IDEAS home Printed from https://ideas.repec.org/a/aza/ama000/y2024v10i2p122-133.html
   My bibliography  Save this article

Using patient lifetime value to future-proof your dental practice

Author

Listed:
  • Pritchett, Rosie

    (Dentist, Dental Core Training, South Tyneside and Sunderland NHS Foundation Trust, UK)

  • Tomaras, Michail

    (Head of Software Development, Renaissance Global, UK)

  • Ahlemeyer-Stubbe, Andrea

    (Data Mining and More and Director, Strategic Analytics, servicepro GmbH, Germany)

  • Coleman, Shirley

    (Technical Director, NU Solve, Newcastle University, UK)

Abstract

Dental practices are a small business. Like any other business, they need cash flow management and financial planning to be viable, if not highly profitable. What a lot of practices may not realise is that they are sitting on a treasure trove of data to be used in more ways than plain accounting and financial forecasting. This paper focuses on longitudinal data, such as the timing of each patient's visits and the value of their treatments since joining the practice. It aims to show how such data can be used by practices to understand their patient base and make plans for the future development of the business. There are plenty of business metrics. Here, the focus is on one metric: patient lifetime value (PLV), derived from customer lifetime value (CLV). CLV is well established in retail and other sectors. This paper shows that patient appointment data can be used in methods adapted from CLV via the bespoke concept of PLV. The paper describes different approaches to calculating PLV, the advantages and disadvantages of each approach and the ways in which they can benefit a dental practice.

Suggested Citation

  • Pritchett, Rosie & Tomaras, Michail & Ahlemeyer-Stubbe, Andrea & Coleman, Shirley, 2024. "Using patient lifetime value to future-proof your dental practice," Applied Marketing Analytics: The Peer-Reviewed Journal, Henry Stewart Publications, vol. 10(2), pages 122-133, September.
    • Handle: RePEc:aza:ama000:y:2024:v:10:i:2:p:122-133
    as

    Download full text from publisher

    File URL: https://hstalks.com/article/8677/download/
    Download Restriction: Requires a paid subscription for full access.
    File URL: https://hstalks.com/article/8677/
    Download Restriction: Requires a paid subscription for full access.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    data science; statistical models; business improvement; decision making; loyalty; commitment; trust; customer lifetime value; patient lifetime value;
    All these keywords.

    JEL classification:

    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aza:ama000:y:2024:v:10:i:2:p:122-133. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Henry Stewart Talks (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.