Using a CEV Can Help Boost ROI for Treatment-Specific Devices
Medical practices need to consider a multitude of factors before investing in equipment. This is especially true when the investments involve treatment-specific devices. As the industry of aesthetic medicine sees an increased emphasis placed on return on investment (ROI), medical professionals have to base more and more decisions on the cost effectiveness of new treatment options. The best way to increase ROI on new treatment devices is to improve the doctor’s ability to organically cross-sell and up-sell to the patients.
The Business of Medicine: Cross-Selling and ROI
As Dr. Michael Imhoff notes in his report How to Measure Return on Investment, “just one or two decades ago most investments into medical equipment, facilities, or staff were seen from a medical perspective.” This meant that advancing medicine and satisfying the patient were more important than turning a profit. Of course, improving the quality of care will always be the most important factor in running a successful plastic surgery center or MedSpa. However, Imhoff writes that today’s “investments must prove their pay back also in monetary terms.” This probably seems fairly obvious, but ensuring that each new treatment device meets desired ROI benchmarks requires strategic business savvy more so than surgical skills.
Focusing on ROI creates an amortization of new medical device purchases. Each new device needs to have regularly recurring returns in order to make sense as an investment. The only sure-fired way to achieve this return regularity is through a strategic process of cross-selling each patient with regards to the types treatments that the new device facilitates.
Cross-selling and up-selling are absolutely necessary for an aesthetic medical business to meet projected outcomes. It is obviously not a sustainable business model to only perform one specific procedure on each patient. In order to maximize the lifetime value (LTV) of a patient and improve ROI on device purchases, doctors and medical staff must fine-tune their cross-selling strategies.
4 Ways to Increase ROI by Improving Opportunities for Cross-Selling Using a CEV
Cross-selling and up-selling account for an enormous portion of the average medical practice's revenue opportunities. These tactics are critical for turning a new patient into a returning one. They are also the key to maximizing the LTV of already loyal customers.
Using a Cosmetic Enhancement Visualizer (CEV) provides a fruitful foundation and an additional layer of complexity to a doctor-patient relationship. This foundation leads to increased opportunities for cross-selling and up-selling treatment options to both new and returning patients. Here are three ways that a CEV can become a vital element in your cross-selling strategy and how that inevitably leads to a higher ROI on new treatment devices.
Using a CEV increases your opportunity for face-time.
As stated in ClearPivot’s guide to Plastic Surgery Marketing in the 21st Century, “the more ‘face time’ you have with patients, the more opportunities you have to up-sell and cross-sell them.” This is an obvious tactic and yet one that's often difficult to execute. Balancing patient flow efficiency and subsequent customer satisfaction with face-time utilization can become complicated. That’s why it’s essential to heighten the number of chances for organically initiated face-time that a doctor has.
CEV tech increases face-time opportunities by providing a wealth of relevant treatment information for the patient and doctor to discuss during a consultation. When a patient uses a CEV, they are inherently prompted to ask about a variety of procedures or enhancements that they would have otherwise had no interest in. This leaves doctors in a position to strengthen their relationship with each patient and potentially sell them on device-specific treatments, helping to chip away at ROI goals.
Using a CEV allows you to offer a type of free trial to your patients.
According to Forbes, “a free trial is a great marketing tool and a solid step toward establishing goodwill with new customers.” Within the context of aesthetic medicine, free trials also help kindle LTV-improving relationships with returning customers/patients. Given the opportunity to “try before they buy”, a potential new or returning patient will be far more likely to follow through with a prospective treatment. This type of marketing also works exceptionally well when the trial involves a product, such as a treatment-specific medical device.
Free trials are by no means a new marketing tactic. Yet, prior to CEV technology, the concept of free trials for cosmetic enhancements didn’t really make any sense. With the use of a visualizer tool, doctors can ostensibly provide patients with a type of “free trial” for nearly any procedure that they desire. And doctors offer this trial before patients ever step foot into their offices. This has been shown to decrease no-show rates for first-time patients by more than 80% and increase consultation-to-treatment conversion rates for all patients by more than 30%.
Using CEV tech to give patients a type of free trial allows doctors to cross-sell and up-sell treatment options that the patient would have normally neglected. This creates a subsequent opportunity for selling specific enhancements that rely on newly purchased treatment devices. Thus, a free trial via CEV tech can directly lead to increased ROI on new medical equipment.
Using a CEV can help you create dynamic patient profiles.
The Harvard Business Review mentions that creating “dynamic, high-resolution customer profiles” is a key strategy for provoking more cross-selling opportunities. It goes without saying that the more you can specifically understand about a customer, the easier it becomes to re-market toward them. Building a dynamic patient profile enables you to sell patients on relevant treatments and heightens your ability to precisely target them in future campaigns. This leads to more chances to sell specific treatments that are tied to new device purchases.
A CEV can help medical practices begin dynamic patient profiling before they even schedule a consultation. It also adds an extra layer of complexity if utilized within the medical office. Allowing patients to submit pictures of themselves with the intention of gaining realistic virtual results not only provides the medical practice with deeply informative insights into the psyche of the patient, but also adds to the patient’s own overall experience. This is a win-win for both sides of the industry.
Using a CEV can increase the number of procedures scheduled with the same resource.
One of the simplest way to increase ROI is to decrease per patient costs. According to Imhoff, the easiest way to reduce those costs is to “increase the number of procedures done with the same resource.” This concept can be applied to the use of a CEV and the number of treatment selling opportunities that it can spawn on a per patient basis.
As a single resource, CEV can sell a patient on multiple procedures within an incredibly small time-frame. What would normally take doctor’s several consultation sessions to sell can be achieved with a single virtual result produced by CEV. This equates to more efficient conversion rates and better utilization of the precious face-time available for each patient.
New Look Now is an industry leading cosmetic enhancement virtualizer that has been proven to increase consultation-to-treatment conversion rates and to dramatically decrease no show rates. As a versatile and accurate CEV, New Look Now provides unique opportunities for cross-selling and up-selling, working to maximize ROI on new devices and increase LTV of patients. Click here to learn how New Look Now can fit into your medical practice's marketing strategy.