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 what is working. Your practice might have patients who have been coming to you for years. As a medical provider, you may be the only option in town for them, which certainly makes it easier to retain them as patients, but chances are 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 5 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 cost to retain them by a large difference.
Never underestimate the influence of a loyal patient base. If patients are loyal to 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.
Majority of healthcare providers and practices invest heavily in acquiring new patients, but they are clueless when it comes to patient retention. You will be losing a lot of revenue overall if as a practice, you are unable to retain patients.
Besides providing excellent medical care, there are many other ways to retain patients. With a little more empathy 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 engagement instead. By reducing the burden of the billing, we allow your office staff to focus on delivering quality patient care.