Financial Opportunity Costs in Medical Marketing

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In the typical medical practice office, there are a variety of barriers in place that could prevent you from garnering the most out of your marketing efforts. However, the first step is to understand the financial value at stake for each branch of your marketing. Our experience in the industry has given us key insight into the value of each lead, which includes name, contact information and procedure of interest. Here are a few numbers for you to keep in mind:
"When you have a strong patient acquisition system, there is a lot of money at stake that can convert leads from each of these sources into a patient."

Value of a Lead

● Website–$625
● PPC–$180
● Email–$248
● RealSelf–$536
● Facebook–$515

Patients who find you through your website, RealSelf and Facebook will be individuals who are proactively looking for you and finding your content online, which is why these lead values tend to be higher than those from other sources. Email and paid placement, on the other hand, are considered more of a push advertising, as they are effective due to priority placement or marketing through your existing customer database.

When you have a strong patient acquisition system, there is a lot of money at stake that can convert leads from each of these sources into a patient.

Eliminate Barriers to Success

The following hurdles are the most important to evaluate when looking to make your marketing the most effective.

Understand Your Consultation Hours–Do you have the right amount of hours available to effectively handle the patients, based on lead generation?
Staff AppropriatelyAre you sufficiently staffed to handle leads and schedule appropriately within the first 10 days of contact? If not, your attendance rates will decline.
Maintain Technology/Automation–Do you have the technology you need to be as effective as possible in handling leads? Consider the following:
○ Do you have the right phone technology?
Do you understand abandonment rates?
○ Are you routing phone calls appropriately?
Do you have automation to follow up with leads, appointment reminders, etc?
Relevant Products/Pricing–Are you providing services and products that are most interesting to your clients at a well-researched cost?
Consistent Process/Systems–Make sure your patient acquisition processes and systems are being done consistently and are well integrated so that everyone is on the same page.

Ultimately, the value of a lead is tremendous, but without overcoming these hurdles, your practice will miss out on an incredible opportunity.