The First 18 is a leading business program for new practitioners. In this series of programs Dr Meghan Walker, the founder of Clinician Business Labs and the host of the Impact Podcast, talks to host E Brian Johnson about what makes the First 18 so successful for practitioners.
In this episode, we cover the difference between transactional and transformational care models - and the difference they can make for the lifetime value of your clients.
Lifetime Value Of The Patient Relationship
Clinicians drive better health outcomes when they engage with their patients over the long term.
When we look at the data related to revenue from patients, clinicians get a return on investment from about visit four onwards. And when we survey naturopathic doctors on average, most are getting just four to five visits with patients.
This goes to show, that when clinicians fail to deliver transformational care, their margins and profitability are actually really small.
On average, when we take a practitioner who's engaging in transactional care, the average lifetime value of a patient is $650. When we move their model to the delivery of transformational care that lifetime value to well over $3,000.
Because the patient understands why they're coming back. They understand what milestones and benchmarks they're aiming to get to. They have something to work towards. So it is an entirely different way of engaging your patients.
A Special Gift For New Grads
Are you a new graduate of a naturopathic medical program? Congratulations! You are eligible to receive The First 18 Program by Clinician Business Labs at no cost to you, courtesy of NFH Inc.
Nutritional Fundamentals for Health (NFH) Inc. is gifting this outstanding business program to all new graduates of naturopathic medical programs in Canada or the United States.
NFH is the sponsor of Nutramedica and we are thrilled to be able to partner with them in making The First 18 available to you to help launch your new career.
To register, simply contact your local NFH school representative or visit NFH.ca.
The opinions expressed in this Nutramedica program are those of the guests and contributors. They do not necessarily reflect the opinions of Nutritional Fundamentals For Health Inc.
This video is intended for licensed or registered health professionals and students of health professions only. These statements have not been evaluated by the Food and Drug Administration. Information contained in these programs are not intended to diagnose, treat, cure or prevent any disease.