Patient Retention and Its Key Benefits and Advantages
Patients are always your most significant assets. Should you want to establish a reliable and profitable medical practice, you must have to take care of your patients. The three critical goals of a healthcare practice are Leads, Patients, and Appointments.
Many healthcare businesses focus on new lead acquisition but sometimes ignore patient retention. Acquiring new leads is certainly a good venture, but retaining existing patients is quintessential. This is because studies show that around 70% of appointments come from existing patients.
The power of a loyal patient base is huge, and retaining your patients is an important aspect of your medical practice.
Let’s discuss some of the benefits and advantages of patient retention:
Loyal Customers turns out to be More Profitable
Investing in patient retention certainly yield better ROI. According to various researches, loyalty patients buy 80% more frequently and five times more likely to purchase in the future.
Bringing new patients incurs lots of marketing efforts and cost. Whereas, existing patients are already aware of your practice quality and will come back to your business repeatedly when required.
It’s a fact that loyal customers are more profitable, but don’t take their loyalty for granted. If there are any loopholes or ignorant approach towards your retention strategy, you might lose their trust in the healthcare brand.
Increases Word of Mouth Referrals
The loyal customers are undoubtedly the best source of new business. In spite of several efforts into online and offline marketing, people are most strongly influenced by referrals from friends and family members.
Word of mouth referrals has its own charm and the potential customers mostly value it. If your existing patients are satisfied and happy with your treatments and service, they are bound to refer your practice to others. And those new leads would be high-quality in nature compared to the ones which come from other sources.
Engaged Customers Provide More Feedback
Testimonials, reviews, rating, and feedback are important aspects for any businesses. Especially for healthcare practice, it matters the most.
Testimonials and positive reviews elevate the brand value. Seeing these on online forums, business directories, social media platforms, or other channels, people get confidence about your brand. Research shows, that potential customers are most likely to turn up to your healthcare practice if they come across good feedbacks about your brand.
Enhance the Brand Image
Patient loyalty and brand image are interconnected in certain ways. The brand image actually helps you to acquire new patients, increase profitability, and reduce the marketing cost. Building a brand image is an expensive and time-consuming process.
The brand image of your healthcare practice depends on your patients’ perception of your services. If you have a positive brand image, it is considered to be the most valuable assets that you possess. Patient loyalty generally helps in improving brand image. A strong and powerful brand image also helps to retain more patients.
To conclude, the benefits and advantages of patient retention clearly suggest that you must focus on improving your strategy to retain patients. If you do so, then you can get repeat business, increased profitability, cost reduction, positive brand value, good brand image, and many more.
To make your patient retention strategy more powerful feel free to contact NextBee. NextBee is specialized in developing top-notch Loyalty Program that boosts patient retention and increases high-quality referrals.