Billy Sticker explains why healthcare practice owners need to know a patient's lifetime value. If a patient is worth $2,000 over time, you can decide how much to spend acquiring them. Seven-figure practices track these numbers like any other business would.
What is your lifetime value of a patient? I was on the phone with someone yesterday, a potential client, and this is a number you should know. And I said, hey, what's your LTV? And he's like, I actually don't know. You have to know, because if you know what that number is, then there's other things you have to know. But if the lifetime value of a patient is $2,000, How much are you willing to spend to get a new patient? This is Business 101. And one of the things that we've noticed is these offices that are 7 figures plus, the people who are operating those offices, it doesn't matter that they're a chiropractor. They would've been successful in any business because they know their numbers. They think like this.
