Boost consistent revenue with patient retention strategies—enhance experiences, reduce wait times, and build a trusted brand.

Patient retention is a cornerstone of long-term success for any private practice. While attracting new patients is important, keeping existing ones offers far more value in terms of consistent revenue and overall growth. In this article, we'll explore why patient retention matters and outline key strategies to help your private practice thrive.

1. Why Patient Retention is Crucial

• Higher likelihood of visits: Statistics show that existing patients are more likely to return. According to Forbes, the probability of retaining an existing patient is 60%-70%, whereas the likelihood of converting a new patient is just 5%-20%.

• Cost-efficiency: Patient retention is more affordable than patient acquisition. Symbiosis reports that retaining a patient is five times cheaper than acquiring a new one, leading to significant savings for your practice.

2. Prioritize Positive First Impressions

First impressions can determine whether a patient returns and whether they refer others to your practice. According to CCMC, dissatisfied customers tell twice as many people about negative experiences than satisfied ones. Here’s how to create a welcoming environment:

• Offer amenities like free Wi-Fi, small drinks, and reading materials.

• Ensure ample parking access—something all MedCoShare locations prioritize.

• Create a relaxing waiting room with modern furnishings. At MedCoShare, our waiting rooms are not only stylish but also contactless for safety, allowing patients to sign in on iPads, with the provider greeting them when ready. Plus, our on-site office manager ensures a smooth experience for both you and your patients.

3. Reduce Your Wait Times

Long wait times frustrate patients and reduce the likelihood of their return. Sermo highlights that 36% of physicians believe shorter wait times are critical to retention. One practical approach is to keep patients informed about their wait time, which can improve perceived waiting experiences by 35%. At MedCoShare, our office manager helps manage patient flow, ensuring that wait times are minimized.

4. Keep Your Operations Smooth

Managing the logistics of a private practice can be overwhelming, especially when you're just starting out. But you don’t have to handle it all on your own. At MedCoShare, we provide a range of support services designed to streamline your operations:

• EHR systems for seamless patient management.

• Medical assistants to help with day-to-day tasks.

• Assistance with billing and scheduling.

• Immediate access to staff whenever you need it.

By utilizing these services, you can focus more on patient care, knowing the operational aspects of your practice are taken care of.

5. Create a Strong Brand Presence

Patient retention goes beyond just medical care—it’s about creating a connection with your patients and building a brand they trust. A strong brand presence encourages patients to refer your services to others. This is where MCS Services, our digital marketing agency, excels. Specializing in healthcare SEO and social media content creation, we help you build a unique brand that resonates with patients. We’ll work with you to develop and execute a customized plan to enhance your online presence and attract new referrals.

If you’re looking to take your practice to the next level, schedule a free consultation with our MCS Services team today to see how we can support your growth. You can also visit one of our MedCoShare medical coworking locations for a tour in Philadelphia, King of Prussia, PA, Marlton, NJ, or Pearland, TX to learn more about how we can help you build a successful, patient-centered practice.

Sources:

• https://www.forbes.com/councils/forbesagencycouncil/2022/07/14/patient-acquisition-vs-retention-which-is-more-important-for-healthcare-businesses/

• https://joinsymbiosis.com/blog/how-to-improve-patient-retention-in-your-private-healthcare-practice/

• https://customercaremc.com/insights/national-customer-rage-study/2020-national-customer-rage-study/

• https://www.sermo.com/resources/patient-retention-strategies/

• https://www.digitalsignagetoday.com/blogs/how-digital-signage-reduces-perceived-wait-times/

• https://pubmed.ncbi.nlm.nih.gov/30612033/

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