Today, I want to focus further down in the sales process – on the second day of the sales process and on closing on care. By tracking these numbers, you’ll be able to see how the office is moving patients towards an opportunity to close on care, and how effectively patients are moving forward with treatment.
Day 2 / ROF Schedule Rates:
How many of your consults book to come back to hear the treatment plan? This is the best stat available to determine the effectiveness of the consult process for the office. Patients are never more motivated to come in for a Report of Findings than at the end of their initial consult. The office should be targeting an ROF Schedule Rate between 75% and 90% within 3 business days of the consult, exam, and X-rays.
Day 2 / ROF Show Rates:
How many of the patients that come in for an initial consult/diagnostics work-up return to hear about the care plan? This is a clear indicator of the emotional connection and urgency built in the initial consult. North of 75% is good. Less than 50% suggests there are opportunities in the initial consult to build more emotional buy-in to the treatment being discussed and the fact that the office is the right provider. We also have stats that prove that when a spouse is booked to come to the Day 2 Report of Findings, more people actually close on care.
How many of your Report of Findings (ROF) / Treatment Plans end up with a patient moving forward with care? The key here is to count every opportunity, not just the “qualified” ones – there is a natural tendency to want to pad the stats when it comes to close rates and to exclude ROFs from the stats because there was something “wrong” with the patient (“They didn’t have any money.”, “They were just a tire kicker.” etc.). Fight that urge. There are financial options for nearly every person who is motivated enough to get the care being offered and very few people will go through multiple steps of the care planning process because they have nothing better to do. If you present a care plan, include it in your statistics.
I’ve sold and been around sales for all of my career and when I hear that an office closes 95% of the treatment plans they present, I don’t think, “Great job!”. No, I think that office is either being too conservative in who they are presenting to or isn’t being honest with their stats. If an office is closing on more than 75% of the treatment plans presented, it needs to get more prospective patients through the funnel and take more shots on goal.
On the other side, a close rate under 50% usually points to an opportunity to strengthen the presenter’s sales/closing technique. Our sales coach, Lisa Berthelsen, is available to help with that , we offer monthly group sales technique conference calls, the ResourceHub has dozens of tools to help, and there are countless books that can help with the topic, too.
Cost Per Close:
This is a good indicator of the overall effectiveness of the practice’s sales/marketing engine. The lower the number the better.
Return on Investment (ROI): Another key indicator of the effectiveness of the practices sales/marketing efforts. It’s a simple calculation – revenue generated divided by the total marketing investment.
At the end of the day, statistics provides a roadmap for the practice. They give the practice owner a clear view of how to treat more patients more effectively and where to adjust to improve results. If you would like to talk further about how to implement a stats-driven approach to your practice, let’s connect. Simply fill out the form below to schedule your complimentary 360 degree marketing audit and consultation.