Based on the data provided you are currently losing $ in revenue annually due to no-shows leaking visits. That breaks down to $ in revenue per month across missed appointment slots. There is currently a significant business opportunity to help more people.
Mend offers numerous solutions to reduce no-shows and cancellations including AI PredictiveIQ, telehealth, automated appointment reminders, patient self-scheduling, and patient self-rescheduling.
Implementing AI, reminders, confirmations and allowing patients to request a reschedule or cancellation quickly is going to add value in the following areas:
PredictiveIQ reviews basic demographic and appointment data easily accessible from your master scheduling system. As soon as PredictiveIQ receives the appointment, an initial prediction is made with 90+% accuracy. The algorithms run millions of times to improve accuracy and make small adjustments specific to your organization. Your organization can now look at your schedule days or weeks out and understand what appointments are at risk of non-attendance.
Mend automatically engages low- and high-risk appointments differently. We pursue high-risk appointments intelligently to gather confirmations or cancellations, accomplishing as high as 99% predictive accuracy. All of the data is also communicated back to the master schedule.
Let's assume that staff can call 20 patients per hour to remind them of an appointment, their time is worth $15 per hour, and 10% of total annual appointments will result in phone tag to cancel or reschedule an appointment. Manual calls to remind your patients and phone tag would cost $ and $ in staff time respectively per year.
Mend AI no-show and cancellation predictors allow you to see your real schedule weeks into the future. Patient volume growth of %, %, or % would equate to $, $, or $ respectively in annual revenue.
Telemedicine is a great way to reduce no-shows and keep patients engaged in their treatment. Patient compliance rates increase dramatically, and no-show rates fall to the single-digits when utilizing the Mend platform.
The following is a summary of the some of the benefits you could expect to receive by offering telehealth in your organization:
If you captured 10% of your no-shows through a telehealth program that would be worth $ annually.
If you added only 5% in new capacity through telehealth to capture after-hours, cancellations, or visits currently being done for free that would equal $ in new revenue per year.
Paper forms are an inconvenience to both patients and staff. First, the patients complete the forms on a clipboard and then the staff has to input all of this data into the EHR manually.
Mend can digitize your forms to work on any device. Once the forms are complete, we can move them directly into the EHR.
If we assume that 25% of your visits per year include only 3 pieces of paper and each piece of paper costs you $7 in staff time, errors, and supplies, the financial impact would be $ per year.
There are 168 hours in a week and you may only be using 40-50 of those hours to book appointments. Internet-connected solutions keep your practice open 24 hours per day while still providing the control and oversight that your team needs. Self-scheduling, self-rescheduling, and cancellations can have a dramatic impact on growth and no-show rates.
When patients can self-schedule, they are 50% less likely to no-show. In a recent study, 77% of patients surveyed reported that they want online patient appointment self-scheduling. Self-scheduling and self-rescheduling allow flexibility for conflicts, transportation, and other issues resulting in no-shows.
Providing integrated self-scheduling can help support growth rates. Adding 5% growth per year could equate to annual revenue growth of $, $, and $ in years 1, 2, and 3 respectively.
Offering your customers more convenient digital services is going to help them stay engaged and be successful in their treatment. It's also going to give them something to tell their friends about or may spark a positive review online.
If offering modern conveniences created only a single percent (1%) increase in referrals, that would equal new patient visits and $ in first visit revenue. What would those customers be worth to you over their lifetime with your business? Customer lifetime value could easily be worth 8 times their first visit revenue equaling $.