Industry Data
Ensuring the loyalty of our established patients is paramount for a thriving practice. Thanks to artificial intelligence-driven probabilistic algorithms, we can now anticipate which patients might be at risk of not returning. By scrutinizing crucial metrics like recency (the freshness of the last visit), frequency (how often they visit), monetary value (the total revenue generated from their visits), and tenure (how long they’ve been with us), we can gauge the likelihood of a return visit. These probabilities, ranging from 0 (unlikely) to 1 (very likely), are applicable to both groups of patients and individuals within those groups.
Grouping the same revisit probabilities into categories, here are the results from a sample derived by GPN from 2,250 ECPs, tracking 1 million unique patients during multiple visits between 2014 and 2022:
Among these factors, recency emerges as the strongest predictor, with a correlation coefficient of 0.66. In simpler terms, the longer it’s been since a patient’s last visit, the more likely they are to come back. Frequency and monetary value also play significant roles, with correlation coefficients of 0.43 and 0.46, respectively. However, tenure’s correlation is weak and inverse at -0.10, suggesting that recent visits align slightly better with continued patronage.
Segmenting patients based on their likelihood to return allows us to target those who haven’t visited recently, visit infrequently, or spend less—identifying them as potentially at risk of not returning. By launching proactive campaigns with personalized recall messages and tailored marketing, we can significantly enhance our success in retaining these valuable patients within our practice. —Ron Krefman, O.D.
Practice Resources
The GPN Visions business solutions channel (visions.gatewaypn.com) offers timely webinars and resources to ECPs. The open-forum webinars feature some of the industry’s most successful O.D.s, practice management consultants, and business owners. GPN Visions members are invited to attend live webinars, view recorded presentations, download useful tools, and participate in live Q&A sessions with industry pros.
• All industry data provided by GPN: gatewaypn.com
