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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
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    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

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