Predictable earnings for plastic surgeons are NOT a pipe dream.
The goal is to know that you can count on a consistent and reliable income without the income from the roller coaster and sleepless nights.
So how do you make that happen?
Here is the answer and I hope you hear this …
Better patient experiences help you earn more predictable income because you like your patients and how you make them feel.
REDUCE PATIENT ACQUISITION COSTS
A good patient experience can lead to a 1.3X to 2.4X increase in revenue per patient.
So if the average value of a patient for you is $ 5K, you can increase it from $ 6,500 to $ 12K.
And with that influx of revenue, you can lower your patients’ acquisition and advertising costs 3-10x.
So you earn more and spend less in the process.
Increase prices
When it comes to predictable income for plastic surgeons, prices come into play.
Here’s an interesting stat from Scalable.com …
“64% of patients who have had good customer experiences are willing to pay 18% more on average.”
Isn’t that true? I know you did and I’m sure you paid more because paying more saved you time, money, hassle, and you felt good about the result and experience.
The secret is to change your mindset, team, and processes to serve those patients who care more about their relationship and experience with you than about saving money.
Patient retention affects profits
Customer experience also affects retention, affecting your earnings and valuation by an average of 2.75X.
So if your income is $ 1 million per year, it could be $ 2.75 million if you simply retain patients who already know, like, and trust you.
By the way, 40% of patients who leave and do not return say it is due to their bad experience as patients. That is significant.
Referrals are important when it comes to predictable income for plastic surgeons
References
And then in terms of referrals, they have a direct impact on your revenue because good patient experiences have been shown to increase referrals by 9 times on average, while bad patient experiences tend to decrease referrals and referrals. income in approximately 16 times. Oh!
These are very important changes that affect the growth and health of your practice.
Example in terms of real numbers:
Let’s say you spend $ 100K per year on patient acquisition and it improves the patient experience, so they come back and refer their friends. Now you can cut that expense by up to 67% to just $ 33K per year.
That means you will cut costs and increase profits directly because lowering your customers’ cost of ownership helps your bottom line. You no longer have that huge expense. That expense will disappear at $ 67K.
Now for revenue, having an 18% price increase (because you’re serving patients who pay more for good customer service) gives you an additional revenue boost. So $ 1MM becomes an additional $ 1.18MM or $ 180,000.
Now for retention, let’s say you increase a patient’s lifetime value from $ 5K to $ 10K, which will directly increase your earnings. If you only do that for 100 patients per year (out of the thousands you usually have in your database), that’s 100 x an extra $ 5K or $ 500K.
And then in terms of your referrals growing nine times (per escalable.com), let’s say on average you get 50 referrals per year, which increases to 450 referrals per year. Even if a newly referred patient is only worth $ 1K that first year, that’s still an extra $ 450K.
So when we look at the full benefits of simply improving the game on your patient experience, we are talking about significant increases in revenue.
Because the annual cumulative effect of:
Savings of $ 33 thousand in advertising costs for the acquisition of patients
Earn an additional $ 180k by increasing your price
Increase your retention and the average lifetime value of a patient is an extra $ 500K
And additional referrals are at least another $ 450K
That’s an extra $ 1,097,000.
The point is … the impact of something that seems as intangible as having a good customer experience can be very dramatic.
MY PREDICTABLE INCOME RECOMMENDATIONS FOR PLASTIC SURGEONS
Meet with your team for the sole purpose of analyzing the entire patient experience from start to finish to find ways to make your experience more comfortable and memorable.
Begin with the initial contact the patient has with your office.
What happens when someone calls your office or subscribes to your website form or texts you on social media?
So if they made an appointment, how easy was it?
How was the appointment or consultation?
Did you get a welcome pack, email, or video explaining what to expect from your visit?
Was the paperwork process as simple as possible?
Did you send them appointment reminders, etc.?
So what is your initial visit like?
Are you greeted by super friendly staff who make you feel welcome and comfortable?
Do you see them on time or do you make them wait?
Do your company’s signage and visuals subtly educate them about everything you offer so that you never hear them say, “I didn’t know you did that?”
So what? What is the next step to examine?
If you came for a non-surgical tx, what is the process before, during and after your treatment?
Or, if they came for a surgical consultation, what is the process before meeting the surgeon, during the consultation, and after?
How do you present appointments and help them make a decision?
So how do you follow up when they don’t book a surgical procedure or when they book a surgical procedure?
How is the pre and postoperative process so that the patient feels well cared for and comfortable.
Also, what are your processes for?
Consent of the patient
Before / after photos
References
Online reviews, etc.
It is this type of detail that sets it apart from its competitors, attracts a more sophisticated patient, and allows you to charge more.