As a doctor running a practice you have many things to keep track of (or at least be aware of), employees, payroll, marketing, scheduling and much more. One of the biggest things that I see overlooked is an in-depth understanding of which services are most popular and which services are most profitable. Sure, you can probably figure out pretty quickly what service most people are coming in for most frequently, but have you crunched the numbers?
For starters, you need to know the profit margin on every single one of your services. For medical spas & cosmetic surgeons, I realize that some of your injectables & fillers are subject to market variance, but you should still have a very good idea of their cost. If you’re a cosmetic dentist you need to be aware of the cost of all supplies, including veneers, bridges, teeth whitening gel, etc.
It’s not enough to simply know your profit margins. You need to tailor your marketing strategy around these services. In other words, you need to more frequently promote and offer deals for these services. Here are a few different outlets to do this:
- email marketing
- Facebook & Twitter
- Groupon or Living Social
Alright, so you know your profit margin; what else should you be aware of?
1) Value of a new pateint: You need to know what the average new patient is worth. First you need to figure out how long the average patient sees you for, and then you need to figure out what the average person spends per visit. If the average person comes to the practice 10 times and spends $250 a visit then they’re worth $2,500. Now, based on your profit margins you can then figure out how much you’re willing to spend to bring in a new patient.
2) Number of new patients you’re bringing in each month: You need to know how many new patients are coming in each month not only so that you can set, and aim for, certain goals, but also so you can determine what your peak seasons and off-seasons are. As your practice ages you can then compare a given month from last year to this year, so that you have a benchmark for judging success.
3) Where new patients are coming from: This is crucial to know from the very beginning, so you need to train your staff to ask this to every new lead that comes in (and when I say “comes in” I mean they email or call the practice). Lead tracking is crucial if you’re doing any marketing at all. Fortunately for most internet-based leads, you can track them to their source using Google Analytics. It’s a little more difficult when you receive a phone call, but all the more reason to simply ask people how they found your practice.
Many of the points made above are very obvious. However, you’d be surprised at how many medical practices neglect these little details. Make sure that whether you’re running a medi spa, cosmetic dentistry practice, plastic surgery center or medical practice of any kind, you properly train your staff. Also, even if you’re not a numbers person, or involved in accounting or payroll in any way, you need to know your profit margins.
If you’d like to learn more about growing your medical practice online then contact Turbo Social Media
today, or call 877-673-7096 x2