How Much is Your Patients’ Lifetime Value (LTV)?

How Much is Your Patients' Lifetime Value (LTV)?

Did you know that it costs more to attract a new patient than it does to retain an existing one – but how much can you really afford to spend to attract a new patient?

Knowing the lifetime value (LTV) of your patients is the key to creating a workable budget for marketing.

That number should dictate how much you spend on marketing and advertising. Spend too much and you’re losing money in the long run. Spend too little – and you’re missing out on an opportunity to grow your practice.

How to Calculate Your Lifetime Patient  Value in 5 Simple Steps
  1. Start with your company’s total revenue in the past year and divide it by the total number of purchases in the same period. The resulting number is your average purchase (service) value.
  2. Next, take your total number of purchases (services) in the past year and divide it by the number of unique patients who made purchases (received services). The resulting number is your average purchasing frequency rate (service rate).
  3. Take your average purchase value and subtract the average purchase frequency rate from it. That gives you the patient value per year.
  4. Calculate the average number of years a patient continues to buy from you. If you’ve been tracking unique purchases this shouldn’t be difficult. This number is the average patient’s lifespan.
  5. Now, multiply the patient value by the average patient lifespan to get the lifetime value of your patient.

Let’s look at an example. Here are the raw numbers:

– $100,000 in annual revenue
– 250 purchases (services)
– 150 unique patients

Your average purchase value would be $400. You would then take that number and divide it by 150 to get your average purchase frequency rate, which is 2.67.

Next, you would subtract your average purchase frequency rate from your average purchase value to get $397.33, your patient value per year. If you keep your patient, on average, for 10 years, your patient lifetime value would be $3,973.30.

That’s a very simple example but it illustrates the point. The practice would have a lifetime patient value of nearly $4,000.

How To Use Patient  Lifetime Value in Marketing

You know your patient lifetime value – now what?

The short answer is that you’ve got a piece of information that can help you attract more patients and make better use of your marketing budget.

Every patient you have contributes to your company’s success and profitability. Understanding just how much each patient is worth to you can help you do a better job of attracting new patients, increasing their lifetime value, and maximizing your profits.

So… if you are a private practice healthcare business owner and you are looking to grow and scale your practice or generate more new patients for the practice – we are here for you!  Drop a comment below if you have questions or if you’d like to set up a call with us go here: https://chat.practiceinsidersedge.com/PIE-Triage-Call


Big Word – Simple Meaning Take a Look 👀

Metacognition and how it affects your practices bottom line

METACOGNITION…big word, simple meaning!

Here is the definition via online dictionary: awareness and understanding of one’s own thought processes.

Thinking about what you’re thinking about. A simple concept right?

Last week we spoke about The Power Of Your Future.  Well, the truth is your future is dependent upon how you think about yourself and how positive self belief can help you get through the fear of becoming the leader in your practice.

As the current and/or eventual CEO of your practice as we covered in a previous video CLICK HERE you will need to learn how focusing your mind on what and how you are saying not only affects you but also your team and ultimately your business.

This week, we wanted to share a bit of coaching about mindset to assist our practice owners in making sure they’re aware of their own focus and how to set it right, which ultimately helps them with the growth of their practice!

Check out this week’s video… it’s not long & give the challenge at the end a try…it’s worth it 🙂

If you are a private practice healthcare business owner and you are looking for some advice on how to better YOUR OWNER MINDSET or you are looking to grow and scale your practice – we are here for you! You can do one of two things:

(1) Drop a comment below with the word: MINDSET and we will get back in touch with you
(2) Set yourself up with a Triage Call here so we can talk about Coaching, from Clinician to CEO: https://chat.practiceinsidersedge.com/PIE-Triage-Call


How to Get the Most Out of your Practice’s Facebook Page


You might already have a Facebook Practice Page. If you don’t, you should – in fact, setting one up should be the very next thing you do after reading this article.

Why? Facebook has more than 2 billion active monthly users. 

Regardless of where your practice is located or what you sell, the chances are excellent that a solid majority of your patients and potential patients have Facebook accounts.

The issue that keeps coming up is that many of the practices that have Facebook pages aren’t making the most of them. And that is a tragedy. Your Facebook Page can be a substantial marketing tool for your practice!

Fortunately, there are some easy fixes you can make to turn your Facebook page into a powerhouse. Here’s what you need to know.

Choose a Recognizable Profile Picture 

Your profile pic and your cover banner are the first things most people will see when they visit your page or see your content. That means it’s got to be clear and easy to recognize.

The most obvious option is to use either your company logo or your picture for your profile. The former makes sense if you have a practice with a recognizable logo or one where people don’t automatically associate you with your practice.

Use a photograph if you choose to be more personally recognizable than your practice.

Either way, make sure your profile pic is the right size. You can find the details in Facebook’s guide, here.

Add a Compelling Cover Photo 

Your cover photo takes up more space on your Facebook Practice Page than anything else. For that reason, it’s got to be compelling and professional.

A lot of practices use an image of their reception area or gym as a cover photo. Others use a group photo of their staff – something that makes sense for a service-oriented practice.

Make sure to use the proper dimensions for your photographs. Facebook changes the dimensions frequently – you can double check here.

Tip: A better idea is to have a compelling design that leverages a call to action such as ‘Click Here’ to encourage others to click on the page’s cover to get more information or to give something away. 

What happens next when someone clicks on the cover banner is a lightbox or modal opens up on the screen with a sidebar. It is here where a practice can provide compelling text and link to a website to encourage others to opt-in to get something of value. 

Unfortunately this is a missed opportunity to leverage Facebook to funnel all of that traffic back to your business for the purpose of building a list or selling your services!

 

Minimize Admin Access to Your Page

You’re busy and it might be tempting to give an employee access to your Facebook page, so they can post content while you handle other aspects of your practice. There’s nothing wrong with that – until there is.

If you decide to delegate social media responsibilities to employees, make sure that you:

  • Provide proper training about the type of content to be posted, your social media strategy, and the “voice” you want to use in your posts
  • Make the parameters of their responsibilities clear
  • Lay out the process for dealing with negative comments and complaints
  • Limit access to one or two trusted employees at most

You can change your Page Access settings by clicking Settings > Page Roles.

Add a Call to Action Button  

You know that your social media posts and emails all need a call to action at the end that tells people what to do next. The same is true of your Facebook Practice Page.

In recent years, Facebook has added Call to Action Buttons for Practice Pages. The button appears on the right side of your Facebook Practice Page just underneath your cover photo. Some of the options available include:

  • Call Now
  • Book Now
  • Learn More
  • Watch Video
  • Sign Up

Choose the CTA button that is most suited to your Facebook marketing goals. You can add it by clicking the “Add Button” button on your Facebook Practice Page. If you already have a CTA button and want to change it, you can do it by hovering over the button until the “Edit Button” option appears. Click it and you’ll be able to select a new button for your page.

Don’t Neglect Your “About” Section  

The “About” section of your Facebook Practice Page is vital to your page’s success. People will click “About” to learn more about your practice. If you don’t provide them with the information they need, they may decide not to follow you.

You should make sure to at least include your full practice name, address, telephone number, hours, and the URL of your website. You should also consider optimizing the section that’s most likely to sell people on your practice. For example, you might:

  • Provide a detailed company history
  • Explain your key service you offer
  • Share your mission statement and company values

It’s also a good idea to add some company milestones to your profile, including your founding date, the launch of a new location or service, and key anniversaries.

Check Your Metrics  

One of the most common Facebook marketing mistakes is failing to use the free tools that you get when you sign up for a Facebook Practice Page. You might not know it, but Facebook Insights provides a ton of useful information about the people who follow your page and what they want to see.

The best way to use Facebook Insights is to track your engagement. I recommend focusing on:

  • The times of day most people see your posts
  • The kinds of content that get the most engagement

For example, you might look at Facebook Insights and discover that more people read your posts between 9 AM and noon on weekdays than at any other time. You might also discover that your video content is leaving other content types in the dust.

Using that information, you can then create a content strategy that will allow you to get the maximum organic reach for your content.

Promote Your Content 

Speaking of content, are you publishing content consistently?

Your potential and existing patients want to consume your content! When was the last time you posted something? 

How often are you posting? Once a month? Once every 4 months?

Recency bias has a big part in how much your audience engages with your Page. Posting infrequently just isn’t going to cut it. You have to have a content marketing strategy which incorporates consistent and ongoing publishing that helps you connect with your audience!

It is also worth mentioning that increasingly, Facebook has tweaked its algorithm to prioritize personal content and minimize the reach of practices. They say it’s because it’s what users want, but it’s also a way for them to maximize their ad revenue.

Either way, the only way to be sure that your content is seen by your followers is to promote it. I don’t recommend doing that with everything you post. But, if you’re sharing something important – like an event or a new service launch – it makes sense to drop a bit of money and promote your content.

Facebook marketing is like anything else – you get out of it what you put into it. Your Facebook Practice Page is where it all starts. Use the tips here to get the most from your page and turn your Facebook marketing into the powerhouse it should be.

 

So… if you are a private practice healthcare business owner and you are looking to grow and scale your practice or generate more new patients for the practice – we are here for you!  Drop a comment below if you have questions or if you’d like to set up a call with us go here: https://bit.ly/PIE-FB-Triage-Call 


The Power Of Your Future

The Power Of Your Future | Practice Insiders Edge

The Power Of Your Future

On another morning walk I was listening to a Podcast that had Bishop TD Jakes and he said something VERY INTERESTING…..

Most people want a table – but you have to understand it comes from the tree!

I think this is really about two things:
1. Delayed Gratification – we want it all NOW!
2. Strategic Planning – best way to get what you want is PLAN!

It’s a short video today but I do think it’s beneficial to watch and I’d love your input on this video…. Like any of them that we do.  We are just looking for ways to help you grow and scale your practice too.

We spoke about the shift in Mindset from the Clinician To The CEO which this post backs up the importance of mindset and doing the work too which will assist in implementing the work in order to have The Power Of Your Future to bring you what you desire.

if you are a private practice healthcare business owner and you are looking for some advice on YOUR FUTURE or you are looking to grow and scale your practice – we are here for you! You can do one of two things:
(1) Drop a comment below with the word: FUTURE and we will get back in touch with you
(2) Set yourself up with a Triage Call here so we can talk about Strategic Planning: https://bit.ly/PIE-FB-Triage-Call


6 Steps To Prevent Your Website From Being Hacked

6 Steps To Prevent Your Website From Being Hacked

6 Steps To Prevent Your Website From Being Hacked

Have you ever been hacked, your website that is?

If you have not that it is critical that you watch THIS VIDEO on the 6 Steps To Prevent Your Website From Being Hacked!

We talked last week about the importance of doing a Practice Marketing Audit, but if you get hacked, the audit won’t do much for you.

Now… if you have had your site hacked you know how painful that is and it is very important to remain resilient against hacker and YES even if you are a healthcare provider.

Most people think that only E-Commerce sites get hacked or heck, even banking institutions and government sites but it’s true YOU TOO can be hacked and with HIPPA you MUST be very careful.

Here are 6 tips we will cover in the video:
1. Keep all of your software updated (website and servers)
2. Install an SSL Certificate on Your Site
3. Use and Require Strong Passwords
4. Hide your Admin and Login Folders (in plain site)
5. Use Double Validation Forms
6. Minimize administrative access to your site

I know… and I agree this is tech talk and if you don’t understand it make sure to pass it along to your webmaster or feel free to ask us for help too!

So… if you are a private practice healthcare business owner and you are looking for some advice on how to avoid getting your website hacked or you are looking to grow and scale your practice – we are here for you! You can do one of two things:
(1) Drop a comment below with the word: Hacked and we will get back in touch with you
(2) Set yourself up with a Triage Call here: https://bit.ly/PIE-FB-Triage-Call


How To Run a Practice Marketing Audit

Practice Marketing Audit | Practice Insiders Edge

How To Run a Practice Marketing Audit

Marketing…. Shmarketing – I do enough of it!

Really….. Are you sure?!

Have you ever done a marketing audit on your practice?

So if you want to see how you can take a walkthrough of your current marketing and where you may stack up make sure to watch this week’s video.

In other words, how is your practice performing with respect to:
Website Review
     It all starts with the HQ of your practice
Online Scheduling
     Do you offer this option?
Payment Options
     Great way to boost cash flow every month
Loyalty Programs
     Is there a way for you to incorporate a loyalty program?
Search Engine Optimization
     Are you the #1 Provider for search in your community?
Email Marketing
     You are sending out at least 1 email/newsletter per month… right?
Social Media Presence
     Just pick one and run with it.

Sure, this is not the most fun way to spend 60 minutes but what if it brings in one or two more patients per month into the practice, is it worth it then?

So… if you are a private practice healthcare business owner and you are looking for some advice on running a Practice Marketing Audit or you are looking to grow and scale your practice – we are here for you! You can do one of two things:
(1) Drop a comment below with the words: Marketing Audit and we will get back in touch with you
(2) Set yourself up with a Triage Call here: https://bit.ly/PIE-FB-Triage-Call


Need a Conversation Starter for Your Practices Content?

5 Conversation Starters for your practices content

Need a Conversation Starter for Content for your practice?


Today I wanted to talk with you…. yes I want to have a conversation with you about conversations! 🗣

And… sorry but it’s just me going solo again – I know you miss Terri (me too)!

When you ask questions…. Most people like to give answers!

We don’t always have to like them but we can always learn from them… or at least you should be open to learning about them.

There are some really cool things that start to happen when you get conversations going with your patients and even more important, your prospective patients like….
1. They help to build trust and bond you with your market!
2. They help you to come up with future content!
3. They help you to connect with your community!
4. And…. much, much more!

If you want to learn more about the 5 conversation starters to keep your audience talking about you and your practice then make sure to watch the video. 🎥

So… if you are a private practice healthcare business owner and you are looking for some advice on Conversation Starters or you are looking to grow and scale your practice – we are here for you! You can do one of two things:
(1) Drop a comment below with the word: CONVERSATION and we will get back in touch with you
(2) Set yourself up with a Triage Call here: https://bit.ly/PIE-FB-Triage-Call


The 3 D’s To Success For Your Practice

The 3 Ds To Success In Your Practice

The 3 D’s To Success For Your Practice


This week I’m sharing a video that I shot on Saturday April 10th, 2021 after taking a morning walk. In Illinois we had a bad few days of weather but I’ve got to get my walk in regardless. Movement is critical for me to have a good day!

I went live in our Private FB Group (https://www.facebook.com/groups/2557935974436456/) and I thought I would share that video with you too! This info is too important for you to not have this and start to think about this as you head into your week.

So… what are the 3 D’s?

DO — DELEGATE — DELETE

Pretty simple yet many of the best things in life and business are simple!

Well…. We should at least be doing our best to make as many aspects of our life as simple as possible with process and systems.

This video will go over the ways in which you should take action on ANYTHING that comes across your day.

Side note – if you are treating patients… I’d suggest you just DO your very best and not delegate or delete them… you might get in trouble!

But for anything else that comes to you through the day you should:
1. Do it
2. Delegate it
3. Delete it

I’d love to know what you think?


7 Hacks to Help Your Practice Grow


Wouldn’t it be great to find some simple tricks that would help you leap ahead of your competitors and see your practice soar to new heights?

Well, I’ve got good news for you. I’ve been thinking a lot lately about growth hacks – little tricks you can use to fast-track your growth and increase your sales and profits. By definition, a hack is meant to be simple – something you can do right away. Sometimes hacks are clever and weird things but sometimes, they’re well-documented things that small healthcare business owners overlook.

Let’s focus on the latter because I’m willing to bet you’re not doing some of these things. 

Here are 7 growth hacks that I think you need to start using – today.

#1: Use Content Upgrades to Grow Your List  

You know what an upgrade is. It’s something that allows you to increase the value or utility of something you’ve already purchased. In the case of a content upgrade, it’s a free piece of content that you use to attract new subscribers and leads.

Let’s say you have just published a killer blog post, but you have some content that you didn’t include. Maybe it’s more detail about one of your points. Maybe it’s a list of tips and tricks. 

Whatever it is, try offering it as a freebie at the end of your post. You can make it your call to action or even a pop-up that appears when people try to close the window or hit the back button. Something simple like “Enter your email to get a free growth hack cheat sheet” can help you grab readers’ attention and get their emails before they leave.

#2: Use Exit Intent Popups 

Speaking of popups, you should be using them. I know, I know; they’re annoying and some people use popup blockers.  

So what? 

Research shows that pop-ups are effective and exit-intent popups are ideal because they grab visitors’ attention at a crucial moment. Maybe they’ve looked at your service but balked at the price. A strategic popup offering a coupon or discount code could be the only impetus they need to stay on your site and buy your service.

#3: Retarget Your Visitors

What happens when someone visits your site and doesn’t complete your opt-in form or buy a service? If the answer is, “Nothing” then you’re missing out on a HUGE opportunity to give those visitors the nudge they need to take the next step.

Retargeting uses a tiny piece of code called a pixel to identify people who leave your site without taking a specified action. You can then show those people a retargeting ad based on what you want them to do. Some examples include:

  • Completing your opt-in form
  • Paying for items in their shopping cart
  • Scheduling an appointment

I recommend Facebook and Google retargeting for the best results.

#4: Prioritize Social Proof – Use Social proof

Don’t underestimate the importance of social proof in the form of patient reviews, testimonials, and comments. According to Bright Local, 84% of patients trust online reviews and testimonials as much as they would a personal recommendation from a friend.

I’m amazed by how many local health care business owners don’t highlight social proof on their websites. Your reviews and testimonials should be front and center, not hidden on some interior page. It’s not reasonable to expect your site’s visitors to go hunting for what they need. Make it easy for them to find it and you’ll almost certainly see an increase in your conversions and sales.

#5: Use Calls to Action on Social Media  

You wouldn’t create a landing page or publish a blog post without a call to action – or at least I hope you wouldn’t! But I’m always seeing social media posts from local practices that don’t include a call to action. Don’t make the same mistake.

A call to action is needed because it tells the patients who see your post what you want them to do next. Believe it or not, they may not know! Whether you want them to redeem a coupon, enter a contest, sign up for your list, or leave a comment, you need to tell them if you want to get the result you expect. They’re not mind readers! 

#6: Solicit Patient Feedback 

Speaking of asking for things, when was the last time you asked your patients for their opinions? I’m willing to get it for a while, and it’s time to end the drought.

Patient feedback is one of the most valuable things you can get. People want to tell you what they think of  your practice. If you wait for them to tell you, it’s probable you’ll hear more negative feedback than positive because people are often more motivated to sound off about what they don’t like than they are about what they do.

So, whether you do it in a social media post, an email, or a survey, it’s time to start collecting information from your most valuable study group: your patients!

#7: Focus on Content Marketing

You’re probably tired of hearing me go on about content marketing. I’m mentioning it again here because while B2B companies are mostly on board with content marketing as a growth strategy, B2C companies are still slow to prioritize content marketing.

You don’t need to try all these things, but adding even one to your marketing mix can help you attract new patients and retain existing patients:

  • Social media posts
  • Blog posts
  • YouTube videos

You don’t need to be publishing new content every day for it to be effective. Doing one or two blog posts or Facebook posts per week is enough to get your started. If you’re not using social media at all, choose one site as your focus. I think you’ll be happy with the results.

These seven hacks aren’t rocket science. They’re things that you can start doing immediately to see an increase in your conversions and sales. Even choosing one can help you move in the right direction – so what are you waiting for? Go!

So… if you are a private practice healthcare business owner and you are looking to grow and scale your practice or generate more new patients for the practice – we are here for you!  Drop a comment below if you have questions or if you’d like to set up a call with us go here: https://bit.ly/PIE-FB-Triage-Call 


10 Actionable Local Marketing Ideas You Can Deploy Right Now for Measurable Results


You already know that local marketing is the name of the game if you want to grow your practice. The challenge is choosing practical local marketing tactics that can help you without breaking the bank.

I hear you. So, without further ado, here are 10 actionable and affordable local marketing ideas worth considering.

#1: Fine-Tune Your Yelp Categories

Yelp is the gold standard of crowd review sites for a reason. When your patients search for reviews in your area, Yelp pages are likely to appear at or near the top of Google’s SERP (Search Engine Results Pages)

The best way to make sure your practice makes an appearance is to check out your Yelp categories and make sure they’re an accurate reflection of your practice. 

For example, if you own a massage therapy clinic, then you should have the category of massage to your Yelp page. You can find a full list of Yelp categories here.

 

#2: Reach Out to Patients Who Are Active on Yelp for Reviews

Don’t rush into this one – seriously. Keep reading. If you don’t handle asking for reviews the right way, Yelp could filter them out and put them into the “Not Recommended” category.

Here’s what to do to reach out to your patients on Yelp:

  • Use the “Find Friends” option on Yelp ONLY to identify patients who use Yelp. Do not use it to request reviews.
  • Don’t send out an email blast asking for reviews. Do only a few at a time.
  • Reach out on email or Facebook to ask for reviews.
  • Don’t send a direct link to your Yelp page. Instead, ask them to Google “Your Practice + Yelp” and click the Google link to get to your page.
  • Don’t ask patients to review you from your place of practice. They should do it after they leave.

Doing any of the things I’ve warned against here may result in your reviews getting filtered by Yelp. So, take your time and be patient. A few reviews at a time will help you improve your overall rating.

#3: Remarket to Existing Patients to Generate Reviews

Yelp isn’t the only place for your patients to leave reviews. You can always email patients to ask for reviews, but a more hand-off approach is to use remarketing to remind them that they haven’t reviewed your practice yet.

The easiest way to accomplish this task is to get a remarketing code for the URL you think should trigger reviews. Or Google can even create a remarketing ad for you.

If you decide to try this option, keep the text of your ad simple. Something like, “Love us? Leave a review on Facebook, Google or Yelp!”

#4: Promote Your Testimonials on Social Media

Speaking of reviews, you want your positive feedback to be something that potential patients see. That’s why you should be highlighting your testimonials on Facebook.

I recommend asking your patients for video testimonials. They take only a few minutes to record and video content gets much higher engagement on Facebook than written content. You don’t need to spend much, either – you should only be promoting to people in your service area.

#5: Target Your Local Audience on Facebook

Facebook’s algorithms prioritize personal connections over practice content. That means if you want your most important content to be seen by your target audience, you’ll need to promote your content.

My suggestion is to choose one of two Ad Objectives:

  • Brand awareness
  • Clicks

Promote your most compelling and relevant content. Make sure to target people who live near your practice for the best results.

#6: Build Separate Landing Pages for Each Marketing Campaign

Every marketing campaign you run should have its own landing page. The pages don’t need to be complicated, but each should include:

  • A hero image
  • Relevant content that answers your patients’ most common questions
  • A clear call to action
  • A clickable contact number

The bottom line is that you shouldn’t be sending people to a generic page when you can create a specific one in just a few minutes.

#7: Use Facebook for Local Brand Awareness

If people in your area don’t know about you, they’re not going to think of your practice when they have a need for your services. It’s that simple.

To run a brand awareness campaign, choose “Brand Awareness” from Facebook’s list of ad objectives. Then, target a local audience. You don’t need to spend much – just a few dollars a day may be enough to build awareness.

#8: Create Guides for Local Activities

A lot of people make it a priority to patronize local practices. One way to emphasize that your practice is local is to create guides for local events and activities. 

Of course, the guides you create should also be relevant to your practice. For example, if you own a sporting goods store, you could highlight local hiking trails or beaches for swimming. Once you’ve created the guide,  you can promote it on Facebook. 

#9: Use Call-Only Ads 

If your practice relies heavily on phone calls to get leads, then one of the best tools in your arsenal is the call-only ads. These ads highlight your phone number, making it easy for people to get in touch.

You should know that call-only ads generally apply only to mobile advertising. You’ll need compelling ad copy. Your phone number will be clickable, so that people who see your ad can dial you with the touch of a finger.

#10: Create Local Service Area Hubs

Do you have more than one service area or practice location? One of the easiest ways to improve your local SEO and get more patients is to create local service area hubs on your website.

An easy way to do it is to use your site’s architecture. Set up a general location page. Then, create content about each location. If you’ve got multiple locations in some areas, you can set it up like this:

  • State
  • City
  • Neighborhood

Each location should have its own page that uses local keywords and images. That way, people will know where they can find you.

Local marketing doesn’t need to be expensive. The 10 ideas we’ve listed here will help you make the most of your local marketing budget and grow your practice.

So… if you are a private practice healthcare business owner and you are looking to grow and scale your practice or generate more new patients for the practice – we are here for you!  Drop a comment below if you have questions or if you’d like to set up a call with us go here: https://bit.ly/PIE-FB-Triage-Call