Do you realize how much it costs to attain a new patient for your running practice? If you’re not aware, then you may be spending more than required on patient acquisition without even being aware of it?
Your Patient Acquisition Cost (PAC) is a crucial metric for the measurement of the overall profitability of your medical practice. Keeping in mind the large number of expenses that come along – that can range from efforts on marketing to overhead operations – the cost spent on them can go higher really fast and heavily impact your profit margins if left unchecked.
Given the importance of Patient Acquisition Cost (PAC) to your practice’s profitability, it is crucial that you make sure that your PAC remains very low than the Patient Lifetime Value (PLV). Physician practices are encouraged to aim for a minimum PLV-to-PAC ratio of 3:1 as a best practice in order to maximize return on investment and assure long-term growth.
It is important when it comes to reducing patients acquisition cost for ant healthcare practice in order for it to grow smoothly and sustainably. Here is a structure given on what approach to use for achieving a blended strategic marketing, efficiency in operations and technology:
Optimization Of Your Digital Marketing
Utilization of digital channels or platforms is a very cost-saving method as compared to traditional media.
Prioritizing Paid Ads
Keep more focus on Google Ads and Meta such as Facebook or Instagram along with geo targeting and patients of selected demographics.
Utilize more retargeting ads in order to reach out to visitors who aren’t interested in the first go.
Focus More On Local SEO and Google Business Profiling
Optimize your content in order for “near me” searches and try keeping your Google Business Profile up-to-date and attractive.
Share patients’ reviews publicly for boosting credibility and trust in the expected traffic.
Marketing Through Content
Write blogs for your platform that will help answer common patients’ questions without them needing to reach you out.
Upload educational content/videos and FAQs for the enhancement of trust and SEO.
Refine Conversion Rates
Attracting a high number of patients from the same traffic lessens your acquisition cost.
Modernize And Simplify Websites Experience
Ensure the website is designed and structured to be mobile responsive and has a fast loading speed.
Has visible clear calls to action such as “Book an Appointment” or “Contact Us”.
Offer Online Booking Option
Give patients space to make an appointment 24/7.
Offering forms for consent, insurance information, etc. to cut down on friction.
Authorize Referral Programs
Recommendations and word-of-mouth are low-cost, high-trust acquisition approaches.
Get Incentives On Patients Referral
Offer gifts, small cash rewards or recognition when someone refers to a friend or family.
Partner And Provider Referrals
To make referrals, determine associations with primary care physicians, health clubs, therapists, or employers.
Maintaining And Reactivating Existing Patients
Retention can often prove to be a cheaper and affordable step than acquisition.
Automation System For Recalling
Setting up appointment reminders, follow-ps and healthcare tips via subscribed emails or SMS for regular updates.
Educating And Engaging Patients
Proceed to deliver value (webinars, newsletters, etc.) to keep customers loyal.
Enhance And Improve At Every Step
Maintain an eye on what’s effective and make necessary adjustments.
Track CAC (Customer Acquisition Cost)
Use CRM and analytics tools to measure cost per lead, cost per patient, and conversion rates.
A/B Test Campaigns
Test different headlines, offers, landing pages, and ad creatives.
