Chiropractic Software ROI Increases with Higher Patient Retention
We’ve talked about how important the patient experience is to the success of your practice. We’ve also discussed how using proactive Chiropractic software and technology to quantify and improve that experience helps you to run your practice at the level of big business. Now, let’s look at it from a purely marketing perspective and break down your Chiropractic software ROI (Return On Investment).
Most already know what return on investment is. For example, if you gave me one dollar and I gave you back five dollars that would be a 5 times return on investment, a good ROI. But, if you gave me five dollars and I gave you back only one dollar that would be a bad return on investment.
Almost every Chiropractor knows that they should be calculating their return on investment when they put an ad in the paper or send out a mailer. However, what these same Chiropractors don’t realize, is that they need to calculate their cost of marketing and getting new patients versus their Chiropractic software ROI of increasing patient retention.
According to Harvard Business Review, it costs you five times more to get new patients than it does to retain patients you already have. Five times more. So, what does that mean? It means that you give me five dollars and I give you back one dollar – a bad return on investment. Bringing in new patients is five times more costly than utilizing a solid patient retention program. Yet ironically, most Chiropractic marketing software and systems focus on increasing the number of new patients rather than boosting your patient retention.
It is interesting that the best businesses in the world are also the best at customer retention. Take the Ritz Carlton for example. Every single thing they do is broken down into small steps to ensure no detail is missed, every customer experience is personalized, and each person that stays at the Ritz receives the ultimate gold-standard care. The Ritz Carlton focuses on customer retention and in return achieves a huge return on investment with customers who return time and time again, happy to pay their five hundred dollars plus rate per night.
It is time for Chiropractors to understand what the largest, most successful businesses in the world already know…retaining your current customers or patients equals a higher return on investment than marketing for new customers or patients, a five times higher ROI. This means that increasing patient retention by focusing on improving the patient experience is vital to achieving success in your practice.
Any business person knows that you put your money where you will achieve the highest return on investment. For Chiropractors, the greatest ROI is not found in new patient marketing where most of the marketing dollars have traditionally been spent. Instead, investing in a solid patient retention program, similar to the Ritz Carlton, where each step of the patient experience is broken down and quantified so that no detail is missed, will generate the highest possible return on investment for your practice. Don’t miss our next post where we will discuss managing the mission critical points of the patient care experience.