March 14, 2022
by Naren Arulrajah, Ekwa Marketing
Most dentists and practice managers know exactly how many new patients they acquired in the past year. However, far too many are unable to answer this simple question: Exactly how much is a patient worth? More importantly, which patients are the most valuable to your practice – and how can you attract more of them?
According to a Wealthy Dentist survey, only one quarter of dentists have calculated the average monetary value of a new patient. Yet, it is not difficult. There are several methods (see examples here and here). Typically, the process involves some variation of an equation, including average production, collections, number of annual appointments, referrals, and attrition (or churn) rate.
That is vital information for financial projections, budgeting, and estimating the ROI (return on investment) of your marketing endeavours. Yet, it is only part of the story, describing the average patient. For example:
Increasing revenue is not just about booking more new patients. It is about booking a higher percentage of “Patient A” vs “Patient B.”
The most effective marketing not only brings more patients but also brings more valuable patients. How do you go about that?
Often, the sole (or predominant) focus of dental marketing is increasing new patient numbers. That is an admirable goal and an essential part of practice growth. However, it is only part of the equation. Attracting high-value patients and keeping them happy will improve your marketing ROI – and your overall profit margin.
About the Author:
Naren Arulrajah, President and CEO of Ekwa Marketing, has been a leader in medical marketing for over a decade. Ekwa provides comprehensive marketing solutions for busy dentists, with a team of more than 180 full time professionals, providing web design, hosting, content creation, social media, reputation management, SEO, and more. If you’re looking for ways to boost your marketing results, call 855-598-3320 for a free strategy session with Naren. You may also schedule a session at your convenience with the Senior Director of Marketing – Lila, by clicking https://www.ekwa.com/msm/ or simply send a text to 313-777-8494.