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Your Practice’s Patient Conversion Rate – Do You Know It?

One of the most important elements of practice is the patient conversion rate. However, the reality is that most practices do not know what their patient conversion rate actually is. Although many would like to believe their conversion rate is 90-100%, the truth is that when looking at new patients only, the conversion rate is typically around 45%. Keep in mind that patient conversion rate is subject to change due to the following factors:
"Although many would like to believe their conversion rate is 90-100%, the truth is that when looking at new patients only, the conversion rate is typically around 45%."
  • Office PersonnelYour front desk staff and other employees can make or break a patient’s experience with your team.
  • Materials Available–Patients who are well informed will feel more confident making a decision regarding their elective procedure.
  • Amount of Competition–More or less competition can either drive patients to you or leave room for other practices to grab your patients.
  • Your Offerings + Availability–Do you offer what your patients need? Is the time between scheduling a new patient and getting them in the office short? If not, they may look elsewhere.

Rule: Monitor patient conversion rate daily if possible, weekly at a minimum.

Patient Conversion Rate Gauges Your Success
If you are seeking to expand the success of your practice, understanding the patient conversion rate is the first step. This is critical not just for a business owner, but for the entire team to understand the numbers and how those numbers are impacting the practice.

Conversion Rate Analysis

Due to the fact that patient conversion rate is your practice’s ultimate gauge of success, it is important that everyone knows and understands how the conversion rate impacts the team. The math behind conversion rate analysis is simple:

Number Purchased divided by Number Attended

This number should be segmented according to new patients, existing patients, and referrals. Each of these patient categories plays a different role in the success of your practice. As a result, you can and should allow for numbers across these categories to vary.

Additionally, make sure you analyze the conversion rate according to product or service. In doing so, you will gain a clearer picture of where your practice is drawing the most revenue and where you may want to focus on enhancing your services.

For any practice seeking to not just maintain but expand their success, a solid understanding of patient conversion rate is key. Without this knowledge, you will lose out on money that could help propel your business to new heights.