How Much Worth is New Patient to Your Practice? Calculate Your Patient Life Time Value

Gaurav Dhingraby Gaurav Dhingra24 August, 2018

Patient's Life Time Value Calculator

patients visit me each month and I charge consultation fee from each of them. On average, a single patient visits me times for their treatment. Out of these patients, % go for advanced treatment with me. The cost of advanced treatment is .

Advanced Options:
Over the years the number of times my patient visits me for different treatments is .
Generally, the number of people referred by my patient is .

LifeTime Value of My Patient

0

x (Multiple treatments)

0

LTV of My Patient with Advanced Options

0

Calculate Life Time Value

Your patients are the life and blood of your medical practice. Your medical business will not exist if it was not for your patients. The only indicator of success in a medical business is not just the new patients who come to your service. In fact, the total value of profit they bring also matters just as much as anything else. Thus, one of the most important metrics you need to find out and track is the average lifetime value that each of your patient delivers to your medical practice.

Why is Calculating Patient’s LTV Important?

Calculating the lifetime value of your patients is crucial to running a successful business because it offers an insight into how much profitable your medical practice actually is. Knowing the lifetime value of your patients is a remarkable way of tweaking and improving your healthcare marketing and business strategies. This figure will ultimately steer you in the right direction and will allow you to take the necessary steps to maximize the profits for your business. With the right number of new patients coming to your medical practice, you will be able to reap benefits in the long term. If marketing is done right, even a single lead will give you much more profit than you think. Even if at a slower rate, new patient acquisition, through effective digital marketing, is a necessity for medical practitioners and also a profitable proposition. It is best to budget your digital marketing efforts in a manner that you are able to acquire new patients as much as you are able to retain the old ones.

Benefits of Patient Lifetime Value

Here are some benefits calculating patient’s LTV offers.
It Saves Money: It allows you to retain old customers, and saves you from spending too much money on finding new ones. There will now be no need to please everyone. It will not only save you money but also time.
Better Marketing: With patient LTV, you will be able to focus your marketing efforts on your customers. This will help you bring in more patients who will keep coming back to you for their healthcare needs.
It Encourages Brand Loyalty: Regular contact with your patients helps foster brand loyalty in them. Give your patients something extra that will keep them from forgetting you by offering something that is of benefit to them.
Increased Sales: With the right marketing efforts you are doing after knowing the patients LTV, you will be able to get more sales. All you need is to send them the latest promotions and services you are offering and pack it up with a persuasive call to action and you are good to go.

Calculate Your Patient's Life Time Value

At Refresh Healthcare, we aim to provide our clients all they need to run a successful medical practice and business. Not sure how to calculate your patient’s lifetime value? We got you covered. Put in the figures above and our automated calculator will calculate the lifetime value amount for you in a matter of a nano second.

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ABOUT THE AUTHOR

Gaurav Dhingra is digital marketing expert for healthcare companies, backed by robust technology team to develop strategy and execute plans to perfection. He is a passionate, dedicated and truly empathic listener, who has made a life of designing and delivering digital
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