As a practice manager, monitoring your rate of patient acquisition is crucial for sustaining long-term growth. While attracting new patients is important, an over-reliance on them can be risky. If your new patient ratio is too high, it may indicate that your practice struggles with patient retention. Studies show that acquiring a new patient costs about five times more than retaining an existing one, making it vital to strike the right balance between new and returning patients.
Tracking Your New Patient Ratio with Cliniq Apps
With Cliniq Apps Dashboards, you can easily monitor changes in your new patient ratio for each practitioner with just a few clicks.
What is the New Patient Ratio?
The New Patient Ratio represents the proportion of new patients compared to the total number of patients who had appointments within a selected time range.
Formula:
New Patient Ratio = (New Patients / Total Patients) x 100
Sample Data and Analysis
Let's look at a real client’s data from 2024:
New Patient Ratio: 36.36%
Is This a Good Ratio?
A new patient ratio of 36.36% suggests that approximately one-third of the practice’s patients during the given time frame were new. This number can be beneficial if your goal is to grow your practice, but it might indicate a potential retention issue if it remains consistently high. Ideally, most practices should aim for a new patient ratio between 20-30%, ensuring a steady influx of new patients while maintaining a loyal patient base.
What This Means for Your Practice
If your ratio is too high, your practice may be too dependent on new patients for revenue, which can be unsustainable. A sudden drop in new patient acquisition could significantly impact your bottom line. On the other hand, if your ratio is too low, it may indicate that your practice is struggling to attract new patients, which could limit future growth. Striking the right balance is essential for long-term success.
How to Improve Patient Acquisition
Click the button below to learn how to acquire new patients through your promoters—happy patients who have given you a high Net Promoter Score (NPS). Leveraging their positive experiences can be a powerful way to grow your practice organically.
Final Thoughts
Maintaining a healthy new patient ratio is essential for sustainable practice growth. By using Cliniq Apps to track your metrics, you can make data-driven decisions to optimize both patient retention and acquisition. Keep a close watch on your numbers and implement strategies to encourage both new and returning patients to keep your practice thriving.
Need Assistance?
If you have any questions or require further support with Cliniq Apps, please chat with us via the Cliniq Apps messenger or email us at support@cliniqapps.com.
Enjoy growing your practice with Cliniq Apps! 🚀
