Ep 29: What is Value of a New Patient in Your Dental Practice
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Summary
In this conversation, Benjamin Suggs discusses the importance of understanding the annual production value of a new patient in a dental practice. He explains how to calculate this value and its significance in determining the return on investment (ROI) for dental marketing efforts. Suggs emphasizes the need for accurate data analysis and provides a step-by-step guide on how to derive meaningful insights from collections and patient acquisition costs. The discussion highlights the importance of making informed marketing decisions based on calculated ROI.
CHAPTERS
00:00 Understanding the Value of a New Patient
02:46 Calculating Patient Value and ROI
06:04 Making Informed Marketing Decisions
TAKEAWAYS
Most dentists can't answer the annual production value of a new patient.
Calculating the value of a new patient requires data analysis.
The production value should be assessed over a 12-month period.
Collections, not production, determine the actual revenue.
Understanding patient value helps in evaluating marketing ROI.
Use dental software to track patient numbers and collections.
A ballpark figure for new patient value is useful for decision-making.
Calculate ROI by comparing marketing costs to patient value.
Data-driven decisions enhance marketing strategies.
Investing in training can improve patient acquisition rates.
CONNECT WITH US
Learn more about improving dental practice marketing on Flow.
Benjamin Suggs on LinkedIn
For 12+ years, Flow New Patient Marketing has had a simple mission… to bring you as many quality new patients as possible. We believe in ensuring that when a potential patient needs a provider, you are the one they find, choose, and set an appointment with. We Get You More *Profitable* New Patients!
- No long-term contracts.
- Our clients average an 8X return on investment.
- Personalized, non-corporate approach.
- 5-star reviewed.
Find us:
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