A network of dental clinics wanted to focus the organization not just on acquiring patients, but keeping them. Unfortunately, the company did not have good retention data, and even industry statistics on patient retention were difficult to find.
Approach
- Analyzed a wide variety of patient and treatment scenarios
- Constructed a patient retention metric that accounted for multiple visit scenarios but was simple to understand
- Developed a patient segmentation scheme based on payor and treatment type dimensions
- Measured key drivers of revenue and value by patient segment
- Built an Excel-based revenue model that supported medium-range financial projections and what-if scenario testing
- Developed demographic profiles of the various patient segments
- Translated key analyses into specifications for ongoing operational reporting
Results
The client has begun developing and evaluating various patient acquisition and retention programs using:
- Retention metrics tailored to the business
- Baseline performance measures established by office and professional
- Patient segments to frame strategy and marketing decisions
- The patient value model to calibrate investments with expected changes in value
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