The answer will surprise you - it's very large.
Like you, I have seen estimated lifetime values of $1 million or more; but I wanted to develop my own fact-based number. According to CMS (in the 2014 National Health Expenditure Data Fact Sheet), the average patient’s hospital expenditure was $3,047 that year. Considering that average patient’s current age and expected life-span, as well as what marketers call the "circle of influence" (that is, the number of others that patient may influence), that puts the lifetime value of a new patient at more than $600,000.
Statistics can be deceiving but the bottom-line is that it’s worth having a consistent and cohesive patient acquisition strategy to convert interested parties into patients.
Click here to download our White Paper on the ROI of Patient Engagement. In it we describe the calculation we used to determine the Lifetime Value of a Hospital Patient.
Hospitals can be somewhat daunting places for a patient to navigate. Locating the right specialist, practice or care site is often challenging. Your strategy should simplify the process of quickly connecting new potential patients with the right individual in your delivery ecosystem.
Our patient acquisition solution enables interested consumers to connect with you on your website and be referred to the right individual for follow-up. Call-in inquiries follow the same referral and monitoring process. Our solution can be set up quickly, does not require integration with your EMR/EHR, and is easy to use. It can give you a rapid start to gaining new revenue.