As a faculty member for more than 25 elective medical associations, suffice it to say I spent the majority of 2018 lecturing and speaking to busy practice owners about the one challenge we can all relate to: how to find, serve/convert and keep more patients profitably. It’s hard work, can be expensive, takes real focus and at times, is frustrating to say the least. That said, imagine the cost of NOT utilizing the right mix of marketing automation, practice management software and well-designed training for your staff. In some cases, this will be the difference between profitability and working for free. Or worse!
Consider the following example:
Practice A and Practice B compete across the street from each other. They have similar service menus and pricing, there is no geographic advantage and they each spend about $2,500 a month on various marketing and lead generation efforts. Each practice receives approximately 50 new patient opportunities (leads) per month. Let’s assume the initial revenue associated with a new patient is $1,500.
Practice A converts new opportunities at 25%. 50 leads x .25 = 12.5 new patients. This equates to $18,750.
Practice B converts new opportunities at 45%. 50 leads x .45 = 22.5 new patients. This equates to $33,750.
Practice B has generated an additional $180,000 in annual revenue from the same exact ad spend by placing a strong emphasis on the way their people process and manage inbound inquiries. HOW?
For starters, they have a functionally sound, mobile-responsive website with strong calls to action, and prominent display of phone number AND contact forms on the home page, as well as each interior page. Conversion 101. They utilize testimonials, before and after galleries and great videos. This is simple to do, and most practices get this right.
The magic starts when the phone rings or an email inquiry is received at the front desk. A couple of things to consider:
1. Who in the practice is ultimately responsible for lead conversion?
2. What is their written protocol/process for converting the new opportunity into a paying patient?
Phone scripts for building value in the practice, dealing with price objections, general treatment descriptions and the benefits of each and consistently ASKING FOR THE CONSULTATION! In other words, PEOPLE stuff. And yes, best practices include listening to phone calls and training together.
But how are you keeping track of these expensive, hard-earned new opportunities? Meaning, when someone fills out a form or calls the practice, what software are you using to automate follow-up and track them through the various stages of the buying cycle? This cycle includes:
• New opportunity
• Considering a consultation
• Consultation scheduled
• Consultation completed
• Treatment completed
• New patient activated and assigned to an automated marketing group
Ask yourself these important questions: At any point in time, do you know the opportunity revenue currently in any one of these statuses? Do you know the conversion rate of inquiries to patients? By provider? Do you know the REAL ROI you are generating through your marketing efforts? Therefore, best practices utilize CRM/opportunity management software in conjunction with traditional practice management functions, such as calendar functionality, appointment reminders, loyalty programs, etc. The most effective tools combine traditional practice management along with opportunity and pipeline management (a relatively new category in elective medical practices) to maximize efficiency, track all important marketing and revenue data, automate important marketing/follow-up and keep patients engaged with the practice (retention).
At the end of the day, we must understand that elective medicine is really a retail business. And the same laws that apply to Nike, Nordstrom and Mercedes-Benz apply to you. How much time do you think the local car dealer spends on training their sales people to build value in the brand, overcome price objections, differentiate their vehicles from competition, role play on how to close and use CRM/opportunity consistently to FIND, SERVE and KEEP more customers profitably? They don’t make the cars just like your practice doesn’t make BOTOX®. They must create a world-class experience and SELL the car. It is the same for you. Consumers have choices, and in the elective medical space, one of their choices is to DO NOTHING.
Crystal Clear has spent the last several years creating the first fully integrated software, marketing and employee training platform that allows the modern elective medical practice to increase revenue, decrease the need for and the cost of multiple disparate software applications and improve employee efficiency and effectiveness while providing you with the data you need to make intelligent business decisions going forward. If you are frustrated with the results from your sales and marketing efforts and possess a strong desire to get control of your conversion funnel and maximize revenue from your EXISTING marketing efforts, then we encourage you to call us today. You have everything to gain and nothing to lose. The demos, of course, are free!