Across industries, it costs five times as much to attract a new customer than to retain an existing one. The probability of selling to an existing customer is also 60 to 70 percent, compared to 5 to 20 percent for a new customer.
In the healthcare industry specifically, customer drop-off rates can be extremely high. In fact, the MGMA 2016 Practice Operations Report found specialties experience a median of 5-8 percent no-show rate. Another report found up to 20 percent of patients do not follow up on their doctor’s referrals to specialists.
If a patient ends up losing touch with the health system at some point along their care journey, the organization wastes acquisition costs and misses out on future revenue opportunities. A focus on patient retention can help cut costs and boost revenue by improving quality and longevity of patient relationships and word-of-mouth referrals.
This post examines three patient marketing strategies that can be used to improve retention.