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.
Zoll Data Systems
This podcast is brought to you by ZOLL Data Systems software and data solutions for healthcare financial professionals. ZOLL A-R Boost is the comprehensive, automated R-C-M optimization solution suite that automatically finds, corrects, and verifies patient and payer information to capture more revenue, reduce administrative burden, and improve the patient financial experience. The #1 Black Book rated Insurance Discovery tool can discover active, billable coverage for more than 40% of claims. Visit www.ZOLLData.com/A-R Boost to learn about the complete solution suite.
MGMA Analytics
In the ever-changing world of healthcare, it's important to leverage data to make informed decisions and quick adjustments to your business, especially regarding your revenue cycle strategy and operations. MGMA Analytics is an advanced cloud-based analytics tool that delivers immediate access to real-time business insights derived from your internal financial, operational and telehealth data, which you can use to keep your practice running at optimal performance. Visit https://www.mgma.com/analytics to learn more.
This podcast is brought to you by ZOLL Data Systems software and data solutions for healthcare financial professionals. ZOLL A-R Boost is the comprehensive, automated R-C-M optimization solution suite that automatically finds, corrects, and verifies patient and payer information to capture more revenue, reduce administrative burden, and improve the patient financial experience. The #1 Black Book rated Insurance Discovery tool can discover active, billable coverage for more than 40% of claims. Visit www.ZOLLData.com/A-R Boost to learn about the complete solution suite.
MGMA Analytics
In the ever-changing world of healthcare, it's important to leverage data to make informed decisions and quick adjustments to your business, especially regarding your revenue cycle strategy and operations. MGMA Analytics is an advanced cloud-based analytics tool that delivers immediate access to real-time business insights derived from your internal financial, operational and telehealth data, which you can use to keep your practice running at optimal performance. Visit https://www.mgma.com/analytics to learn more.
