patient lifetime value formula

Find Patient Lifetime Value (PLV part 5)

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 Read more about Find Patient Lifetime Value (PLV part 5)[…]

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Find Patient Churn Rate (PLV part 4)

One thing is for sure. Patient churn rate is the hardest metric of patient lifetime value to accurately determine. 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 churn rate is the percentage of patients that leave your practice Read more about Find Patient Churn Rate (PLV part 4)[…]

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Find Patient Recall Time and Rate (PLV part 3)

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 Read more about Find Patient Recall Time and Rate (PLV part 3)[…]

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Find Gross Profit per Appointment (PLV part 2)

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 Read more about Find Gross Profit per Appointment (PLV part 2)[…]

What is Patient Lifetime Value? (PLV part 1)

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 Read more about What is Patient Lifetime Value? (PLV part 1)[…]

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Best telehealth platforms for private practices

The best standalone telehealth platforms If your EHR does not come with a telehealth option, fear not. We have compiled a list of the best standalone telehealth platforms. From that list, we have picked our favorite three telehealth vendors for private practices. There are dozens of independent telehealth products well-suited for private practices. Expect to see Read more about Best telehealth platforms for private practices[…]

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5 tips to prepare your practice for a COVID-19 peak

The COVID-19 outbreak has rightfully frightened the world. Your patients are scared and worried for their and their family’s safety.  Experts believe that the coming weeks will see the largest number of hospitalizations and office visits for the virus. Before things get better, they will get worse. Many specialists have closed their practices. If you Read more about 5 tips to prepare your practice for a COVID-19 peak[…]

Practice closed due to COVID-19? 5 steps to protect it.

If your healthcare or wellness practice is closed right now, you are not alone. 96% of small businesses are impacted by COVID-19. Half do not believe they can stay in business under these conditions for another three months. Due to mass layoffs, economic stagnation, taxes and accelerating unemployment, cash-strapped clients will defer all unnecessary expenses. While Read more about Practice closed due to COVID-19? 5 steps to protect it.[…]

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