Why tracking marketing calls will drastically increase your practices’ revenue.
Part Two: Staff
Dentists are starting to catch on that marketing is becoming paramount to gaining new patients and additional revenue. In our previous blog: “Why Tracking your marketing calls will drastically increase practice revenue” we discussed the importance of understanding which advertising sources are productive and which to drop and move on from. Tracking your marketing calls is important to help eliminate wasteful media expenditures but it doesn’t just end there.
Where most revenue in a dental practice is lost is at the front desk. Every practice depends on new patients and if you’re losing them before they even book an appointment, you need to know that.
Let me give you a scenario I ran into a couple months ago when consulting with a dental practice about their marketing strategy. We were running ads in several places from online, mobile, radio, and print. The doctor was hesitant to spend the money on marketing but knew it needed to be done. At the end of three months we noticed calls had tripled and website visits had quadrupled. The issue was that they had only added an average of five new patients a month. That barely covered their marketing costs.
We started to dig into the data and realized that the issue wasn’t with exposure, impressions, or even conversions from the marketing. The issue was with the front desk staff.
We went through and listened to each call the doctor had through their tracking lines and realized that their front desk staff was only converting 30% of new patient calls and only 70% of existing patient calls! So what did this translate to in actual revenue? The doctor told us he expects around $1500 per new patient on average. Forget the emails that came in we weren’t able to track just the phone calls alone he had missed out on 52 new patient opportunities. Of those 21% cited insurance issues, 18% calendar, 28% was classified as other but the glaring statistic was 32% said still thinking. Insurance and calendar are other issues to look at internally but still thinking means they just didn’t feel comfortable booking an appointment.
This equals 17 new patients that could have been converted. You do the math on how much that was costing the practice. I’ll save you the time and do it for you: $1500 X 17 = $25,500 of actual, quantifiable, new patient revenue. That’s over $300,000 a year. This practice spends $6,000 a month and already gets $12,500 from their marketing but would get over $30,000/month in additional revenue from their marketing if they had their front desk trained properly. Go to your financial advisor and ask them if they could get $360,000 out of a $72,000 investment in a year.
This isn’t uncommon. This isn’t even an extreme case. This is why companies like the scheduling institute do so well. Your staff has to be trained to secure new patients when they call because in today’s fast moving world you only get one shot.
For more information on call tracking and staff efficiency click here and get started immediately.