Too often, medical practices are reporting on siloed marketing metrics that don’t correlate to results, or chasing marketing metrics that don’t matter, like click-through rates — these tell you how an ad is performing, but they don’t always mean that you’re getting more patients. Medical practices that want to see patient growth from their marketing efforts must focus on the key performance indicators (KPIs) that best predict new appointments and revenue growth.
1. Leads by type
It's not enough to understand how many total leads that you are getting. Every medical practice should understand how many leads they are getting by types. This means understanding distinct leads from phone call, Contact Us form submissions, content download or any activities that you consider as a lead. What you will find likely that not all lead types are created equal and some types will be better at driving new patient acquisition.
In order to measure leads by type, make sure you are tracking you phone calls using a third-party tracking service such as CallTrackingMetrics, CallRail, WhatConverts or something similar. Then, make sure that each distinct lead is set up as a goal in your Google Analytics
2. Cost per lead
Understanding how much leads cost is key, especially for your paid marketing efforts. Rather than looking at how much you are paying for clicks, make sure you understand how many leads your marketing efforts are generating. Not every lead will have a cost associated with it, but try to understand what your investment is to make a rough cost per lead.
The total cost of leads from advertising is easy to measure cause you likely have a total advertising spending amount to divide by the number of leads. For specific lead sources, like organic social, you might use the cost of staff time or the fee you’re paying an agency to manage social media for you each month divided by the number of leads from that source to determine your cost per lead. Once you understand your cost per lead, you can begin to create a benchmark for how much it costs to generate a lead in each of your different channels.
3. Website Visitor To Lead Conversion Rate
What percentage of your website traffic do you convert into leads (e.g., someone calling, scheduling an appointment, filling out a Contact Us form, etc.)? At the most basic level, you’ll want to look at the number of leads divided by your total website sessions. This will automatically calculate in Google Analytics as long as you have your goals set up properly. This conversion rate will tell you how well your site does at motivating visitors to reach out.
4. Lead Conversion Rate By Source
Each marketing channel is unique and will have different conversion rate. It's important to understand which channel is best at converting leads so you can know where to direct your time and resources.
Calculating lead conversion rate by source is easy. For example, if you want to track your lead conversion rate for organic search, divide the total leads from organic search by the site sessions from organic search.
Tracking lead conversion by source is impossible without implementing URL tracking and phone tracking. Without such tracking in place, you won’t have visibility into where a visit to your site came from or where a phone call originated from
5. New Patient Conversion Rate
What percentage of your leads results in a new patient? A low new patient conversion rate may mean issues with missed calls or a lack of meaningful follow-up on form submissions
6. Cost Per New Patient
Your cost per new patient is the key to understand how much you should spend on your digital marketing. Simply divide total spending by the number of new patients you generate.
If it costs you $100 to generate a new patient from paid search and your average revenue per patient is $1,500, then you’ve established a return on your investment. You also can determine how much growth you should see for your investment.