Customer retention has been undervalued in companies for years. No matter your industry, it’s now common practice to know it’s less expensive to retain existing customers than it is to acquire new customers. Healthcare is no exception.
In this two-part blog series, I’ll first explain the background of Patient Relationship Management (PRM) and how a PRM is used to not only retain more patients through higher patient satisfaction, but also how to improve patient health, with the goal of operating a more profitable and smarter independent practice. The subsequent blog will focus on specific capabilities of PRM software, with emphasis on the much-anticipated AdvancedMD PRM.
Many service sector companies have used Customer Relationship Management (CRM) systems for decades, and have found that in order to attract and retain customers, they must provide timely, helpful and relevant service to their customers for every transaction. As medical software advances, healthcare organizations have created similar metrics to accomplish the goals of attracting more patients, then retaining them by targeting their individual needs, through a PRM. Where a PRM differs from a CRM though, is due to the nature of healthcare. Healthcare is much more personal in nature, thus a relationship between a doctor and patient can last 3-4 times more than a service-related relationship.
With advancements in PRM systems, the doctor-patient relationship is changing, especially within your small, independent practice. You’re under increasing pressure to meet quality measures and see more patients to run a profitable business. It’s in this difficult environment that PRM technology automates administrative tasks to greatly improve your practice. You become more efficient by building better relationships with your patients, especially as your practice grows.
It’s less expensive, easier and more effective to retain current customers than it is to acquire new customers. According to Inc.1, if a business can retain all of its customers by just one additional month on average, they can achieve an additional three percent of annual growth, and even reach double-digit growth with four additional months–without adding a single customer.
One purpose of a PRM is to build a connection that leaves patients feeling that you have their personal interests in mind. Everyone appreciates a personalized experience. We enjoy being recognized and made to feel as if we’re unique. Your patients are no different. They appreciate when you remember what you discussed during their previous visit, what their children’s names are, how they’re enjoying their new job and where they went on vacation.
PRM software enhances clinical outcomes and efficiencies, providing better care through understanding of patients’ needs and wants, through improved communication via follow-up systems, according to HIMSS2. PRM software enhances clinical outcomes and efficiencies. Thus, having better patient relationships and better patient loyalty benefits both your practice and your patients.
Stay tuned for our next PRM topic, where I’ll discuss two important functions within the AdvancedMD PRM suite, and explain how each function will help you surpass the goals you set for your independent practice. My ultimate goal is to help you understand how the much-anticipated AdvancedMD PRM portfolio will improve patient communications, patient satisfaction and more easily manage the health of your patients within your practice.
See why more than 17,000 providers and 500 billing partners love AdvancedMD. Get a free personalized demo of AdvancedMD PRM today.
1 www.inc.com/karl-and-bill/its-cheaper-to-keep-em.html, Nov 29, 2011.
2 Siau K. Healthcare informatics. Inform Tech Biomed. www.himss.org, 2003;7(1):1-7.