Many seniors face the difficult realization that their homes do not meet their needs anymore. If you are one of these seniors, you must determine whether to buy a senior-accessible home, add senior-friendly modifications to your home, or move into an assisted living facility.
In order to calculate patient lifetime value, you must first have your: Gross Profit per Appointment Patient Recall Rate Patient Lifespan (or Patient Churn Rate) Once you have these figures, finding Patient Lifetime Value is simple. The hard part is the pre-work. Patient Lifetime Value Formula Multiply your patient lifespan by your patient recall rate…
Patient churn rate is the most difficult metric of patient lifetime value to calculate. Before calculating it, be sure that you have found your max patient recall time and rate. What is patient churn rate and patient lifespan? Patient lifespan is the number of time periods (e.g. years) a patient sees you, on average. Patient…
It is critical to know how long your patients stay with you for forecasting revenue. We will refer to this metric as your Patient Recall Time. Patient recall time influences patient lifetime value a lot. It allows you to better budget marketing expenses. Additionally, it can help you predict capacity and future staffing needs. EHRs…
The first step to find patient lifetime value is to find gross profit per appointment. That is, the amount of real money you make from each appointment. It is reduced by the direct costs you incur for each appointment. Why use Gross Profit instead of Gross Revenue or Net Profit? Healthcare providers may have a…
What is Patient Lifetime Value, exactly? Simply put, it is an estimate of the total money you receive for services for a patient (or client) during their lifetime. The term is a bit off putting. How does “do no harm” align with viewing a patient in terms of dollars? It may not be as antithetical to…
Watch Katrina Boden, Founder and Executive Director of Superior Counseling talk with meddkit about mental health and her journey in business. Superior Counseling is a meddkit client and 30 provider behavioral health agency in Louisiana. Hear about how: 1. A heart-attack and the loss of her boss forced her to transform from teacher to business…
Dr. Ruppenicker has a wealth of knowledge and is a treat to speak with! She has had her own practice since 2005, but over 20 years experience working as a licensed mental health provider. Her working experience of 8 pages long (!!!!) range from helping clients with anxiety to OCD and more specific areas as…
Face it. You’ve seen a rise of mergers in healthcare in the last decade. Insurers, hospitals and private practices have bought one another out at an alarming rate. Healthcare facilities serving at-need patients have closed. Prices have increased. Employee wages have dropped as systems converge. Providers are the least happy they have ever been. But,…
In today’s dynamic and competitive healthcare landscape, practitioners and practice managers are immersed in a relentless endeavor to grow and streamline their holistic operations. From mastering the art of marketing, building a robust team, ensuring compliance with private practice regulations to engaging audiences on social media platforms, and adopting state-of-the-art information technology, each dimension demands…
Leaving behind Corporate America and transforming to being an Occupational Therapist, Dr. Kristin McConnell, is changing lives one appointment at a time! Through her own journey, her desire to listen, and incredible training, anyone would be lucky to have her on their side. Hear Dr. Kristin McConnell talk about: 1) What occupational therapy really is…