Return on Investment or ROI as it is commonly referred to is crucial to the success of your clinic. Although most finance professionals value ROI as an important metric for evaluating the health of a business, healthcare workers don’t attach the same importance to it. ROI determines if a decision you made is financially beneficial for your practice or not. Interested in upgrading your office? ROI can tell you if it’s worth the effort. Want to implement a new marketing campaign to bring in new patients? ROI can help you decide the best way to do it.
ROI is simple enough to understand. If you spend X amount on something, how much will you see in profits? You always want ROI to be a positive number. A higher ROI means it’s a good investment compared to the alternative. So what can you do to improve your dental practice ROI? Read on to find out.
Automatic Appointment Reminders
Many practices don’t use this feature effectively even though it’s bundled with most EHR and PM software. Vendors call it by different names and it may even be sold separately as an ‘upgrade.’ It provides an easy and convenient way of getting patients into the clinic without putting more work on your front desk employees.
Automatic reminders let you inform patients of upcoming appointments and to remind them to schedule follow up or preventative visits. Few people look forward to a dental visit and sometimes patients have to reschedule for other reasons. Instead of manually calling up each person to remind them of an appointment, why not software take care of it for you? This will minimize no shows, cancellations and last minute schedule changes. Remember unused equipment and idle staff don’t generate any revenue.
Unlock the Power of your Records
Every new customer you get is a result of hard work and effort. So why should let it go to waste? Cultivating a good relationship with your patients will keep them coming back for treatments, checkups and follow up procedures. Retaining existing clients is often less expensive than continuously getting new ones. But what about old clients who simply stopped coming?
With the transition to electronic records, you have immediate access to dozens of old client records. Contact those patients and invite them back to your practice with a discount or combo package. Sometimes people just forget to make annual visits and this is a chance to remind them again. More clients mean more production and this way you don’t have to spend money on expensive advertising campaigns.
Leverage Social Media
Traditional marketing campaigns – billboards, TV spots, flyers etc. – are often expensive. But their effectiveness is also declining in the wake of new media platforms. Today your practice might get better results with Twitter or Facebook than with a strategically placed billboard with much less expenditure. As with any good marketing campaign, you need to reach clients where they spend the most time. In 2017, that means social media.
Make sure your clinic has an up to date website, Facebook page and other relevant social media accounts. Post important updates about your clinic (hours, holidays, special offers), tips on better dental care etc. regularly. A strong social media presence can bring in more new clients than any other form of marketing. Once they are in your office, you can work on converting them into regular clients.
You have already invested thousands of dollars in your practice. By bringing in new patients and performing more treatments, you can increase the ROI without any extra spending!