Across industries, increasing customer retention rates by 5 percent increases profits anywhere between 25 to 95 percent. This may frame patient retention as an obvious way to increase profits, but in the current healthcare market, it’s much easier said than done.
Why? Patients have become discerning customers – they have plenty of healthcare options, and aren’t hesitant to shop around and compare healthcare networks on patient care, price, and overall experience. Furthermore, Millennial customers, who already outnumber the Baby Boomer generation, are more likely to proactively research cost information, medication coverage, and doctor quality ratings.
With the ever-changing healthcare landscape, marketers must put a focus on patient retention in order to achieve significant growth for your health system. Attracting new patients is beneficial, but keeping them within your healthcare network has the potential for greater ROI.
Let’s take a closer look at five strategies to drive patient retention in the digital age: