AE July/August 2018 Vol 27 No 4 - 18

RUNNING THE PRACTICE // MARKETING MINUTE

consult is $1,060 (see Figure 1).
Comparing investment cost estimates (see Figure 2) allows you to
see if your growth forecast justifies
the investment.
APPLYING ROI ANALYSIS TO
REFERRAL CAPTURE
When determining whether to
invest in staff or in technology,
remember to account for critical
success factors in your analysis.
For example, staff will need a
marketing budget. A referral
portal needs staff promotion. Add
these calculations to your analysis
to get a baseline for comparison.
Remember that additional revenue will be generated from other
referral types-LASIK, diabetics,
retina, etc.-and these will further enhance your return.
Superior referral management
offers a significant opportunity for
revenue growth at many touchpoints,
improving the patient's experience,
the referring doctor's experience, efficiency, and patient outcomes. AE

FIGURE 1.
Illustration of average and total additional revenue from twenty cataract
referrals with 15% premium lens conversion rate.
STANDARD LENS

PREMIUM LENS

 

85%

15%

 

17

3

Consultation

$

250

$

250

Surgery

$

600

$

2,000

 

$

14,450

$

6,750

Total

$

21,200

Average Per Referral

$

1,060

FIGURE 2.
Comparing investment cost estimates, divided by average income per
referral, to calculate number of consults needed monthly to break even.

NOTES
This, of course, means using the
technology incorporates an "extra step"
(i.e., in taking the information from
the EHR system and adding it to the
communication), but this constraint applies
equally to referrals made via fax or other
communication technologies.
2
As presented in Market Scope's 2018
IOL Report, available at https://
market-scope.com/products-page/
cataract-reports/2018-iol-report/.
1

Marc-François Bradley
(800.608.6017, ext.
101; mfbradley@
sophrona.com) is
President at Sophrona
Solutions, Inc., Minneapolis, Minn.

18

AE // July/Aug 18

INVESTMENT

MONTHLY
COST
ESTIMATE

MONTHLY
BREAK-EVEN
# OF NEW
CONSULTS NEEDED

Business
development staff

$4K-$6K

4-6

Referral
coordinator staff

$2,500-$3,300

3

Referral portal

$300-$2,000

1-2


http://market-scope.com/products-page/cataract-reports/2018-iol-report/ http://market-scope.com/products-page/cataract-reports/2018-iol-report/ http://market-scope.com/products-page/cataract-reports/2018-iol-report/

Table of Contents for the Digital Edition of AE July/August 2018 Vol 27 No 4

AE July/August 2018 Vol 27 No 4 - Cover1
AE July/August 2018 Vol 27 No 4 - Cover2
AE July/August 2018 Vol 27 No 4 - 1
AE July/August 2018 Vol 27 No 4 - 2
AE July/August 2018 Vol 27 No 4 - 3
AE July/August 2018 Vol 27 No 4 - 4
AE July/August 2018 Vol 27 No 4 - 5
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AE July/August 2018 Vol 27 No 4 - 19
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AE July/August 2018 Vol 27 No 4 - 27
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AE July/August 2018 Vol 27 No 4 - 67
AE July/August 2018 Vol 27 No 4 - 68
AE July/August 2018 Vol 27 No 4 - Cover3
AE July/August 2018 Vol 27 No 4 - Cover4
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