5 Steps to Optimizing Patient Acquisition Cost 

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March 2, 2023

As a healthcare provider, acquiring new patients while simultaneously managing the cost of acquiring them can be extremely overwhelming. 

Patient acquisition cost refers to the amount of money a healthcare provider spends on marketing and advertising to acquire new patients. It’s computed by dividing the total cost of the marketing campaign by the number of patients acquired from said campaign. 

Of course, you want this number to be as low as possible while maintaining the highest patient retention rate that you can. 

With competition in the healthcare industry steadily increasing, it is important to optimize this cost to ensure maximum return on investment (ROI) and increase your profit. 

Here are five steps healthcare providers can take to optimize their patient acquisition cost:

1. Monitor your Google and ad performance

One of the most effective ways to acquire new patients is through online advertising and SEO efforts. Utilizing Google and its ad platform are a great way to target potential patients who are searching for specific healthcare services. However, to optimize patient acquisition cost, you must monitor the performance of your efforts regularly.

Google provides valuable data on your ad and search performance, including keyword rankings, impressions, clicks, click-through rates (CTR), and conversion rates. By monitoring this data, you can identify which ads and keywords are generating the most leads and adjust your budget accordingly. You can also use this data to refine your targeting to ensure you are reaching the right audience.

2. Request reviews

Patient reviews are a critical factor in a healthcare provider’s online reputation. Positive reviews can help build trust and credibility with potential patients, while negative reviews can drive them away. 

Encouraging patients to leave reviews can be as simple as sending a follow-up email after their visit or providing a link to a review site on your website. It is also important to respond to reviews, both positive and negative, in a timely and professional manner. By actively managing your online reviews, you can improve your online reputation and attract more patients, thereby optimizing acquisition cost.

3. Monitor website performance

Your website is often the first point of contact with potential patients, so it is important to ensure it is performing well. Healthcare providers should regularly monitor their website’s performance, including page load speed, bounce rates, and conversion rates.

Slow page load times can drive potential patients away, while high bounce rates can indicate that your website is not engaging visitors. By monitoring these metrics, you can identify areas for improvement and make changes to optimize your website’s performance.

4. Monitor lead flow

Effective lead management is crucial to optimizing patient acquisition cost. You need to be tracking the number of leads generated from each marketing channel and monitoring how they convert into patients, along with the cost to acquire these leads.

By analyzing lead flow data, you can identify which marketing channels are generating the most leads and adjust your budget accordingly. You can also identify which channels are not generating enough leads and make changes to improve performance.

5. Optimize your social media

Social media can be a powerful tool for healthcare providers to reach potential patients, as long as you can identify which platforms your target audience is using and create content that engages and informs them. 

You should also be using social media to promote your services and drive traffic to your website. By monitoring social media metrics, you can identify which content is resonating with your audience and make changes to improve your social media performance.

Optimizing patient acquisition cost is critical to your success as a healthcare provider. By monitoring Google search and ad performance, requesting reviews, monitoring website performance and lead flow, and optimizing social media, you can acquire new patients while managing the cost of acquisition. 

For help grasping the ins and outs of healthcare marketing, join the OPTICS™ Academy to learn from experienced specialists and connect with like-minded professionals who are having the same struggles as you.