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Patient Retention in Physical Therapy
Your clinic is busy. You and your clinicians are seeing tens of clients per day. Yet a significant portion of them are not coming back. Multiple visits are missed. This missed opportunity is reflected in your patient retention rate. This is costing your clinic hundreds of thousands of dollars annually. We’ve built a calculator to quantify the impact of patient churn or patient drop-off.
Conversely, we’ve also added a second functionality to show how strongly an increased patient retention rate (incremental patient visits) affects clinic revenue. Current EuMotus movement analysis software customers have reported increased patient engagement and retention. By seeing objective and trackable movement data, patients more easily accept a functional health mindset, and shift away from a pain mindset. They stay for more visits, looking to improve movement form, as opposed to only seeking pain relief and leaving once they feel “better.”
We’ve designed the calculator to have only 4 inputs.
Number of clinicians: how many clinicians work at your clinic or across all of your clinics.
Number of patients / clinicians / day: this is the average number of patients one of your clinicians sees on a daily basis.
Average revenue per patient: this is the average revenue you receive per client.
If you retain your patient for an average of X extra sessions: how many average extra sessions would your patients come back due to higher engagement and education with movement analysis.
The outputs are:
Total annual revenue lost due to patient drop off: How much revenue the average clinic misses each year.
Annual revenue recovered with EuMotus: If you retain your patients for an average of X extra sessions, this is how much revenue your clinic would recover.
[3].
The patient dropoff rates (inverse of patient retention rate) built in the calculator are based on industry-reported figures: 20% of clients drop off by 3rd visit; another 20% drop off by 6th visit; only 30% of clients stay to full completion of treatment protocol [2].
Our current customers use EuMotus BodyWatch movement analysis software to better engage, educate, and ultimately retain their clients. Want to discuss applying movement analysis software to your practice? Get in touch!
_References_
[1] Graphics by EuMotus.
[2] Data from Strive Labs. http://blog.strivelabs.com/2016/02/04/the-physical-therapists-guide-to-patient-retention/. Accessed October 2017.
[3] Ivan Novikov. Open-source calculator. JScalc.io. Accessed October 2017.