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/
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