The Art of Patient Retention: Building Loyalty in a Competitive Market

Episode 114:  The Art of Patient Retention: Building Loyalty in a Competitive Market

Welcome to today’s episode of the Medical Money Matters podcast. I’m so glad you’re here, because today we’re diving into a topic that impacts every medical practice—whether you’re a solo provider or part of a large group. Patient retention. If you’ve ever wondered why patients leave, what it costs your practice when they do, or how to build a loyal following in a competitive market, you’re in the right place.

Here’s the reality: healthcare has changed. Patients have changed. Today, patients treat their medical care much like any other commodity. They’ll switch providers at the slightest provocation—maybe a rude receptionist, a long wait time, or even just a slightly more convenient option down the street. And when they leave, the costs can be enormous—not just financially, but emotionally. A revolving door of patients can wear down your staff, damage your reputation, and even hurt the overall well-being of your team.

But here’s the good news: it doesn’t have to be this way. You can build loyalty. You can create an environment where patients stay, not because they have to, but because they want to. And when you do, it benefits everyone—your patients, your team, and your practice.

Let’s start by talking about what happens when you don’t focus on patient retention. First, there’s the financial cost. Research consistently shows that it costs far more to attract a new patient than to keep an existing one. Think about how much you spend on marketing efforts to bring patients in the door. If those same patients leave after just one or two visits, you’ve essentially wasted that investment. Then there’s the revenue lost from missed follow-up visits, fewer referrals, and a drop in word-of-mouth recommendations. It adds up fast.

But it’s not just about money, is it? When patients leave, it affects your staff, too. Imagine you’re a front-desk receptionist or a nurse who spends weeks or months building a relationship with a patient. You remember their name, their story, maybe even a little about their family. Then one day, that patient calls to transfer their records to another practice. That stings. And when it happens repeatedly, it’s demoralizing. It can make your team feel undervalued and disconnected from the purpose that brought them to healthcare in the first place.

Beyond that, there’s your reputation to consider. Patients today have a megaphone called the internet. Dissatisfaction often leads to negative online reviews, and those reviews can shape how potential patients view your practice. Even a small handful of poor reviews can make it harder to attract new patients, especially if they all point to the same issues—long wait times, a lack of communication, or unfriendly staff.

Now, let’s talk about why this is happening. One of the biggest shifts in healthcare over the last decade has been the rise of consumerism. Patients today aren’t just patients—they’re consumers. They’re comparing providers, reading reviews, and seeking convenience the same way they would when choosing a restaurant or booking a hotel. They want healthcare on their terms, and they’re willing to switch providers if they feel those terms aren’t being met.

Here’s the tricky part: sometimes, all it takes is one small frustration to send a patient looking for another option. Maybe they called to schedule an appointment, and no one picked up. Or they waited 45 minutes past their scheduled time to see the provider. Maybe the billing process was unclear or felt unfair. These moments may seem small, but they’re often enough to push a patient out the door.

So how do you combat this? How do you make sure your patients stay, even in a world where it’s so easy to switch providers? The answer lies in building loyalty. And that starts with delivering an exceptional patient experience.

Think about the last time you had an incredible experience as a customer. Maybe it was at a restaurant where the staff remembered your name or a store where someone went out of their way to help you. That feeling of being seen and valued is powerful. It’s the same feeling we need to create for our patients.

That means starting with the basics—making it easy for patients to schedule appointments, minimizing their wait times, and ensuring every interaction they have with your team is positive and professional. Every touchpoint matters, from the first phone call to the follow-up after a visit.

Personalization is another key component. Patients want to feel like more than just a name on a chart. Take the time to understand their unique needs, preferences, and concerns. A simple follow-up call to check on how they’re feeling after a procedure can go a long way in showing that you care.

It’s also important to build strong relationships between patients and providers. Whenever possible, try to ensure continuity of care. Patients are far more likely to stay with your practice when they feel a connection with their provider. They want to trust that their doctor knows them, understands their history, and is genuinely invested in their health.

Technology can play a big role in this, too. Patient portals, for example, can make it easier for patients to communicate with your team, access test results, and manage their appointments. In our previous episode, we discussed the digital front door. How friendly is yours? Telemedicine can be a game-changer for patients who value convenience, especially those with busy schedules or limited mobility. By leveraging technology, you can meet patients where they are and make their lives a little easier. That builds loyalty.

Another strategy is to actively solicit feedback and, more importantly, act on it. Patient satisfaction surveys are a great tool for identifying areas where your practice can improve. But it’s not enough to just collect feedback—you have to show patients that you’re listening. If patients are consistently complaining about long wait times, for example, look for ways to address that. Make the changes visible so patients know their concerns are being taken seriously.

Building patient loyalty doesn’t stop with the patients, though. It also means creating a culture of loyalty within your clinic—starting with your staff. Because here’s the truth: happy staff make for happy patients. When your team feels supported, valued, and engaged, they’re more likely to go above and beyond for your patients.

That starts with retention. High staff turnover doesn’t just hurt your team—it hurts your patients, too. When patients see new faces every time they visit, it’s harder for them to feel a sense of connection and continuity. Invest in your staff. As we discussed in Episode 72, there are many great retention strategies. Provide training opportunities, recognize their hard work, and prioritize their wellbeing. A simple thank-you or acknowledgment of a job well done can make a big difference.

Empower your staff to build relationships with patients, too. Encourage your front-line team to take an extra moment to ask how a patient’s day is going or to follow up on something personal they mentioned during their last visit. These small acts of kindness can leave a lasting impression.

At the same time, make sure your entire team is aligned with the same goals. Communicate your practice’s mission and values clearly, and involve your staff in shaping the culture. When everyone is working toward the same vision, it creates a sense of purpose and collaboration that patients can feel.

Now, let’s zoom out for a moment and talk about some broader operational considerations. Patient retention isn’t just about bedside manner or friendly receptionists—it’s about every aspect of your practice.

For starters, streamline your processes. Look for ways to reduce administrative burdens so your team can focus on what matters most—caring for patients. Efficiency doesn’t just benefit your team; it creates a smoother experience for your patients, too.  Perhaps engage a marketing firm to have a “secret shopper” patient come through your practice to give you boots on the ground feedback.

Improving accessibility is another big one. Are your hours convenient for working patients or parents with young children? Do you offer same-day or next-day appointments for urgent needs? Little things like this can make a big difference in how patients perceive your practice.

Finally, focus on transparency. Patients want to feel like they can trust you—not just as a medical provider, but as a business. Be upfront about pricing, insurance, and treatment options. Establish a reputation for honesty and integrity, and patients will reward you with their loyalty.

So, how do you know if your efforts are working? Start by tracking key metrics like patient retention rates, satisfaction scores, and online reviews. These numbers can give you a clear picture of where you’re excelling and where there’s room to improve.

It’s also important to measure the return on investment for your retention efforts. Compare the costs of initiatives like staff training or patient follow-up programs to the revenue growth and reduced turnover they generate. You’ll often find that retention-focused strategies pay for themselves many times over.

Finally, remember that building loyalty is an ongoing process. Patient needs and expectations change over time, and so should your approach. Stay proactive, keep listening, and be willing to adapt.

As we wrap up, let’s recap. Patient retention is about more than just keeping people in your practice—it’s about creating a culture of loyalty that benefits everyone. It’s about delivering exceptional experiences, building meaningful relationships, and empowering your team to thrive.

So, what’s one small change you can make today to start fostering loyalty in your practice? Maybe it’s as simple as calling a patient to follow up after their appointment or thanking a staff member for going the extra mile. Small actions add up, and they’re often the first steps toward creating lasting loyalty.

Thank you so much for tuning in today. I hope this episode gave you some practical ideas and inspiration to take back to your practice. If you’d like more personalized guidance on patient retention or other aspects of medical group operations, reach out to us at Health e Practices. And don’t forget to subscribe to the podcast so you don’t miss our next episode. Until next time, take care!