How to Measure Patient Lifetime Value
The Patient Lifetime Value is the key success factor in operating any dental practice and it shows the ability to retain patients once they come in the door. By focusing on this long-term value, the dental practice can enjoy higher returns from his existing client base.
What Is Dental Patient Life Time Value?
PLT value is a prediction of the total worth of a dental patient to a dentistry over the entirety of their relationship.
Most often, a dentist starts looking for advertising when he or she notices an acute need for patients, hoping for a short-term influx of new work. If the advertising is successful in bringing in patients, it is often terminated – at least until the next time the practice is not attracting enough new patients. Similarly, new patients are deemed monetarily unrewarding if their service includes only standard cleaning and examination procedures. This lack of long-term focus is perpetuated by the absence of any meaningful material in the industry on the value of a dental patient.
There are several key benefits to the development and retention of a long-term patient relationship including reduced acquisition costs, referral opportunity, and recurring revenue.
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