There’s only one way to increase your profits; you need to identify and capitalize on those windows of opportunities that each client provides you.
A successful practice is the goal; why else would you work so hard? Having happy patients is also a strong motivation. Are you making your road to victory tougher than it needs to be? Learn to identify your current patients’ buying signals and increase your profits.
The bigger question is, are you missing out on fortunate circumstances that often lift your practice to the next level? You know, those subtle signs that have kept you from increasing your profits, additional procedures and referrals?
If you have answered yes to these questions, your solution may very well be found within this article. Learn efficient and proven principles for tapping into your patient’s wants and needs — when they’re ready and desiring them!
As a medical professional, you know that there are three ways to grow your business. First, acquire more patients. Second, you do more business with the patients you already have. Third, do more work more frequently with the ones you have.
In the daily rush of building and maintaining a successful medical practice, we often miss faint signs. These signs transform practices from a “one-and-done” clinic to practices that build their strength on patient loyalty.
Your goal needs to be one of creating an on-going resource as your patients’ lives unfold. However, before you can be that resource, you need to know your patients. Don’t miss those indirect, yet vital clues that each patient provides. It’s those clues that determine where they are in their specific life cycles and transforms a medical practice.
Traditionally, the accepted formula for building a lucrative practice consists of putting your nose to the grindstone from morning ’til night, and repeating the following day.
Well, that’s one method, but there is a better way.
Did you know that simply by increasing patient retention rates by 5% increases profits by 25% to 95% (this is according to Frederick Reichheld in a study for the Harvard School of Business)?
Also, multiple direct response advertising studies have shown the following: Up to 95% of all ads written only target 5% of the intended audience. Conversely, the probability of selling to an existing patient is 60-70%, while the probability of selling to a new prospect is 5-20%.
However, a superior plan for reaching success comes with learning how to identify where each current and future patient lies within their own unique life and buying cycles.
According to Sales and Marketing Magazine, nearly 80% of all people who inquire about medical procedures take action within one year (emergencies notwithstanding). Interestingly enough, they seldom do business with the practice they initially contacted. This means you (the practice owner) are educating your prospects to do business with your competition. Continue reading Want to Increase Your Profits & Patient Loyalty?