How Patient Retention Proves to be More Profitable
Is your healthcare practice more interested in patient retention or acquisition? If it is ‘acquisition,’ then you need to rethink about 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. BUT, retaining your existing patients proves to be more profitable from the business point of view compared to acquiring new clients.
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 come back to your practice again and again. If you could maintain a top-class quality of treatments they will certainly engage in your services more, compared to the new patients. Existing customers increase the chance of repeat business by 50 percent, which is a noteworthy statistics.
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 most importantly introducing Patient Loyalty and Reward Programs.
- Patient Retention is cost effective than new customer acquisition
Research says that “it costs approximately five times more to acquire a new customer”. In fact, 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 also work towards existing customers who are loyal to the healthcare brand.
- Loyal patients have the tendency 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 prior to making any expense. This is because of the trust that 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 a good 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 a good expenditure. However, if your look to the existing patients and nurture them properly, you can actually minimize your marketing cost to some extent.
The customers are strongly influenced by referrals from trusted friends and family members. Word-of-mouth is the most cost-effective marketing strategy which helps in increasing brand awareness, patient engagement, patient retention, and attract 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 practice to their friends and families, and much more.
One thing healthcare business must note – Never ever ignore your existing patients in the pursuit of new ones.
Rewards, discounts, perks, coupons, and employee incentives are various ways to invest in patient retention. And the healthcare business can boost the process of 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.