By Geoffrey Mackay, Co-Founder of getback
getback’s Patient Lifetime Value (PLTV) is a key metric that aligns business health with the patient journey, against desired outcomes.
Patient Lifetime Value (PLTV) represents the gross amount of fees a patient brings into your business over a period of time.
It is a metric not often considered in Allied Health settings because of the natural segmentation of patients resulting from differing levels of service and the services being offered.
PLTV is a getback metric that is generated by our data driven model, where the patient journey can be managed against desired outcomes and based on available evidence.
This model allows clinic owners to look closely at their business’s health by taking a longer timeframe into account. Owners can more precisely determine if their current acquisition and retention strategy to promote WOM, Doctor referral and sustained growth is working.
PLTV includes four metrics based on common performance metrics:
1. Patient lifespan
Based on data from over 5000 patients, the getback programme ideally requires two treatments per week and 18 treatments to complete. Patient lifespan includes all visits over a 12 month period. As we gather more data we will extend this to 24 months.
2. Retention rate
getback specialises in developing evidence-based treatment models for neck and back injury prevention and rehabilitation. The programme brings together secure case management and data monitoring with the world’s best technology for Musculoskeletal (MSK) injury prevention and rehabilitation. Our software and messaging allow us to continually monitor a patient’s journey, securing high retention rates.
3. Patient churn rate
Our software tracks a patient’s status: monitoring new patients; patients with upcoming appointments; patients without ongoing appointments; patients who have been discharged; and patients who are away. These metrics combine to calculate and report a daily churn rate. A high churn rate (> 5%) reflects more patients leaving than attending and poor clinic growth.
4. Average profit margin (per patient)
Average profit margin is determined by the fees set for patients, which will be individualised for each clinic.
Patient experience and retention
Patients become more valuable when they give you feedback, share their data, try out your new services and promote your clinic.
Patients today expect greater levels of quality and safety, choice, participation in decision making and value for money, enabled by greater access to information.
With technology integrated into all aspects of getback from marketing to clinical practice, our relationship with patients and their experience during treatment is paramount for retention, and enhanced by these factors:
1. Data Collection
getback’s technology platform and TGA registered Medical Measuring devices enable data collection throughout the patient’s treatment programme. The data collected during every treatment – including strength and range of motion in every movement plane – allows patients to see their progression and stay motivated throughout their programme. It also provides the evidence base for therapists to customise each patient’s programme.
2. Optimised onboarding
It’s crucial to get the first experience patients have with your clinic and services right. A smooth onboarding process encourages patients to use your service and return often.
At getback our philosophy is that ‘You never get a second chance to create a first impression.’ And we place a high priority on aligning a patient’s ‘Why?’ with our ‘How’.
3. Prioritise customer support
It’s essential to take care of your patients both before and after they attend an appointment. The building blocks of this care are enabling them to feel comfortable attending your Practice, staying proactive and attending to them on time. getback provides patient support at all stages of a patient’s journey.
4. Ensure good communication
Good communication with your patients is about knowing their needs, active listening and building relationships. It also involves collecting feedback from your patients, giving them explicit answers to their technical questions, and adapting communication channels to match their references.
5. Stay relevant
The world is continually evolving and so are patient’s expectations and desires. If you want to retain patients, make your offer relevant to your patients.
Ensure good communication with patients and provide them with services that address their needs. getback’s competitive advantage is that patients can see their progress both during their treatment on device screens and via data collection and reviews (which can also be electronically communicated to the patient’s network of carers in real time).
Understanding your PLTV helps clinic owners manage patient relationships as an asset for their business, directly influencing WOM and doctor referrals and indirectly influencing content and the use of digital mediums. In a business that is all about health and wellbeing of patients, PLTV is all about the health of the business.