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By Neal Baum MD
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There’s a saying by John Wanamaker who pontificated, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half”. Today you have opportunities to determine which parts of your marketing efforts are effective and what is wasted. However, you have to measure your marketing results. This article will discuss marketing metrics and how to use them to get the best bang for your marketing buck.
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The cost per acquisition (CPA)
Not all initial phone callers to a medical practice will convert to paying patients. The 50 patients who made appointments can be plugged into the equation, i.e., campaign costs divided by patients who became paying patients or $2,000 divided by 50 equals $40, representing the patient acquisition cost (PAC).
Now, if each patient who entered the practice spends $800 over the patient’s lifetime, that’s an increase in income of $40,000, not shabby for $2,000 in marketing expenses.
Source: Neil Baum, MD, Physicians Practice [8/26/22]
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MORE: https://pubmed.ncbi.nlm.nih.gov/22834190/
BUSINESS MEDICINE: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?ie=UTF8&qid=1448163039&sr=8-9&keywords=david+marcinko
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Filed under: "Doctors Only", Accounting, Career Development, Marketing & Advertising | Tagged: Neal Baum MD, What is the Cost Per Patient Acquisition [CPA], What is the Cost Per Patient Acquisition [CPA]? |
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