PT Practice Growth: Have the capacity to grow but just need the right strategy?
The PT Practice Growth Chart helps you see what needs to happen in your clinic in order to get maximum Return On Investment. See the flow chart below for a more complete explanation of how the PT Referral Machine process works to help you systematically grow your patient flow.
This worksheet allows you to focus on measurable objectives that lead to control over practice growth. To use the chart, look at each variable and set a realistic goal of improvement. As you work to achieve the goals, if the bottom line isn’t moving as planned, all you need to do is review the individual components of the growth formula to see what’s holding you back.
Subscribers will have this managed by their PTRM support team.
Your Numbers Right Now
Current Monthly Patient Leads: Tracking your marketing progress starts with gathering some basic information. To begin, you need a “lead” activity base line. A new patient lead is anyone who contacts you that is not currently receiving care and asks about your services. For example, if you receive 100 calls a week and 85 ask about a first appointment or what services you provide, then we have 85 New Patient Leads. If 51 of those actually book an appointment, then we have a 60% booking rate as our starting point. See the row labeled Current Monthly Patient Flow. To measure this you will need to use call tracking.
Monthly Patient Flow
As an example, let’s set our goals to increase the number of monthly inquiries, new leads, by 25%. We also want to increase the conversion rate (bookings) by 10%, and the compliance and service utilization rate by 10%.
Let’s also assume, for the purposes of this demonstration, the average revenue per treatment is $85, and the average number of treatments per patient is 4.5.
Lead Generation With Advertising
Improve Advertising: Generating inquiries and booking are two separate functions. New patient inquiries come from your baseline market share plus the results of your marketing and advertising. Use call logs and other tracking devices. These include responses to special offers, tracking URLs, site analytics, tracking phone numbers, and other devices for measuring new patient inquiries. The chart pictured below shows a 25% increase in inquiries. This is a reasonable advertising goal for most independent clinics.
Improve With Marketing Tools
Improve Marketing Tools: New patient booking rates depend directly on your staff’s ability to “close” or convert the inquiries. For example, some clinics convert more patients than others. For every ten new patient inquiries, one clinic may book eight while another only three. We observe these differences between clinics every day, and that’s why we strongly recommend measuring conversion rates. A 10% conversion rate improvement (as pictured in the chart), is a reasonable goal. In addition, it has a significant impact on the financials.
Low conversion rates are typically a symptom of a problem, like a weak Internal Marketing program.
Internal Marketing Programs Increase Service Utilization
Increase Compliance & Service Utilization: Marketing to increase compliance and service utilization should begin the moment a new patient contacts the clinic. When your communications are set up to educate patients on the benefits of care and other services they may want, increasing the average “spend” by 10% is easy to do.
PT Referral Machine Newsletter Signup
Stay up to date on the latest trends in marketing for physical therapists – From The Trenches.
Leave A Comment
You must be logged in to post a comment.