Modern Marketing: Improving Patient Retention
FEATURE
Ray Foxworth
DC
When most of us tackle marketing for our practices, our first thought runs to acquiring new patients. What would happen if we focused on retaining more of our existing patients instead? It's common knowledge that the cost of acquiring a new patient is far and above the cost of keeping an existing one. Some patients relocate, die, or feel better, and they opt out of maintenance care. Patient attrition is a normal part of practice, but increasing your retention rates can have a huge impact on your bottom-line. A 5% increase in patient retention can boost profits by 25 to 85% (Reichheld & Sasser, Jr., 1990). So what are your plans to keep your existing patients?
Just Google it
In the past, the patient experience began with the Yellow Pages, but today, it begins with Google. It's important to remember that 54% of millennials will typically check online ratings before seeing a new provider (PNC Healthcare, 2015). Ask your patients to post reviews on sites such as Google, Facebook, and Yelp. This is necessary to attract millennial patients. Are you paying attention to your online reputation and what your patients want (or in the case of negative reviews, don't want) from you and your team? How do you handle a negative social post, online review, or other feedback? In our office, comments are reviewed daily, and when we receive negative feedback, it comes directly to OF me. Depending on the information received, our practice manager or I will respond. Even if the issue seems trivial or out of your control, listen to what they are saying and be responsive.
How do you handle a negative social post, Online review, or other feedback?
Speak their language
Establishing meaningful relationships with your patients is all about communication, and I don't just mean verbal. Many of today's healthcare consumers prefer to communicate digitally (Salesforce Research, 2017). Are you pushing patients away by not allowing them to book appointments or pay their bills online? It's all about convenience! Speaking of convenient, don't waste a patient's time with outdated manual paperwork where you ask them to write the same information repeatedly. Most patients (including me) like to find a provider online, book appointments online, complete and submit the paperwork online, and pay for appointments online after their visits. If I can do it all from my phone instead of a laptop, even better!
R-E-S-P-E-C-T
Sir Richard Branson said, "Respect is how to treat everyone, not just those you want to impress." Every single person (patients, vendors, other healthcare providers) you communicate with (inside and outside your clinic) is a potential referral source. You want your patients and visitors to feel like a welcomed guest or family member when they call the office or walk through your doors. Greet them by name and get to know them. In business, upward of 70% of people who take their business elsewhere do so because they perceive an attitude of indifference. If you begin to see everyone you encounter as an audience for your brand, how would that change the way you interact with them?
Time is money
It should come as no surprise that one of their biggest complaints about health care is all of the waiting (West, 2017). When it comes to "wowing" your patients, nothing does the trick better than short wait times. My parents are older, so I frequently accompany them to doctor's appointments around town. We spend more time in waiting rooms watching talk shows and soap operas than we do with the actual doctors they are there to see. It takes up a lot of time and is quite frustrating from a patient's perspective. Research suggests that most patients are fine with waiting 20 minutes or less to see a doctor (Belustein, et al., 2014). Once waiting moves past that marker, though, satisfaction rates dip drastically, especially without proper communication or mitigating systems in place. Strive to keep your wait times no more than five to 10 minutes. If you are running late, be genuine in your apology to your patient. Remember that their time is valuable too. Of all the places they could be right at that moment, they chose to be in your office. Show your appreciation and gratitude.
Banish patient fear and uncertainty for good
A poll conducted by the University of Chicago and the West Health Institute found that Americans fear large medical bills more than they do serious illnesses. The data showed 33% of those surveyed were "extremely afraid” or "very afraid” of getting seriously ill. About 40% said paying for health care is more frightening than the illness itself (Gillies, 2018).
According to Northwestern Mutual, the average American has approximately $38,000 in personal debt (excluding home mortgages). These numbers reflect an increase of $1,000 from over a year ago. The same report showed that one-third of baby boomers have less than $25,000 put away for retirement (Northwestern Mutual, 2018).
One survey published in early 2018 stated that 44% of patients skipped care because of costs, while another study showed it as high as 64% (West Health Institute, 2018). Of those who do seek care, 41% are willing to ask for cost estimates before agreeing to treatment, and 57% check their health plans to verify coverage. Affordable payment options are a must for your patients. Address those concerns early to ease your patients' fears so they can focus on feeling better instead of living in fear of surprise bills. Using a discount medical plan organization (DMPO) is one of the simplest ways to keep care affordable for your patients, remain compliant with state and federal guidelines, and remain profitable as a business owner.
To be a leader in marketing your practice, your character truly sets you apart from the crowd. Marketing your business is about committing to your skills and furthering your success by making a patient's trip to your office a memorable experience. Make it an experience that your patients will want to share with everyone they know. Provide value to your patients and community through content (blogs, videos, social posts). It's not about crazy ads or funny memes (although they don't hurt from time to time). It's really about making everyone around you feel special. Be yourself. Be authentic. Be everywhere. That's what will make you and your team stand out. Ultimately, that will make your practice grow and improve retention.
Dr. Ray Foxworth is a certified Medical Compliance Specialist and President of ChiroHealthUSA. A practicing Chiropractor, he remains "in the trenches" facing challenges with billing, coding, documentation and compliance. He has served as president of the Mississippi Chiropractic Association, former Staff Chiropractor at the G.V. Sonny Montgomery VA Medical Center, and is a Fellow of the International College of Chiropractic.
Email [email protected], to request a free one-page financial policy,
