To grow or maintain your practice’s revenue, you must engage your patients. Patient engagement is an umbrella-term that encompasses high-quality care, good customer service, and honest, consistent healthcare marketing.
What are the Patient Engagement Financial KPIs?
There are six KPIs that help you measure your patient engagement from your financials. They are:
- Gross Profit per Appointment
- Max Patient Recall Time
- Average Patient Recall Rate
- Patient Churn Rate
- Patient Lifespan
- Patient Lifetime Value
These KPIs are also lagging indicators for your healthcare marketing. They tell you if there is a problem or not. Other KPIs, like patient satisfaction scores or conversion rates, are leading indicators. They warn you about potential problems.
You probably know how much money appointments earn you. You may know how many appointments each patient makes per year. Perhaps you even know what percentage of patients return for a subsequent appointment.
But, do you know how much gross profit a patient provides over the entirety of your relationship? Or, whether you will make less money next year when you account for attrition? Do you know what you can spend on digital ads per patient before you lose money?
If not, you are missing fundamental metrics for your business’s health. You might succeed without them. But, by managing your patient engagement KPIs you can mitigate your risk of failure. You can accelerate your growth and ensure that your services are meeting patients’ needs.
The Patient Engagement Financial KPIs whitepaper will help you find these crucial metrics. It will walk you through the definitions and calculations.
Included in this guide:
- How to find the financial key performance indicators for patient engagement
- Formulas to calculate the components of patient lifetime value
- Excel functions to automate patient engagement KPI calculations