Is your healthcare practice more interested in patient retention or acquisition? If it is ‘acquisition,’ then you need to rethink it.

There are so many companies who still devote most of their resources and money to acquire new clients. New customer acquisition is a worthy pursuit. However, retaining your existing patients proves to be more profitable than acquiring new clients from the business point of view. 

Let’s discuss the benefits of focusing on patient retention:

• Loyalty Patients increase the chance of repeat business

According to a recent study, loyal patients are more likely to return to your practice again and again. If you could maintain a top-class quality of treatments, they will undoubtedly engage in your services more than the new patients.

Existing customers increase the chance of repeat business by 50 percent, which is an impressive statistic. Many factors help healthcare businesses to build patient loyalty and boost the process of retention.

Some of the ideas are providing supreme patient experience, maintaining good quality service, regular communication to establish contact with the patients, and introducing Patient Loyalty and Reward Programs.

How do you think is the best way to establish a Patient Loyalty program?

There are a number of solutions that are might taking the rounds in the market. However, NextBee’s patient loyalty program exclusively designed that runs on an AI-driven automated solution.

Mobile App: A dedicated, white-labeled mobile app for your patients will provide them important updates and offers in real-time. Push notification is another aspect that sends offers to the targeted audience directly to your patient’s mobile devices

360 Degree Engagement: Brands can engage their patients at every touchpoint. For multiple actions, you can increase engagement through Referrals, Feedback, Testimonials, and even reviews on-site such as Real Self, Real Patient, and many more

Flexible Solution: If any healthcare unit wants to implement additional features and functionality, they can do so as the solution is completely flexible when it comes to integrating with other solutions like eCommerce, POS, ERPs, and CRM systems, etc.

• Patient Retention is cost-effective than new customer acquisition

Research says that “it costs approximately five times more to acquire a new customer.” There has been lots of research regarding acquisition vs. retention, and each research favors retention as the more viable option in terms of cost. 

That is why it would be better if the healthcare organizations take the necessary measurements to retain the patients and work towards existing customers who are loyal to the healthcare brand.

• Loyal patients tend to spend more

Loyal patients are those who already have an established relationship with your healthcare practice. Most importantly, they would trust you more than a new patient. Due to this, a loyal patient would not hesitate to spend on treatments. 

However, first-time patients would think before making any expense. The trust they developed through the years will make the patient more confident to consider recommendations and other valuable services.   

• Reduced brand marketing costs

To draw the attention of new customers, marketing your healthcare organization incurs the right amount of expense. You need to promote your practice on various channels and reach out to your target audience.

Consistent efforts to muscle your online presence, social media marketing, and advertisements involve excellent expenditure. However, if you look at the existing patients and nurture them properly, you can minimize your marketing cost.

The customers are strongly influenced by referrals from trusted friends and family members. Word-of-mouth is the most cost-effective marketing strategy that increases brand awareness, patient engagement, patient retention, and attracts potential patients. 

Loyal patients play a very crucial role in word-of-mouth referrals. They talk about your healthcare practice publicly, share positive feedbacks, testimonials, refer the approach to their friends and families, and much more.

Rewards, discounts, perks, coupons, and employee incentives are various ways to invest in patient retention. And the healthcare business can boost patient retention by implementing a quality Patient Loyalty Program in the business ecosystem. 

For more information on the Patient Loyalty Program, feel free to contact NextBee.