Help grow revenue while helping your patients
Basic Marketing Principles
These marketing thoughts are basic components taught in every marketing school across the country, are easy to understand once laid out, and are the backbone of why a practice can benefit from the PWP.
I. "It is cheaper to keep a customer than it is to find a new one."
The idea here is that finding a new customer takes research, advertising, and convincing them they need to upgrade/switch/buy your service, all of which costs money. Whereas keeping an existing customer happy will take only a fraction of the cost and they may refer additional business.
II. There are only three ways to increase profit: 1. Decrease cost, 2. Get more customers, or 3. Increase the revenue from existing customers.
With the PWP we address all three:
- Reduced cost with efficient handling of the administrative burden of the program limiting in-house costs or overtime or the need to increase staff
- Getting more patients if the program is used for marketing to possible patient populations
- Increased revenue from increased visits and reduced missed appointments as well as a more loyal patient base due to the improved concern for their well being.
III. "Give the customer what he/she wants."
In this case as in most, the customer wants to feel remembered, cared for, and thought of as an individual.
A good marketing management system solves many business problems. To name just a few, it:
- Decreases the "Roller Coaster" effect of cash flow
- Increases total new and active customers and enhances loyalty
- Decreases overhead. Money spent more on targeted marketing helps you get more return on your investment (ROI)
- Motivates your staff, which makes for a more pleasant, less stressful work environment for everyone
- Increases profit.
In addition to acquiring new patients and enhancing the revenue from existing patients, a comprehensive Well-Care program can also be a tool to promote your practice to health care HMOs and other plans that want evidence of your efforts and success in promoting proactive health maintenance with your patient base.