Billy Sticker breaks down how to grow a healthcare practice by $1 million using patient lifetime value. If your LTV is $1,500, you need 56 new patients monthly; at $2,500 LTV, that drops to 34. The rest is matching your lead cost and close rate to hit those numbers.
We're adding $1 million to your practice. You have to know your numbers. Right now, if your lifetime value of a patient is only $1,500, you need an additional 56 new patients a month. Some of you right now, you're like, oh my goodness, that seems like such a high number. There's a couple of different things you can do. You can increase the lifetime value of that patient by having different care plans, offering different services, just getting better at your table talk and all the things that you're supposed to be really good at, right? How do you keep that, that patient longer? How do you increase the lifetime value of that? So you can increase that value by all kinds of different things. And then let's say if it's $2,500, you only need 34 new patients a month, but you gotta go back to our numbers. If you need 34 new patients, what is your close rate? How much money are your leads coming in at? And then you know how much you need to be spending.
