Lifetime Value Of Average Patient

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What is the lifetime value of your average patient? Can you point me to some numbers or statistics that take in consideration all services offered, and estimated amount spent, during the first and subsequent years.

Thank you in advance!

 

I very much doubt if there is anything on this. Even if there was, what does it mean? A primary care patient seen routinely vs a surgical episode of care vs an orthotic patient vs a one off treatment?

 

This information would be extremely useful when analyzing the effectiveness of a marketing campaign. I've looked at some studies http://www.mdcircle.com/documents/Customer_Lifetime_Value_Analysis_for_Dental_Patients.pdf, but nothing related to podiatry. I understand that there is no single answer for this question, but on average, how much would you be willing to invest in marketing to acquire a new patient?

 

I was intrigued by this rather strange post.

I thought we were in the business of assessing, treating and discharging patients not working out how long we could hang on to them?
Or have I been asleep at the wheel?

In the same way I am always suspicious of those practitioners who are fully booked for 6 weeks (with mostly the same patients) and who complain they can't see any new ones.

There are too many variables to consider to even have a educated guess at a figure.

Dido

 

Interesting......


I would love to see someone analyse the job satisfaction of the practitioner who is booked 6 weeks in advance seeing the same pt's for general care vs "diagnose, manage and discharge" practitioner.

 

The lifetime value of patients will be practice specific. It will depend on your patient mix, your treatment style and other factors such as whether you have a retail side to your business.

I have recently taken on working this figure out for my practice and will admit that I did guestimate. The plan is to increase this figure over time, not by overservicing but by focusing my marketing on attracting more of my target patients.

 

In other words, you are asking how much money should a podiatrist expect to make off of a patient over their lifetime? Honestly, I don't understand why an ethical podiatrist would even be asking such a question.

Rather, the podiatrist should be more concerned about learning as much as possible so they can provide the best medical service to their patients. Then after the podiatrist has devoted sufficient years to their training in order to become an excellent medical practitioner, they will then be able to treat their patients successfully and should charge appropriate medical fees for their medical services. In my opinion, how much money a podiatrist will make off of a patient over a patient's lifetimes should never be a consideration for the ethical podiatrist.

 

I suspect that you are trying to set up your business plan. Most books I have read talk about widgets not patients. Hence your problem, as patients are all different.
So you will have to first find the right questions to ask. Or as they say in cook books "first catch your..PX??"
Good Luck