The Power Of Patient Retention

Dec 9 | , , , , , , ,

 

Physical therapy practices are always thinking of new and improved marketing strategies to attract interested patients to their clinics. What about methods to retain current clients? Both acquisition and retention are critical for practices to focus on, but each requires a different approach to be successful. In some cases, one plan outweighs the other in terms of importance. According to a study by Bain & Co., a 5 percent increase in retention rates can increase company profit 25 percent. This significant figure proves the critical nature of a strong retention plan. Here are three reasons to focus on retention in your physical therapy practice:

1. Current customers are willing to invest more
While the retention process is not a quick procedure, at the end of the day, it can yield results. Present patients feel a level of comfort with your clinic and its therapists, which is why they return to your practice for their care. This sense of familiarity makes people more willing to entrust your clinic with their well-being, and also prompts them to spend more for an even higher degree of care, according to CMO.

“Focusing on retention efforts can have a positive effect on client acquisition.”

Returning patients are more likely to pay for additional services that are outside the range of their original commitment to your practice. So not only will your practice benefit from their initial contribution, but your clinic will also reap the rewards of their trust in the other services you offer.

2. Retention is less expensive
While it’s true that your practice will have to spend some money on advertising to current patients, it can be far less costly than paying to acquire new clients. Current and returning patients are already comfortable with your clinic’s marketing strategy and are probably pleased to not be inundated with countless emails asking them to use your service. The acquisition process requires more devotion to the task, in combination with an inventive method to hook prospective patients. Once these clients have experienced what your practice has to offer and deem it worthy of their business, patients will need less coaxing to stay on board.

3. Retention = referrals
One of the most beneficial aspects of focusing on retention efforts is the effect it can have on your practice’s level of acquisition. Small Business Trends reported 85 percent of companies found word of mouth advertising was the best tool for bringing in new customers. To be successful with this strategy, it’s vital that your practice treat its customers well and offer the highest level of service as a means of retention. Introducing a referral rewards program that honors customers who spread positive word of your practice will entice clients to tell their friends and family.

Returning customers who are happy with your practice and the care it provides can help bring new patients into your clinic. Referrals are a reflection on your therapists and their hard work and dedication to their clients. Make sure to reward therapists, too, and encourage them to bring in their peers for treatment.

Every physical therapy clinic is different and will opt to take a different course of action to retain valuable patients. Retention itself is a strong strategy for your practice to use to maintain or increase your profitability, keep costs low and attract new patients.

 

This article is brought to you by PREFERRED Therapy Providers Inc. PREFERRED is the nation’s leading payor management services network. Our expertise is working with physical, occupational and speech therapy practices – from single clinics to multiple clinic locations.