Maximizing Your Practice’s Revenue in a Tough Economy

Maximizing Your Practice’s Revenue in a Tough Economy By Mikkel Knudsen A bad economy and fear of a recession have made selling luxury items, such as hearing aids, a tumultuous task over the past few years. Selling something most people don’t want can be stressful, especially when advertisements and direct mail marketing efforts aren’t pulling in new patients. The search for advertising’s silver bullet is on. Knowing your return on investment is the closest you can get to a silver bullet. Understanding the cost of acquiring a new patient is as necessary as balancing an investment portfolio to maximize returns. Tracking these efforts on a regular basis will help determine which media combination provides the best front-end cost (expense) and the best back-end value (return on investment). Cost of Acquiring a New Patient Several great office management systems are available, such as Sycle and BluePrint OMS, that can automate this important task. If you don’t have access to an electronic office management system, you can calculate the return on investment yourself. Take the sales (gross or net) achieved from a marketing event, and divide it by the cost of the piece that was used to generate sales. If the sales were $30,000 and the cost of advertising was $5000, your return on investment is $6. For every $1 spent, $6 was made. You now have a ratio to use as a marketing benchmark. This will help make an educated decision on whether to reallocate other marke...
Source: R&D Blog - Category: ENT & OMF Tags: Blog Posts Source Type: blogs