Lifetime value of a patient

The Madows are on the road again. Today in St. Louis (GO CARDS!) and tomorrow in Columbus, OH (GO Lions, Tigers and Bears!).

When we take the stage this morning, one of the first things we will teach is “the lifetime value of a new patient coming into your office.” Do you have any idea what a new patient is worth to your office over their lifetime? If you don’t, you should try to figure it out. The number is most likely higher than you think and will help you in your thinking and planning.

There are actually MANY ways that we will teach regarding how to increase the lifetime value of a patient in your practice. One important one that you should remember is to simply keep the patient in your practice as long as possible. In other words, treat them like they are the most precious asset that you have. Do not scare them away or piss them off! EVER! Make sure to earn their trust. Doing this increases their lifetime value.

Next time you are ready to give your new patient a lengthy laundry list of expensive treatment needed, take a deep breath and see if there is any way to “slow it down.” In other words, if you scare a patient off with a huge comprehensive treatment plan before you have actually established trust, they just may never come back. But if you take their treatment a little bit at a time and explain that there are other things needed but “we will be addressing the most important needs first,” studies show that patients are more likely to stay in your practice and ultimately get all of their work done with you! Food for thought!

Retaining a patient is just one way to increase lifetime value. Want to know more? Come see us in St. Louis, Columbus, or a city near you! Please check our upcoming seminar schedule! And if we are not coming to a city near you, please call us at 1-888-88-MADOW and let’s see if we can work something out! We LOVE teaching. Have a great day!

By the way… TBSE 2011 is three weeks away! There is still time to register as well as make arrangements to get to Vegas, but you gotta do it now! We can help you with everything! Please visit tbse.com or call 1-888-88-MADOW. This is the best dental and team experience on the planet. Please do not miss out.

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