Reactivate Existing Patients to Boost Revenue
“Patient churn is an expected part of any provider’s practice,” notes Shawn McKee of WebPT. “In fact, only 30 percent of physical therapy patients make it to the end of their treatment program before dropping out. As a result, practices may lose an average of $150,000 a year from patient dropout alone.
“While the numbers might be slightly different in other healthcare disciplines, the importance of re-engaging former patients remains the same. Reactivating former patients — either to continue where they left off or treat a new issue — is a lucrative source of potential revenue that practices can tap.”
Here’s an excerpt from McKee’s new article about the importance of patient engagement:
Marketing to get new patients is important to a clinic’s growth, but marketing to previous patients is a crucial and cost-effective way to increase revenues. Acquiring new patients is 10 times more expensive than reactivating existing patients. To capture this revenue, physical therapy clinics should have a reactivation plan in place. A robust and well-managed plan can drive hundreds of thousands of dollars in additional revenue for some clinics.
When revenues are down and margins are tight, reactivating patients should be a top priority for all health care organizations.
Every reactivation campaign should include a well-crafted offer and a clear call to action. Certain campaign messages are more effective than others. For example, a free wellness screen or a 10-minute phone call with a therapist typically have the highest conversion rates. A campaign offering a new evaluation — while still effective — tends to convert less due to the higher commitment required.
Read the full article now:
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