Lifetime value models are crucial for comprehending the economic worth of a patient, providing key insights into the financial dynamics within an eyecare practice. Understanding the lifetime value is instrumental in managing acquisition and retention budgets and effectively segmenting patient value. 

An extensive analysis of de-identified transactions across 2,250 anonymous ECP locations in the U.S. over a span of nine years revealed a significant correlation between visit frequency, recency of engagement, and the generated revenue. Patients with higher visit frequencies and recent engagements notably contribute more to the overall revenue. 

Surprisingly, the majority of patients (70%) spent less than $1,000 throughout their lifetime with the practice.

How Can Practices Increase Lifetime Value?

Enhancing lifetime value can be achieved through various strategies, including loyalty programs, gathering patient feedback to comprehend behaviors and needs, initiating reengagement campaigns, implementing upselling and cross-selling tactics, and regularly adjusting prices.

GPN aggregates millions of de-identified transactions from numerous anonymous eyecare providers, while focalCenter conducts meticulous analyses, delivering timely and precise micro and macro dashboards with interactive business intelligence to the eyecare industry. For further insights into growing your eyecare business through data-driven strategies, you may visit GPN at gatewaypn.com, and focalCenter at focalCenter.com. 

To read the full analysis, hear suggestions on the maximizing lifetime patient value, and try an interactive visualization of the featured dataset, click here.