How to text patient appointment reminders

If you have not yet begun to use text messaging for your practice, appointment reminders might be the best place to start. They can greatly increase revenue, are easy to implement, and they save your staff time. Most importantly, patients want them. Many EHRs include text message appointment reminders in their scheduling or access functionality. Read more about How to text patient appointment reminders[…]

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)[…]

How to get patient reviews to increase your ratings

Asking for feedback is simple, but not easy. All of us crave to know how we measure up in this crowded world. Asking for patient reviews requires humility as well as an understanding of their importance. Knowing how to get patient reviews is critical for improving a clinician’s rating and care. A few clinicians may Read more about How to get patient reviews to increase your ratings[…]

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