Keep a Track of Marketing Costs Per Patient
In any medical marketing campaign, it is important to determine the average amount of money invested to gain a new patient for the practice. A fair and objective cost-benefit analysis will reveal the actual advantage of getting new patients through marketing and promotion efforts.
With a professional online marketing and SEO strategy, the cost per patient will typically come down substantially as compared to traditional marketing and advertising methods. As a leading online marketing and website design firm for doctors in the US, CreativeTake Medical encourages its clients to perform a cost-benefit analysis to be sure of the real results of their marketing efforts.
The pre-requisite to assessing the accurate costs per patient through medical marketing efforts is keeping a track of all expenses directly and indirectly related to marketing and promotion. This will allow for the computation of total costs for every marketing and advertising effort that the doctor makes. The expenses should also include proportionate salaries paid to the doctor’s staff who devote their time managing such campaigns.
If the doctor has hired the services of a professional SEO and website design company, the total costs incurred and the fees paid to the marketer should be included. If any marketing or promotional materials have been purchased, or any advertising space or time has been bought to promote the practice, the costs should be accounted for in the total marketing expenses.
Tracking the Number of New Patients
The more challenging part in this cost-benefit exercise is determining the actual number of new patients that have been acquired as a direct or indirect result of the marketing campaign. The difficulty comes particularly when the doctor is employing multiple marketing efforts such as direct mailers, paid advertising, and online marketing and SEO.
The doctor’s office may install call tracking software to determine and track the response rates from each marketing effort. Website analytics can help to evaluate the actual patient traffic generated through online and web marketing efforts. Patient surveys, questionnaires, and feedback forms are also very useful in assessing which of the marketing efforts may be generating the maximum response.
Compute the Cost Per Patient
Once the figures for the total cost of a marketing campaign and the total number of patients acquired through that campaign have been determined, both figures can be divided to arrive at the cost per patient. This simple and basic formula can provide a fair idea to the doctor how much it costs on average to gain a new patient for their practice.
Once this average figure of cost per patient has been arrived at, the doctor is in a position to assess the financial benefit associated with the entire marketing exercise. It will include an assessment of the average patient spending history and an estimated forecast of how much a patient may spend over their lifetime.
New patients will often spread positive word of mouth about the doctor, yielding more patients for the practice over a period of time. Such long-term patient generation benefits should also be accounted for in this evaluation.