One of the most common questions I hear from practice owners is a crucial one:
“What can I do to bring new patients in the door?”
This fundamental question can be the difference between a practice that is thriving with year-over-year growth or one that is simply staying afloat. In the worst of cases, left unsolved, this question can lead to declines in revenue.
With an ever-changing landscape and a widening shift to managed care, practices want to know now more than ever how to specifically get more private pay patients in the door.
Here are the keys to success that I have utilized to help the practices that I work closely with:
1. One of the very first steps in this process is the need to determine the patient types that exist in your practice (i.e. Private Pay, Managed Care, Medicaid, and Workman’s Compensation). You will need to do a thorough analysis of your specific patient mix by tracking sales in your practice management system while simultaneously completing this same level of analysis in your financial management system. This will provide you with a detailed breakdown of your actual sales numbers and you can determine what your specific patient mix has been.
2. Once you have a good handle on how many patients you fit by type, you will need to determine your monthly revenue goal, current device sales by patient type, and current revenue by patient type. These numbers can help you build a forecast for non-private pay vs. private pay revenue based on historical trends. This will allow you to subtract out your non-private pay revenue from your monthly revenue goal in order to determine how many private pay patients you need to fit each month.
An example might help to solidify this concept: After completing the above review, you determine that your monthly revenue goal is $50,000 a month, your average sales price per private pay device is $2,000, and you normally fit 10 managed care patients per month with a fitting fee of $600 per patient. Your non-private pay revenue per month would be $6,000 in revenue from non-private pay patients that you can assume would come in regardless of other efforts to attract more patients. If we subtract this number from your overall revenue goal, you will see that you would need to bring in $44,000 in private pay revenue to hit your goal for the month. Now, if you divide this number by your average sales price per private pay device, you can see that you need to fit 22 private pay devices per month to hit your revenue goal.
3. Now that you know this answer, you will want to determine how many private pay appointments need to be on your schedule to achieve the 22 device sales for the month. This calculation is based on your specific practice’s numbers as each practice has different conversion, return, and cancellation rates. Consult YHN’s Plug & Play Calculator will do the math for you!
4. Once you know the magic number, you should block that many appointments on your schedule and focus on filling them. Now, this is where the answer to the main question lies: How do you fill your schedule? There are many different techniques that practices use, and no single strategy works best since every practice is different.
Some of the most common and beneficial ways to acquire new private pay patients are in the form of marketing. Direct mail, newspaper, and digital advertising are still the leading forms of traditional marketing that lead to patient acquisition. Other ways of attracting new patients are through physician outreach, community outreach, implementing a hearing wellness protocol, and most importantly, mining your own database for patients who may have older technology or originally tested but did not purchase a device. This is great for generating new leads without having to spend money on marketing as you already have the patient’s information and a relationship with them.
5. Once you have your plan in place, you’ll want to look at your schedule on a daily basis and aggressively attempt to fill any openings. One tactic that I normally advise a practice to employ is to meet with your team to customize and prioritize a plan that directs focus on calling individuals to keep your schedule filled. Contacting patients that are scheduled out in the future and bringing those appointments forward will help fill your current schedule vacancies and provide time for your team to contact other patients that may have previously canceled an appointment or been tested but not treated.
Your team can conduct an audit of the current schedule by looking at any non-revenue generating appointments, such as repairs and clean and checks, that are scheduled in the next week to check the age of their hearing devices and last hearing test date to see if they are due for an updated test or technology demonstration.
6. Last, but certainly not least, your team should be properly trained to handle customer calls. Being able to handle an incoming call, qualify these calls to schedule the correct appointment type, and calling current patients plays a vital role. If you and your team stay focused on filling your schedule with the correct amount of appointments needed to meet your revenue goal, I can assure you, growth will follow.
This is just a snippet of what you and your staff can do. If you want to implement these methods throughout your practice, our team is available to ensure the process goes smoothly.
Contact your AM or call us at 800-984-3272 if you do not have a Consult YHN representative.