Ask MGMA: Addressing the High Rate of Patient Turnover

In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about strategies to address the high rate of patient turnover. Patient turnover, often referred to as patient churn or attrition, can impact the financial health and stability of a medical practice. Estimates show that it’s six to seven times more expensive to acquire a new patient than it is to keep a current patient coming back. It’s also estimated that upwards of 80% of future profits come from just 20% of existing customers. Furthermore, big gains can be made by retaining patients because increasing patient retention rates by just 5% will increase profits anywhere from 25 to 95%. MGMA Resources discussed: Patient Retention: https://fullscript.com/blog/patient-retention DataDive Procedural Profile: https://www.mgma.com/datadive/procedural-profile CDC Survey Data: https://www.cdc.gov/nchs/ahcd/datasets_documentation_related.htm DataDive Operations Glossary: https://www.mgma.com/practice-ops-scheduling More Resources: https://www.mgma.com/articles/foundational-benchmarks-and-kpis-for-medical-practice-operations-in-2023 https://www.revcycleintelligence.com/news/medical-practices-to-focus-on-staff-patient-retention-mgma-finds https://www.providertech.com/importance-of-effective-patient-retention-strategies/ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8430850/ WE WANT TO HEAR FROM YOU Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at [email protected]. If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience. Allied Medical Waste is the premier medical waste and document shredding company for medical groups all over the United States. On average, Allied helps medical groups save up to 50% on their monthly costs. Allied is known for their great service and impeccable response times. Reach out today for a free quote! Allied has a special offer for all MGMA members: the first 2 months FREE of charge!Connect with us at [email protected] or call (801) 328-8581.