You've probably heard about patient retention but don't understand what it means. A patient's retention is critical to your success. After all, they spend 99 percent of their time outside the office, so your in-office experience is key. One of the most effective ways to retain patients is to decrease wait times and honor appointment start times. According to one survey, 84 percent of patients consider a reasonable wait time important, and nearly 20 percent of those patients will change providers because of a long wait time.
In fact, poor patient retention has many causes. Some of these reasons are related to the health system, community, and individual patient. They include: lack of trust in services, distance, lack of transportation, nutrition, stigma, and feeling well. Other factors include: lack of trust in the services, avoiding health care providers, and choosing traditional methods such as alternative medicine. Lack of family or community support are other reasons for poor retention. The key is to make the experience as positive as possible for patients, while also keeping them happy and healthy.
A successful retention rate is defin ed as the number of patients you have at the end of a specific time period minus the number you acquired in that time. This number is known as the churn rate. In the medical field, this number is often called the funnel drop rate. Patient retention strategies should focus on controlling the churn rate. One important thing to keep in mind is that a good retention rate is equivalent to 80 percent attrition. For example, if you have 1,000 patients, you will lose 200 of them over the course of a year. Depending on the practice you work in, an average patient is worth about $1,000. That means that losing 200 patients over the course of a year represents $200,000 in revenue. Also Read: Azure Community Support
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