If you’re growing a successful health practice chances are good that you have repeat patients or recurring revenue. If you don’t you’re constantly going back to square one after every sale is completed which leads to stress, burn out and inconsistent income fluctuations.
Having a reliable revenue stream is a big reason why your practice can be so successful because it allows you to make informed decisions and know that you have a consistent predictable income to be able to cover expenses.
And yet when I speak to healthcare practice owners, they think what they should focus their efforts on, is almost always getting new patients by investing hours learning the next fad like Tiktok.
This makes sense, of course — new patients represent growth for the practice. But the reality is your existing patients are the ones who provide the foundation for growth, and believe it or not, they’re a growth opportunity themselves!
Patients are people who have already proven they’re willing to invest in you and your services by paying for it. They have demonstrated that they trust you and find value in what you sell.
That’s why patients are the most important group to pay attention to: They represent recurring revenue and ascension within your business.
As if that weren’t enough, satisfied patients give great referrals.
Rather than putting everything you have into acquiring new patients, why not align your focus on giving current paying patients such a great experience that they can’t help but talk about it with their friends and colleagues and in return bring them to you?
More importantly, think about what would happen if you neglected those relationships with current patients.
How does it feel when you sign up with a company that seems ecstatic to have you as a customer — for about 10 minutes — only to have them forget about you after you pay?
Nothing’s worse than feeling like you don’t exist. Suddenly the service is bad, they’re nickel-and-diming you constantly, and you feel more like a victim than a valued customer.
You’re not prone to giving companies like that a second thought if you can find another option. But even if it’s the only game in town, you’re not going to tell your friends to sign up.
You’ll try to give that business as little money as you can get away with. Remember it is up to 5x more expensive to get a new patient than to simply keep your current.
There’s a better way to engage with current patients. By focusing on retention and making the customer experience amazing, you can keep turnover low and use word of mouth to build your business faster and more decisively than ever.
One strategy that is simple, free and makes a massive impact a “patient success journey” in which we map out with the prospect exactly how they will get the results they paid for but also have a back end set up so we can consistently overdeliver on our service making the prospect and patients into ‘celebrities’ and ultimately a part of the family.
This maximizes our retention rate (plans of care completed), gets the patient better results and also sets up consistent, predicable referrals along with inspiring success stories.
We recently had a PT who implemented a “patient success journey” in their practice and it helped him more than doubled his income with ZERO marketing spend as well as generated 8 paid new patient referrals in 2 weeks.