Importance of Knowing Your Patient Value

//Importance of Knowing Your Patient Value

Importance of Knowing Your Patient Value

There will be times where you have to spend money on advertising for your chiropractic website and wonder if it’s worth it. Suppose you spent $1000 on Facebook ads, and got one patient. Was it a waste?

Maybe, maybe not.

When you advertise, you are essentially investing. You’re buying patients, and hoping that you get more money from treating them than you spent getting them in the door. The way you tell if you’re getting a good deal is by establishing a lifetime customer value, which in your case, is how much money a patient will spend with you for as long as you know each other.

Here’s a way to find a rough number of this. Take all of your revenue, and divide it by the number of patients that contributed to this revenue. Suppose it turns out that your average patient ends up paying $2500 over time.  If you have enough appointment space available, then effectively paying $1000 per patient is not a bad deal at all. You can still work to get costs down, but as long as you have a threshold for more patients, then it doesn’t make sense to limit volume until you have the cost dialed down.

See how this perspective affects how you market your chiropractic website.  If this blog post was a little uncomfortable, stay tuned for next week where we’ll explain how you can adopt this mindset more easily.

By |2018-10-18T16:40:45+00:00February 3, 2011|Patient Relationship Management|Comments Off on Importance of Knowing Your Patient Value