Are you tracking your referrals?
If not, it could be costing your practice half a million dollars per year.
It always surprises me when I encounter organizations who don’t know what their referral conversion rate is. I’m also surprised when I encounter those who believe a?90% conversion rate is acceptable,?when a?single referral can represent $850 per case on average. So when you consider?10% of your referrals are not converting, you?could easily be losing?half a million dollars this year.
Many clinics simply don’t track or manage their referrals, and many who do, do so sporadically. They often don’t have access to data that helps them make important decisions in order to improve their conversion rate. Is this you?
Oftentimes when we’re talking with customers who don’t track referrals, one reason we commonly hear is “your referral management module is too expensive”. As the resident marketing guy, I wanted to look into this to see if perhaps they were?right. I thought maybe I needed to request a meeting with the CEO to advocate for a lower module price…
Seeing how that?may not be a great career move for me, I decided to first call a meeting to discuss the pricing and value proposition. No, really, I actually grabbed some key members of our team who are good with math, and we spent a couple hours scribbling on our dry-erase board with some real-world numbers and arguing amongst ourselves.
Here’s the conversation.??
Is our Referral Module?too expensive?
Well, someone’s going to make a lot of money on it, that’s for sure. It turns out, if Practice Pro’s Referral Module helped you increase your conversion rate by just a measly 1%, it could help you capture $40,000-$50,000 per year in revenue that you are likely losing.?
Our?standard pricing for our referral management module is only $3000 per year, which breaks down to only $250 per month.?
Think that’s too expensive? Well, here’s an incentive to try it out.?
Get 3 months free. No setup fees. ($1250 savings)
For a limited time, we’ll waive the setup fee and we’ll give you 90 days free.
Just tell them Preston told you to call, subscribe for an annual license, and you’ll pay only $2250. We’ve never offered this module at a lower price. Contact us today, and we’ll get your Referral Management module activated immediately.?
Still not convinced? Here’s some things to think about.
*Based on $900 total collections per patient case
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Preston Kincaid is our Director of Marketing. He has extensive experience working in technology startups beginning?in 1996, and is our resident?guru with marketing, branding, and graphic design.?He has over 30 years experience in the creative field, with?16 of them managing creative teams.