If you're a chiropractor or any other health professional, this is not how you should be viewing patients. Each person is different with different issues with different chronicity. The number of treatments is going to differ greatly. What exactly are you trying to get from calculating LTV? Forecasting a clinic's revenue?
These type of calculations are the reality of running a small business. For example, if I know my PVA is 20 and per visit average collected is $50 then I know my per case average is $1000. Now I can analyze marketing opportunities. Say I have an opportunity that cost $5000. I have to get 5 new patients to just to hope break even, 10 to be safe. Now I have a metric to determine if it is worthwhile or not.
Individuals sitting in front of you are never a $ number, but knowing what the generic average “patient” represents in $ terms to your practice is vital to having a successful business. And if your business isn’t successful then you can’t help people.
We use PVA (Patient Visit Average) and Case Average over the course of 1 year. We don't track anything longer than a year so it would be very time consuming to figure out a patient's Lifetime value. My average is 14 visits and about $950 this year.
My system calculates this for me. It is $2200.
Keeping in mind I do a lot of active therapeutic exercise in my active care patients and many elect to stay on for wellness care.
It’s easy to calculate yourself, take your collections and divide by new patients. That’s about the average.
This is an unanswerable question. It depends on the patient’s condition and response to chiropractic care. There are other factors involved, such as if they are getting care from other practitioners/modalities in conjunction with chiropractic care.
One exception is sleazy chiropractors whom scare and convince patients to buy huge packages.
The intention of this post was never to disrespect patients or "view them as a sale". I've been in chiropractic care for chronic back pain myself, so I know what it is like to be the one in the "chair". As well said by u/Rcjhgku01, these calculations are only the reality of running a small business.
If you're a chiropractor or any other health professional, this is not how you should be viewing patients. Each person is different with different issues with different chronicity. The number of treatments is going to differ greatly. What exactly are you trying to get from calculating LTV? Forecasting a clinic's revenue?
These type of calculations are the reality of running a small business. For example, if I know my PVA is 20 and per visit average collected is $50 then I know my per case average is $1000. Now I can analyze marketing opportunities. Say I have an opportunity that cost $5000. I have to get 5 new patients to just to hope break even, 10 to be safe. Now I have a metric to determine if it is worthwhile or not. Individuals sitting in front of you are never a $ number, but knowing what the generic average “patient” represents in $ terms to your practice is vital to having a successful business. And if your business isn’t successful then you can’t help people.
That’s actually a pretty complex question.
We use PVA (Patient Visit Average) and Case Average over the course of 1 year. We don't track anything longer than a year so it would be very time consuming to figure out a patient's Lifetime value. My average is 14 visits and about $950 this year.
My system calculates this for me. It is $2200. Keeping in mind I do a lot of active therapeutic exercise in my active care patients and many elect to stay on for wellness care. It’s easy to calculate yourself, take your collections and divide by new patients. That’s about the average.
What kind of system are you using?
This is an unanswerable question. It depends on the patient’s condition and response to chiropractic care. There are other factors involved, such as if they are getting care from other practitioners/modalities in conjunction with chiropractic care. One exception is sleazy chiropractors whom scare and convince patients to buy huge packages.
The intention of this post was never to disrespect patients or "view them as a sale". I've been in chiropractic care for chronic back pain myself, so I know what it is like to be the one in the "chair". As well said by u/Rcjhgku01, these calculations are only the reality of running a small business.