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Managing cancellations is a hot topic…always is and forever will be.
Preventing cancellations is the key… the cancellation policy is not
(that’s another conversation for another time).
One of my favorite KPIs, but not as popular to talk about is your:
Lead Capture Rate (LCR)… and it may be the more powerful and more controllable lever to pull than managing CXs.
[ Lead capture rate is how effective your team is in getting a new client in the door for the first visit. For example: 10 new intake calls came in to your office and your front desk got 6 on the schedule…that’s a 60% lead capture rate. ]
Let’s run some hypothetical numbers
Ok, now let’s pull some levers…
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Scenario 1
Improve LCR (80% → 85%)
17 new patients instead of 16 put on the schedule
Revenue generated per new patients per week
17 × $1,122 = $19,074/week — extra $1,122/week — $58K/year _________________________________________
Scenario 2
Reduce Cancellations (15% → 10%)
Same 16 patients with More completed visits per patient (10.8)
Revenue generated per new patients per week
16 × $1,188 = $19,008/week — extra $1,056/week — $54K/year
So as you can see the revenue impact to improving lead capture rate could be a bigger impact.
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Scenario 3:
DO BOTH
17 patients with 10.8 completed visits per patient
Revenue generated per new patients per week 17 × $1,188 = $20,196/week — extra $2,244/week — $116K/year |
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Here’s the point: slight improvement in either will make a significant impact in your bottom line.
A small improvement in lead capture (just 5%) produces equal or greater financial impact than improving clinic wide cancellations…
But the effort is not equal.
Key takeaways:
Michael
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