Ask MGMA: Addressing the High Rate of Patient Turnover
Download MP3In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about strategies to address the high rate of patient turnover.
Patient turnover, often referred to as patient churn or attrition, can impact the financial health and stability of a medical practice. Estimates show that it’s six to seven times more expensive to acquire a new patient than it is to keep a current patient coming back. It’s also estimated that upwards of 80% of future profits come from just 20% of existing customers. Furthermore, big gains can be made by retaining patients because increasing patient retention rates by just 5% will increase profits anywhere from 25 to 95%.
MGMA Resources discussed:
Patient Retention: https://fullscript.com/blog/patient-retention
DataDive Procedural Profile: https://www.mgma.com/datadive/procedural-profile
CDC Survey Data: https://www.cdc.gov/nchs/ahcd/datasets_documentation_related.htm
DataDive Operations Glossary: https://www.mgma.com/practice-ops-scheduling
More Resources:
https://www.mgma.com/articles/foundational-benchmarks-and-kpis-for-medical-practice-operations-in-2023
https://www.revcycleintelligence.com/news/medical-practices-to-focus-on-staff-patient-retention-mgma-finds
https://www.providertech.com/importance-of-effective-patient-retention-strategies/
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8430850/
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at podcasts@mgma.com.
If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.
In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about strategies to address the high rate of patient turnover.
Patient turnover, often referred to as patient churn or attrition, can impact the financial health and stability of a medical practice. Estimates show that it’s six to seven times more expensive to acquire a new patient than it is to keep a current patient coming back. It’s also estimated that upwards of 80% of future profits come from just 20% of existing customers. Furthermore, big gains can be made by retaining patients because increasing patient retention rates by just 5% will increase profits anywhere from 25 to 95%.
MGMA Resources discussed:
Patient Retention: https://fullscript.com/blog/patient-retention
DataDive Procedural Profile: https://www.mgma.com/datadive/procedural-profile
CDC Survey Data: https://www.cdc.gov/nchs/ahcd/datasets_documentation_related.htm
DataDive Operations Glossary: https://www.mgma.com/practice-ops-scheduling
More Resources:
https://www.mgma.com/articles/foundational-benchmarks-and-kpis-for-medical-practice-operations-in-2023
https://www.revcycleintelligence.com/news/medical-practices-to-focus-on-staff-patient-retention-mgma-finds
https://www.providertech.com/importance-of-effective-patient-retention-strategies/
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8430850/
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at podcasts@mgma.com.
If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.
U.S. Bank Podcast Ad
Cash flow challenges like delayed insurance payments, unpaid patient bills, and rising administrative costs can weigh heavily on medical practices. U.S. Bank understands. That’s why their Business Card Consultants work with practices to improve payment strategies and maximize rewards.
Stop by booth #222 at the MGMA Leaders Conference to learn more, or visit usbank.com/bankerconnect to schedule an on-site meeting with a consultant.
MGMA Analytics Podcast Ad
Are your decisions driven by gut instinct—or by real data? With MGMA Analytics, you’ll have the benchmarking and business intelligence tools to guide smarter strategies. From provider compensation to operational costs, MGMA Analytics delivers the industry’s most trusted data. So whether you’re adjusting staffing, setting salaries, or planning for growth, you can make your next move with confidence. Learn more at mgma.com/analytics.
NotifyMD Podcast Ad
This episode is brought to you by NotifyMD — the patient access solution built for healthcare professionals. You work hard to care for your patients, and NotifyMD helps you do just that. Their communication experts handle calls, schedule appointments, provide nurse triage, and more — all available 24/7. NotifyMD integrates seamlessly with platforms like athenahealth and Epic and meets the industry’s highest security standards, so you can trust that patient information stays private and protected. Learn more at notifymd.com.
This episode is brought to you by NotifyMD — the patient access solution built for healthcare professionals. You work hard to care for your patients, and NotifyMD helps you do just that. Their communication experts handle calls, schedule appointments, provide nurse triage, and more — all available 24/7. NotifyMD integrates seamlessly with platforms like athenahealth and Epic and meets the industry’s highest security standards, so you can trust that patient information stays private and protected. Learn more at notifymd.com.
U.S. Bank Podcast Ad
Cash flow challenges like delayed insurance payments, unpaid patient bills, and rising administrative costs can weigh heavily on medical practices. U.S. Bank understands. That’s why their Business Card Consultants work with practices to improve payment strategies and maximize rewards.
Stop by booth #222 at the MGMA Leaders Conference to learn more, or visit usbank.com/bankerconnect to schedule an on-site meeting with a consultant.
MGMA Analytics Podcast Ad
Are your decisions driven by gut instinct—or by real data? With MGMA Analytics, you’ll have the benchmarking and business intelligence tools to guide smarter strategies. From provider compensation to operational costs, MGMA Analytics delivers the industry’s most trusted data. So whether you’re adjusting staffing, setting salaries, or planning for growth, you can make your next move with confidence. Learn more at mgma.com/analytics.
