What’s best…
A big case fee practice or lifetime value-focused one?
Big case fees are typically attached to corrective care, personal injury, functional medicine, decompression, etc.
Lifetime value is the revenue attributed to each patient over their lifetime.
Upon completion of care, most big case patients don’t come back or refer others.
A practice that focuses on lifetime value doesn’t worry about the # of visits per patient or collecting payment up front. Their focus is long-term and this is why…
Long-term patients come back and they refer others.
Long-term patients are much easier and more pleasant to serve…no converting or closing needed.
Long-term patients have a lifetime value far greater than the “cash” patient who pays for everything up front.
Big case fee practices are harder to sustain. Over time, the doctor’s reputation degrades and the cost and difficulty of procuring patients increases.
Additionally, what I’ve learned in life is that simpler is better. Simpler is sustainable. You can sleep at night with “simple”.
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