“I’m not interested in new patients.”
I’ve heard it hundreds of times. But let me ask you something… Are you interested in increasing your production and collections? Are you interested in growing your practice?
Are you experiencing minor (or major) cash flow problems? Are you struggling with paying off your debts?
You might think that you aren’t interested in new patients, but each of these opportunities and issues are directly associated with your new patient flow. By learning how to increase your new patients, you can maximize your opportunities and take control of your financial obstacles. Let me explain why.
There are three ways to grow your practice:
- Increase new patients.
- Increase frequency of purchase.
- Increase size of purchase.
We are going to focus on number one for now, because you really need to understand what a new patient is worth to you.
The conservative lifetime value of a new patient is $1,500. Factoring in the multiplying effect of this number will help you take this into perspective!
Say, for instance, that you lose ONE new patient per week—that’s $1,500 in the garbage. Let’s say you lose ONE per week over the course of a month… Well, that’s $6,000. Over a year? $72,000. Over 5 years? $360,000!!! Do you want to see what 20 years looks like?
One million, four hundred and forty thousand dollars in Lost Revenue.
I’m sure you’ll agree that’s a pretty significant number. You might think losing a new patient here and there doesn’t amount to much, but these numbers speak for themselves. And that’s why I spend so much time hammering this point into every single doctor I get a chance to speak to.
It’s simple. New patients are the lifeblood of the practice. They fuel the machine! Think about it this way. Let’s say you just put a dollar’s worth of gas into your car. You make it, pretty much to the next gas station—where you have to stop everything and put in another dollar! Then, again, you drive until you hit your next gas station. And you’re forced to stop. AGAIN.
Doing this would be 1) an incredible waste of time, 2) extremely short sighted, and 3) downright senseless. You’ll never get anything done! A better way to look at it is how an aircraft refuels midair… They don’t stop moving!!
This continual refueling is how you have to treat your new patient flow. Your investment in getting new patients needs to be constant, through marketing and front desk training. When you’re sporadic in your investment and intention, you will have sporadic results without growth. Your new patient flow is the fuel necessary to keep your practice jet in the air. So it’s important that you never stop focusing on growing your new patients. Ever.
And as your new patient numbers grow, they in turn will impact the growth of the rest of the company, including the things you think you need to focus on: increased production, increased collections, cash flow, etc. It really all comes down to increasing your new patient numbers.
So, if you are ready to free up your cash flow and maximize your return on resources you ALREADY HAVE, visit https://www.schedulinginstitute.com/sign-up/readiness-rating/ and take two minutes to fill out our Quickstart form! You’ve got nothing to lose by trying something new… And everything to gain!! I’ll send you a FREE Practice Analysis that will get you started… And keep your “jet” moving on its path to success!
Until next time,