Transforming Your Practice into a Profitable Endeavor - Sybrid MD

Transforming Your Practice into a Profitable Endeavor

Increasing website traffic is key to getting more patients. While it is generally believed that the more people visit one’s website, the higher the probability of them booking an appointment at the practice. However, this is not completely true. While getting people to your website is important, getting the right people is more important. Traffic which isn’t made of your target customers doesn’t count.

It Is Time to Modify Your Business Goals

Having a generic business goal will not help you out. Generally, when you ask any practice owner about what they hope to achieve, they would tell you that their goal is to get more patients. However, this is very generic.

A business only flourishes and realizes profits when the organization knows exactly what it needs to do. If you wish to get more patients, the question is how? Do you wish to attract new patients or retain the current share of patients?

Just getting people to try your practice out is not the way to realize profits. Instead, you must ensure that each patient brings you more value throughout their life. This is known as lifetime value. In the world of marketing, lifetime value is referred to the estimated revenue a customer is expected to generate over their lifetime. This is why in some cases, retaining old clients is more important than getting new ones. This is because old customers are loyal and have a high lifetime value.

Hence, it is time to change your business goal. Your end goal should be to increase the lifetime value of your patients.

How to Increase Patients’ Lifetime Value

Increasing your patients’ lifetime value isn’t hard. All you need to do is make them feel special and taken care of. Here are a few ways you can enhance your patients’ lifetime value:

Know Your Patients Inside Out

Your loyal customers are likely to be the most involved in your practice. They can be an excellent source as well as a sample of your target population. You can use their insights to improve your service and marketing tactics. For example, learning about the contact points of your patient and your practice can allow you to work on improving customer service by training the right personnel.

Make It Personal

When a patient comes to your practice, they aren’t just availing the actual service. They are also availing the overall experience of your company. Make sure to personalize this experience. Alter your services as per the needs of your customers. Send them thank-you cards, give them customized deals that they will appreciate or simply catch up with them.

Communication Is Key

As you know, effective communication plays an integral role in all types of relationships, even if they are formal. If you don’t communicate with your customers, they won’t remember you. This is why it is important to keep in touch with them over social media pages and e-mail. Build your online presence and answer their queries. Provide them with information whenever they ask for it and communicate through all platforms.

Rewards Help

While your old patients may keep coming in on their own, the fairly new ones might need an incentive. Some are loyal to the organization, and others are loyal to rewards. You must attract both kinds of patients. To attract the latter, offer discounts and freebies. Bundle up your services and customize these bundles.

Deliver the Best Service

The actual service matters a lot. After all, it is the reason why your patients are coming to you in the first place. Make sure your service is exemplary. If you do everything right but fail to deliver quality service, you will lose out. A bad service is a nail in the coffin. Don’t ruin it for your practice. Whether it is being friendly or not making them wait unreasonably long hours, do what you must to satisfy them.

Conclusion

To see whether your efforts are working, you will have to see its effect on the number of customers and their reviews. Different things work for different practices. For some practices, loyalty programs do the trick, while for others, cross-selling proves to be perfect. You must find what works for your practice and strategize accordingly.

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