By Dr. Nate Booth
Have you ever calculated what each referral is worth to your practice? It’s actually the same as the lifetime value of a patient. Here’s how you calculate that value:
- How much does an average new patient spend in your practice the first year? As an example, let’s say $4,000.
- On average, how much do they spend each succeeding year? Let’s say $1,000.
- How many years are they in your practice? Let’s estimate 15 years.
In the above example, the lifetime value is $4,000 plus 14 times $1,000 equals $18,000. So each referral you receive is worth the same. I hope this gets your attention!
Eloquently ask for referrals
- Ask for referrals when patients are feeling positive emotionally. When someone says how much they love their dentistry or remarks how nice your office team is, say, “Thanks, Mrs. Gomez. We appreciate it. Do you know any of your family, friends, or coworkers who might enjoy receiving the same kind of care and would like to come to our office too?”
- When patients say yes, give them two or three of your professionally produced, full-color brochures with stamped envelopes and say, “Great. Here are three of our brochures and stamped envelopes. Would you please send them to some people, and maybe follow up with a phone call?”
- The next business day mail them a handwritten thank you note that says, “Thanks for being such a wonderful patient and for sending our brochures to your family, friends, and coworkers.”
Dr. Nate Booth is a speaker, consultant, and author who provides dentists with the information and systems they need to thrive in their dental practices. Dr. Booth is a practice-management advisor for ChaseHealthAdvance. He is the creator of the in-office, DVD-based program, “The ‘Yes’ System: How to Make It Easy for People to Accept Comprehensive Dentistry.” For more information, go to www.theyessystem.com, or call (800) 917-0008.
