retention. You will be losing a lot of revenue overall if you are unable to retain patients.
Besides providing excellent medical care, there are many other ways to retain patients. With a little more effort, you can drastically improve the patient experience. Train your front-desk staff to be scheduling follow-ups while the patient is still in the office. Ensure your patients receive reminder calls, texts, or e-mails for their appointments.
At Physicians Revenue Group Inc., we make sure your staff is not overwhelmed with managing the revenue side of your practices and focus on patient retention instead. By reducing the burden of the billing, we allow your office staff to focus on delivering quality patient care.