Tuesday, August 13, 2024
Revenue Benefits of Having Great Reviews!
Most healthcare providers acknowledge that it is a good thing to have good online reviews. Yet many providers just want the generation of reviews taken care of for them and don’t want to pay much attention to the process nor expend much effort on it.
That is a mistake!
Reviews have some major potential benefits to your practice. We will discuss two benefits here.
Benefit #1: Higher Ranking on a Google Search.
Most searches for healthcare providers these days are done on mobile phones using a Google search. When a patient types in a query on a Google search, there is an algorithm Google uses to answer the query. Whether your practice shows up in Google’s answer to such a query can make or break your practice.
Most patient searches these days are done with what is known as a “best … near me” search. So, a patient will ask Google for the “best cosmetic dentist near me” or “best plastic surgeon near me” or “best podiatrist near me”, etc.
There are various factors that enter into Google’s algorithm that determine which providers it shows in the answer to this search. There are several factors Google uses, but online reviews are one of them. In fact, Google reports that online reviews make up close to 20% of the decision-making process.
What that means is your reviews are VERY important!
When Google receives the “best … near me” search, it answers with what is called Google’s local pack. The local pack includes usually three businesses in the local area near the current location of the patient doing the search.
The businesses in the local pack are shown in spots 1-2-3 in the listing. Why is it better to be in the top 3?
1. Businesses in the top three listings receive 126% more traffic than the businesses listed 4 through 10.
2. Businesses in the top three listings receive 93% more calls, website clicks, and requests for driving directions.
3. Businesses in the top three listings receive 75% of the clicks from users meaning they are much more likely to interact with your business.
So, if you can get your practice to show up in the Google local pack, you will see more patients and be busier than if you were lower down in the listings.
Reviews are not the only factor that will help you be listed in the local pack, but they are one factor you can take control of and greatly influence.
So, improving your reviews will improve your visibility on Google search results which will improve the amount of patient traffic and inquiries.
Benefit #2: Greater Revenue
Obviously, revenue for healthcare providers is directly related to the number of patients seen.
Now, how much revenue is received per patient varies based on what healthcare field you practice, what your subspecialty is, whether you accept Medicare and/or insurance, or whether you are cash-based. It also varies as to whether you have additional streams of revenue such as from ownership of a surgery center, whether you sell cosmetic products, whether you sell nutritional supplements, PRP, Botox, teeth whitening, etc.
But regardless of whether the lifetime value of one patient in your practice is low, medium or high, the revenue you receive varies in direct proportion to the number of patients you see. The more patients you see, the greater your revenue.
But, what do reviews have to do with revenue?
A study done by Zocdoc found that, “Doctors in the top 25% in total number of reviews see 5 times more patients than those in the bottom 25% in total number of reviews.”
So, the more reviews you have, the more patients you see. And the more patients you see, the greater your revenue.
Therefore, the more reviews you have, the greater your revenue will be.
I know there are only so many patients you can see in a given day, however, you can always hire PAs or NPs to see additional patients or hire other providers and expand your practice.
So, as stated above, reviews are VERY important.
Be sure you put the proper importance on review generation in your practice!
CEO , Healthcare Provider Marketing
Dr. Holt is the CEO of Healthcare Provider Marketing. He is passionate about both healthcare and marketing. His goal is to help healthcare providers maximize their revenue through new marketing and business strategies.