{"id":50995,"date":"2022-02-15T04:00:55","date_gmt":"2022-02-15T12:00:55","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/?p=50995"},"modified":"2024-08-27T09:02:02","modified_gmt":"2024-08-27T16:02:02","slug":"increase-patient-lifetime-value-with-enhanced-communications","status":"publish","type":"post","link":"\/us\/en\/blog\/increase-patient-lifetime-value-with-enhanced-communications\/","title":{"rendered":"What is patient lifetime value (LTV)? Plus 5 ways to improve it"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Sometimes, healthcare providers end up spending more time trying to calculate potential lifetime value from patients than they do earning that value. It is important to track acquisition costs and your potential return; however, it is more important to implement strategies that create trust and loyalty from the people you serve.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Optimized communication is one of the most critical steps toward earning loyalty from your patients, but it isn&#8217;t always easy to get right.<\/span>\u00a0<span style=\"font-weight: 400;\">Pega&#8217;s 2021 Healthcare Engagement survey<\/span><span style=\"font-weight: 400;\"> showed a discrepancy in views on the quality of engagement delivered by health practices. The study showed 76% of practices believe they do patient engagement well, while only 54% of patients said they were happy with provider communication.<a href=\"#footnote1\"><sup>1<\/sup><\/a><\/span><\/p>\n<p>So how do we close the gap and improve patient retention? Today, we&#8217;ll cover:<\/p>\n<ul>\n<li><a href=\"#one\">What is patient lifetime value (LTV)?<\/a><\/li>\n<li><a href=\"#two\">How to calculate patient LTV<\/a><\/li>\n<li><a href=\"#three\">5 ways to increase patient lifetime value through better communication<\/a><\/li>\n<\/ul>\n<hr \/>\n<h4 class=\"heading h4\"><strong>Free eBook: <\/strong><strong>&#8220;How cloud communications put connection at the center of care&#8221;<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">\t<\/p>\n<div class=\"download-form-widget enterprise-download-form\" data-url=\"https:\/\/assets.ringcentral.com\/us\/ebook\/ideal-patient-experience.pdf\" data-id=\"69d004039eaa0\" id=\"69d004039eaa0\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d004039eaa0.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83d\udcd9 Read the eBook<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<form class=\"download-form ENTERPRISE\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog Enterprise\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"enterprise download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d004039eaa0.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\"> Enjoy!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/span><\/p>\n<hr \/>\n<h2 class=\"heading h2\"><a id=\"one\"><\/a>What is patient lifetime value (LTV) in healthcare?<\/h2>\n<p>Patient lifetime value (AKA &#8220;patient LTV&#8221;) is a calculation of the potential total revenue that could result from the ongoing care relationship with a given patient.<\/p>\n<h2 class=\"heading h2\"><a id=\"two\"><\/a>How to calculate patient LTV<\/h2>\n<p>The LTV equation is simple:<\/p>\n<p style=\"text-align: center;\"><strong><em>LTV = V x N x Y<\/em><\/strong><\/p>\n<p>In this equation,\u00a0<strong><em>V<\/em>= the average value of a given appointment with the patient<\/strong> (i.e., the cost to the patient and\/or their insurance for the visit).<strong>\u00a0<em>N<\/em>= the number of these appointments the patient has in a given year<\/strong>. And <strong><em>Y<\/em>= however many years of that relationship you&#8217;d like to calculate or project.<\/strong><\/p>\n<p>This is, of course, only an estimate of potential LTV, but it should give you a decent idea of potential lifetime value.<\/p>\n<h2 class=\"heading h2\"><a id=\"three\"><\/a><b>5 ways to increase patient LTV through better communication<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following is a look at how healthcare providers can increase lifetime patient value through enhanced communication.<\/span><\/p>\n<h3 class=\"heading h3\">1. Communicate proactively to <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/better-patient-satisfaction-how-these-healthcare-companies-did-it-report\/\">increase patient revenue<\/a><\/h3>\n<p><span style=\"font-weight: 400;\">It is impossible to optimize patient value if you only communicate on an &#8220;as-needed&#8221; basis or simply respond to inbound prospective patient inquiries. In healthcare, patients have greater trust in a provider when it is clear that they have genuine interest in the patients&#8217; well-being and maintain regular interaction. What&#8217;s the takeaway? Go beyond standard appointment reminders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/better-communication-the-key-to-higher-member-lifetime-value\/\">Proactive health communication<\/a> includes sending out secure links to post-treatment care plans, Rx refill directives, impending screenings and other preventative care information that is based on age, health history, and other factors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to demonstrating that you care about your patients in a more holistic way, regular proactive communication creates an opportunity to increase incremental telephony-based reimbursements and improves relationships. It also keeps your practice and brand in front of patients to increase patient retention levels and expand new patient acquisition through positive referral and social ratings.<\/span><\/p>\n<h3 class=\"heading h3\">2. Identify patient segments<\/h3>\n<p><span style=\"font-weight: 400;\">Communication is most effective when tailored to your audience. Patients have different needs, interests, and concerns. Gather data and insights on your patients to learn more about individual preferences, such as what types of communication they want, how they prefer to receive it, and whether they share information with others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can gather data based on how patients interact with your facility directly from your <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/the-real-business-value-of-cloud-communications-platforms\/\">cloud-based communications platform<\/a> and the various supported channels: web chat, inbound calls, social media, <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/telehealth-adoption-maturity-a-realistic-outlook\/\">telehealth<\/a> \/ <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/phoenix-virtual-solutions-customer-story\/\">video conferencing<\/a>, <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/enhanced-business-sms\/\">SMS<\/a>, and other communication methods. The integrated reporting capabilities of the cloud communications platform enables providers to measure and expand the data gathered by developing real-world data-supported surveys to further refine and capture specific insights that can be utilized to improve patient service delivery.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/better-patient-satisfaction-how-these-healthcare-companies-did-it-report\/\">Satisfaction levels<\/a> are additional dimensions on which you can segment your patients for ideal communication. Patients happiest with your healthcare organization are most likely to share their positive experiences with others. Leverage their satisfaction to generate word-of-mouth referrals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other patients may have adequate experiences, but they are open to other providers in the future. Garnering feedback early gives you the chance to improve your service for this patient tier. Finally, you may have disgruntled patients who are dissatisfied with their experiences. It is vital to detect their dissatisfaction early so you can address their concerns and safeguard against negative word-of-mouth.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-50997\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2022\/02\/patient-doctor-communicating.jpeg\" alt=\"A doctor and a patient communicating in an examination room.\" width=\"930\" height=\"620\" \/><\/p>\n<h3 class=\"heading h3\">3. Listen and learn<\/h3>\n<p><span style=\"font-weight: 400;\">Many providers send follow-up emails after appointments directing patients to complete lengthy surveys that have been mailed from third-party agencies like Press Ganey. While providers are generally required to have a minimum level of these types of patient satisfaction surveys completed, the results are only reported long after the patient encounter.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">To generate faster and actionable patient feedback beyond these multi-page surveys, invite patients to provide feedback directly via <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/customer-survey\/\">phone-based surveys<\/a> that can be facilitated directly from your cloud communications platform &#8211; which includes the <a href=\"https:\/\/www.ringcentral.com\/contact-center.html\">contact center<\/a> capabilities. This is an approved approach by the same Federal agencies that approve patient sentiment capture via snail-mailed hard copy survey completions. It is better to hear about any frustrations that get in the way of the ideal experience sooner rather than months later. Show a genuine interest and patients feel more comfortable telling you about their experiences.<\/span><\/p>\n<h3 class=\"heading h3\">4. Offer comprehensive cross-platform support<\/h3>\n<p><span style=\"font-weight: 400;\">Communication takes place through a wide variety of channels. In-person, phone, email, web forms, social media and chat are primary ways through which patients communicate with providers. It is important to offer your patients <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/7-ways-to-provide-a-superior-omnichannel-member-experience\/\">omnichannel<\/a>, cross-platform opportunities. Doing so ensures they can interact with you in the way they prefer or the manner that is most convenient at any particular time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, historical strategies for offering multi-channel support were cumbersome and inefficient. Each channel functioned in a silo, with limited ability to correlate ongoing support across channels. Providers and patients were frustrated by this reality.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, you can create efficient, comprehensive, cross-channel support with a cloud-based solution from <a href=\"https:\/\/www.ringcentral.com\/office\/industry-solutions\/healthcare-communications-cloud-phone-systems.html\">RingCentral<\/a>. Equip your support agents with the ability to seamlessly shift service from one channel to the next. Capture data from each interaction such that agents can easily analyze a patient&#8217;s case history regardless of the platforms through which they interact:<\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.ringcentral.com\/content\/dam\/rc-www\/en_us\/images\/content\/office\/industry-solutions\/healthcare-communications-cloud-phone-systems\/2022\/blades\/blade-2.png\" alt=\"Female laboratory staff sending lab results via RingCentral app\" \/><\/p>\n<h3 class=\"heading h3\">5. Provide 24\/7 information and staff access<\/h3>\n<p><span style=\"font-weight: 400;\">Sometimes, patients have questions or want information at night or when your practice is closed. There are a few ways you can offer access to information and communication during odd hours. The following are two key options:<\/span><\/p>\n<h4 class=\"heading h4\">Patient health portals<\/h4>\n<p><span style=\"font-weight: 400;\">A customized portal allows you to give patients information on their medical history, previous appointments, upcoming appointments, prescriptions, and more. You can also provide web chat features for 1:1 chat sessions during normal facility operational hours.<\/span><\/p>\n<h4 class=\"heading h4\"><b><a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/conversational-ai-conversation-intelligence\/\">\u00a0AI chat<\/a><\/b><\/h4>\n<p><span style=\"font-weight: 400;\">For 24-hour modeling, some of the questions patients have can be answered by an AI <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/ways-to-use-chatbots-strategically-in-your-contact-center\/\">chat bot<\/a>. AI bots can detect common types of questions and give scripted answers, or direct patients to follow-up contacts or resources. They can fill any gaps when your practice does not offer live chat or 24-hour support access.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/p>\n<div class=\"rc-post-content-cta rc-post-content-cta_green\">\n<div class=\"rc-post-content-cta-columns\">\n<div class=\"bottom-cta-img\">\n\t\t\t\t<img decoding=\"async\" width=\"930\" height=\"700\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2022\/01\/healthcare-predictions.png\" class=\"responsive-image\" alt=\"\" \/>\t\t\t<\/div>\n<div class=\"bottom-cta-copy\">\n<div class=\"headline-copy\" style=\"text-align:left;\">6 h<\/span>ealthcare trends to watch in 2023<span style=\"font-weight: 400;\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"rc-post-content-cta-footer\">\n<div class=\"bottom-cta-logo-container\">\n<div class=\"bottom-cta-logo\"><span aria-hidden=\"true\"><svg width=\"154\" height=\"34\" viewBox=\"0 0 154 34\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-logo-952946856\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t<title id=\"cta-ring-logo-952946856\">Ring Central Logo<\/title>\t\n\t\t\t\t\t\t\t<path d=\"M154 3.89618H150.386V26.9657H154V3.89618Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M141.313 11.6299C137.976 11.6299 135.388 13.2501 134.95 16.5546H138.504C138.754 15.3082 139.675 14.5591 141.313 14.5591C143.214 14.5591 144.086 15.6499 144.086 17.3647V18.1444H140.438C137.078 18.1444 134.593 19.6411 134.593 22.697C134.593 25.7529 136.619 27.3411 139.55 27.3411C141.826 27.3411 143.323 26.3721 144.133 24.8145H144.288V26.9529H147.716V17.4802C147.702 13.8276 145.833 11.6299 141.313 11.6299ZM140.58 24.5675C139.177 24.5675 138.303 23.8809 138.303 22.7339C138.303 21.4233 139.238 20.7383 140.921 20.7383H144.069L144.086 20.9549C144.088 23.2232 142.777 24.5675 140.58 24.5675Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M128.187 26.9657V19.2047C128.187 16.8979 129.623 15.4317 131.896 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9.60219Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16.9769 0.548269C16.101 0.914019 15.307 1.44981 14.6364 2.12196L16.332 3.81756C16.7764 3.37 17.3041 3.01548 17.8865 2.77325C18.4688 2.53102 19.0928 2.40429 19.7232 2.40269C20.3537 2.40108 20.9777 2.523 21.5616 2.76362C22.1439 3.00264 22.6749 3.35556 23.1225 3.79991L24.8181 2.10431C23.8106 1.1001 22.5289 0.415123 21.1333 0.139206C19.7377 -0.139919 18.2907 0.00285184 16.9769 0.548269Z\" \/>\n\t\t\t\t\t\t<\/svg><\/span><\/div>\n<\/p><\/div>\n<div class=\"bottom-cta-link\">\n\t\t\t\t<a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/healthcare-trends-2023\/\" class=\"view-all view-all-white \" data-dl-name=\"Read the blog\" data-dl-element=\"button\" data-dl-additional-info=\"bottom cta banner\" data-no-auto-dl=\"true\">Read the blog<span class=\"svg-icon\" aria-hidden=\"true\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-arrow-952946856\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t<title id=\"cta-ring-arrow-952946856\">Ring Central Logo<\/title>\t\n\t\t\t\t\t<path d=\"M0 11.5C0 11.2239 0.223858 11 0.5 11H21.6797C21.9559 11 22.1797 11.2239 22.1797 11.5V12.5C22.1797 12.7761 21.9559 13 21.6797 13H0.5C0.223858 13 0 12.7761 0 12.5V11.5Z\" ><\/path>\n\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M21.1718 12.0001L15.8086 6.63691C15.6134 6.44165 15.6134 6.12506 15.8086 5.9298L16.5157 5.22269C16.711 5.02743 17.0276 5.02743 17.2228 5.22269L23.6467 11.6465C23.8419 11.8418 23.8419 12.1584 23.6467 12.3536L17.2228 18.7775C17.0276 18.9727 16.711 18.9727 16.5157 18.7775L15.8086 18.0704C15.6134 17.8751 15.6134 17.5585 15.8086 17.3633L21.1718 12.0001Z\" ><\/path>\n\t\t\t\t<\/svg><\/span><\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/span><\/p>\n<h2 class=\"heading h2\">Build better patient relationships with RingCentral<\/h2>\n<p><span style=\"font-weight: 400;\">Enhancing your communication is one of the most cost-effective ways to increase lifetime patient value for your healthcare organization. To optimize, you must know what types of information each patient wants and how they prefer to receive that information. Your team must also have a genuine desire to listen and learn and have processes in place to gather and assess feedback.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given the number of working parts and channels involved, only a cloud-based communications platform with features like <a href=\"https:\/\/www.ringcentral.com\/free-conference-call.html\">conference call services<\/a>, <a href=\"https:\/\/www.ringcentral.com\/video-call.html\">video call<\/a> and <a href=\"https:\/\/www.ringcentral.com\/contact-center.html\">contact center<\/a> can deliver what you need. To see a market-leading healthcare communications platform in action,<\/span><a href=\"https:\/\/www.ringcentral.com\/sales-contact-health-care-provider.html\"> <span style=\"font-weight: 400;\">request a demo today.<\/span><\/a><\/p>\n<hr \/>\n<p><sup>1<\/sup> &#8220;Why healthcare engagement should be personalized, prioritized, and preemptive.&#8221;\u00a0<em>Pegasystems.\u00a0<\/em>Online at \u00a0<a href=\"https:\/\/www.pega.com\/healthcare-engagement\">https:\/\/www.pega.com\/healthcare-engagement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sometimes, healthcare providers end up spending more time trying to calculate potential lifetime value from patients than they do earning that value. It is important to track acquisition costs and your potential return; however, it is more important to implement strategies that create trust and loyalty from the people you serve. Optimized communication is one &#8230;<\/p>\n","protected":false},"author":292,"featured_media":54101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18390,18674],"tags":[43220,7534],"class_list":["post-50995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-communication-and-collaboration","category-healthcare","tag-patient-lifetime-value","tag-unified-communications-platform"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is patient lifetime value (LTV)? Plus 5 ways to improve it<\/title>\n<meta name=\"description\" content=\"Knowing patient lifetime value is critical to the success of any healthcare organization. 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