Lifetime Value of a Patient

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This worksheet is used to calculate the Lifetime Value of a Patient [LTV].

LTV Definition

In marketing, lifetime value (LTV) (or lifetime patient value, or patient lifetime value is a prediction of the net income attributed to the entire future relationship with a patient. The prediction model can have varying levels which will have a profound impact on your marketing plans and budgeting.

When developing your marketing budget, you should calculate your LTV instead of relying on the historical Case Average model. You will find significant differences between the two formulas.

Description

 

This form calculates the value of a patient and helps determine your marketing budget.

This form calculates the value of a patient and helps determine your marketing budget.

Calculate the Lifetime Value of your average patient with this worksheet.

Corporate America uses this method of determining the true value of a customer [patient]. From hamburgers to automobiles, successful corporations understand that the value of a new customer is more than the first purchase or Case Average.

In other words, using Average Visit Income or Case Average to determine your marketing effectiveness is a poor measurement. However, when you know the average LTV of a New Patient, you can make better decisions about marketing and your marketing budget.

Create different scenarios to determine where the areas of opportunities are in your practice. Use it to communicate a greater sense of “service” to patients on each and ever visit. When your staff sees each patient as their LTV and not just an office visit, you can enhance the experience of each patient on each and every visit.

This is a proprietary form, developed by WellnessOne Corporation, however, you are permitted to reproduce the form as often as you like for your personal use.

You may download the worksheet instantly at checkout.

 

Additional information

LTV Options

LTV Worksheet, LTV with Coaching

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