The Brevium Blog
Turn Lost Patients into Found Revenue
Chasing EBITDA for your physician practice portfolio can feel like a grueling marathon —slow, heavy, and uphill all the way. But with the right strategy, you can cruise to easy, early revenue wins that barely leave you winded.
If you are slogging through post-acquisition fatigue, you have more than a few BHAGs on your horizon. Wrestling with recalcitrant insurers to gain more favorable terms. Developing new ancillary services and ASCs. Snagging profitable tuck-ins to secure regional markets.
The long games are smart and necessary, but they are labor intensive and, well, long. Even if you make all the right moves, you won’t start to see revenue gains for at least two years.
You need fast-track revenue fuel for the short term. It’s there. You just need to tap into it.
Patient Reactivation Yields Higher ROI Than Patient Acquisition
To optimize revenue in the short term, you must fully book each provider’s schedule. Acquiring new patients is one way to do that; however, the cost per new patient lead is high ($36 – $286), and you must invest in converting each lead once you have it.
What you learned in business school holds true for the work you’re doing now. It’s anywhere from five to 25 times more expensive to acquire a new customer than it is to retain an existing customer.
Right now, you have existing customers who have gone missing.
When your private equity group acquired each practice in your portfolio, you inherited 25-45% of registered patients who are overdue. Each provider in your practice has between 1000-2000 inactive patients.
These patients are “lost” because they walked out without making a follow-up appointment or because they haven’t responded to the few calls your stretched office staff manage to make. You won’t see revenue from them unless you find them.
Claim your inheritance. Find your lost to follow-up patients and reactivate them.
Your Data Mining Action Plan
Dig into your practice management software to search for patients whose ICD-10 codes and visit histories indicate they are overdue. Contact them to schedule an appointment.
We know what you’re thinking because we work with PE physician practice managers who were once in the very same place you are right now:
- “Our portfolio has a mishmash of practice management systems that don’t play well with each other.”
- “Our PM software isn’t designed for patient reactivation.”
- “Our office staff is stretched thin, so we can’t do this big job manually.”
- “We’re challenged to recruit the office staff we need.”
Brevium can help you overcome the patient reactivation challenges you’re facing with solutions like:
- Brevium Stitch: Proprietary software that pulls data from multiple PM systems to produce seamless files you can work with easily;
- Proven, proprietary ability to identify your highest-value overdue patients;
- Automated contacts, which increase patient reactivation rates by up to 81%; and
Easy-to-use dashboards that clearly show you which levers you can pull to yield the highest-ROI results.
Finders Keepers: Patient Reactivation Success Stories
Your physician practice portfolio deserves some early, easy wins so that you have the time and resources you need to develop and execute longer-term EBITDA growth strategies. Here are just a few ways Brevium has benefited our physician practice clients:
A 19-brand dermatology portfolio reactivated 21,605 patients, generated more than $3 million additional revenue, and achieved a 24.4x return on investment in just six months.
Over just one year, Brevium helped an eye care portfolio earn an additional $968,000 for as well as an additional $490,000 for a related ASC.
A 14-location allergy and asthma practice earned $37 dollars for every $1 spent on Brevium’s patient reactivation solutions.
Brevium helped a one-site women’s health clinic earn an additional $40,548 within 3 months.
Brevium’s patient reactivation contract yielded an 18.9% conversion rate for a cardiology practice in just three months.
Want to turn your lost to follow-up patients into found revenue? Put Brevium’s data-science to the test: Reactivate up to 20 patients at no cost with no long-term contract.
