insights on patient referrals: the not-so-secret weapon for a growing physician practice
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Insights on Patient Referrals:The Not-So-Secret Weapon for a Growing
Physician Practice
2012 Confidential | 2
par8o is named after the Italian economists, Vilfredo Pareto who first defined the concept of a “Pareto Efficiency” - a system is able to maximize resource utilization for each and every participant.
par8o seeks to introduce Pareto efficiency to the healthcare industry, improving patient choice and access to healthcare while lowering costs.
Aboutr8oPar8o
par8o surveyed 200 physicians…
You won’t believe what they had to say about patient referrals…
2012 Confidential | 3
2012 Confidential | 4
Physicians Understand the Importance of Referrals
78% of physicians surveyed consider new patient referrals very or extremely important
1 2 3 4 5
4% 4%
14%
32%
46%
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Importance of New Patient Referrals on a Scale of 1 to 5
(1=not at all important; 5=extremely important)
2012 Confidential | 5
Referrals Important to All MDs
87% of specialists and 68% of PCPs consider referrals extremely or very important
PCPs Specialists
68%
87%
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Consider New Patient Referrals Extremely / Very Important
2012 Confidential | 6
2012 Confidential | 7
Nearly All Physicians See Referrals
96% of physicians see at least one referred patient each week and 30% see 41 or more referred patients each week,
with specialists seeing more referrals than PCPs
0 Referrals Per Week
1 to 5 6 to 10 11 to 20 21 to 30 31 to 40 41 to 50 51+
4%
12%14%
17%15%
7%
13%
17%
Referrals Per Week
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
2012 Confidential | 8
2012 Confidential | 9
Referrals Are Key to a Growing Practice
In 41% of practices, more than half of new patients come from referrals
0% to 10% 11% to 25% 26% to 50% 51% to 75% 76% to 100%
17%
21%
18%
23%
18%
Percentage of Total Patients Starting As Referrals
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
2012 Confidential | 10
2012 Confidential | 11
Specialist Practices Know the Upside of Patient Referrals
65% of specialists say their practices generate more than half of new patients from referrals
0% to 10% 11% to 25% 26% to 50% 51% to 75% 76% to 100%
0%
15%18%
35%
30%
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Percentage of Specialists’ Total Patients Starting as
Referrals
Few Referral
s
Mostly Referral
s
2012 Confidential | 12
2012 Confidential | 13
1 to 5 MDs 6 to 10 11 to 20 21 to 100 101+
59%70%
53%38% 50%
39%30%
42%52% 50%
51% to 100%0% to 50%
In Larger Practices, More Patients Come From Referrals
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Percentage of Total Patients Starting As Referrals
In most practices with more than 20 physicians, more than half of new patients start as referrals
2012 Confidential | 14
2012 Confidential | 15
Hospital-Based Employed
Hospital-Based Private
Office/Clinic Employed
Office/Clinic Private
60%39% 47%
59%
36%50% 53%
38%
51% to 100%
0% to 50%
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Percentage of Total Patients Starting As Referrals
Referrals Differ by Practice Type
Physicians working in hospital-based private practices and as employees in offices or clinics see more patients coming from referrals than those
who work in private offices or as employees at hospitals
2012 Confidential | 16
2012 Confidential | 17
Average Referral Worth Estimated at Almost $5,000
Physicians believe each new patient may generate an average of $4,553 over the course of their relationship with the practice, with both PCPs and
specialists estimating a lifetime value of over $3,000
Total PCPs Specialists
$4,553
$5,734
$3,417
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Average Lifetime Revenue Generated by One New Patient
2012 Confidential | 18
2012 Confidential | 19
With an average revenue of $5,414, new patients have the highest estimated lifetime value in the East vs. a low of $2,824 in the South and around $3,000
in the West and Midwest
Referrals Worth Most in the East
Western MDs estimate the value of a lifetime new patient at $3,346
Southern MDs estimate the lifetime value of a new patient at $2,824
Eastern MDs estimate the
lifetime value of a new patient at
$5,414
Midwestern MDs estimate the
lifetime value of a new patient at
$3,043
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
2012 Confidential | 20
2012 Confidential | 21
Referrals Translate Into Big Income
Notes: Par8o survey, Dec 2011N = 94 PCPs, 101 Specialists
Physicians working in practices that see…
…say each newly referred patient brings an
average lifetime value of…
$6k1-10 referred patients per week
11-30 referred patients per week
31-50 referred patients per week
51+ referred patients per week
$4k
$3k
$4k
…which means that 1 week’s worth of referral patients has an overall
potential value of…*
$6k-$60k
$44k-$120k
$91k-$150k
$200,000 or more
*Potential value multiplies average lifetime value estimated by number of referred patients seen per week; Physicians who see lower numbers of referrals per week place a lifetime higher value on each referral
2012 Confidential | 22
Referrals Are Big Business Savvy physicians place a great emphasis on
patient referrals as a primary way of growing their practices
Par8o will build on that
The first step is Referrals. Reinvented.
2012 Confidential | 23
2011 Confidential | 24
par8o, Inc.Thank You
Learn more:http://www.par8o.com
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