Q: How do patient intake forms affect conversion rate?
A: With over 350,000 starts and 600,000 consults in our database, we have a lot of information to drive answers to questions around conversion rates. One very interesting nugget we were able to identify is the interrelation of timely completion of intake forms and same-day-contract rate, which we’ve already shown to have a linear correlation to overall conversion rate. You might ask yourself, “How does that work?” The answer lies in the connection to insurance coverage verification. Last-minute eligibility checks, depending on carrier hold times or availability of information, can prevent a TC from being able to present a full financial picture to the patient or financially responsible party. With OrthoFi, our users offer fully interactive online forms, so patients can complete all intake information, including insurance, from home without having to print or email anything back to the practice. Not only is that convenient for busy patients, but it also allows us to track how and when these forms are completed. If a patient with insurance does not complete their intake forms at least 2 hours prior to the exam, we consider that an “urgent” eligibility check. We see that overall, more than 75% of our forms are completed before the exam date. However, those rates can vary wildly across practices, likely due to variability of the initial call scripting (alerting the patient to the importance of completing online forms prior to the exam) and inconsistent appointment reminder calls. How much difference can that really make? Let’s go to the data…
To see the picture more clearly, we looked at two cohort groups over a 2-year period at the top and bottom ranges for same-day-contracts rate, and paired them with their “urgent” eligibility check rate. What’s astonishing is that, when you look at the median of both metrics for each cohort group, not only is there a correlation, but the difference is dramatic. As shown above, the median Same-Day-Contract Rate for the top 50 practices is 63% compared to that of the bottom 50, which was only 10% (excludes practices with zero same-day-contracts due to multi-step consults). What’s interesting here is the connection to Urgent Check Rate. The top-50 group has a median urgent check rate of 16% (ie, 16% of their eligibility checks came in less than 2 hours before their exam) vs. the bottom-50 group which has an urgent check rate of 27%. Now, you might ask yourself why the same-day-contract rate is so much lower with only an 11 point higher urgent check rate? Without knowing the day-to-day operational variables in each of the practices, one could point to the relative focus on same-day conversions. For those practices who are clearly trying to convert every consult opportunity, it’s safe to assume they put more energy into making sure everything is set up to get the start before the patients arrive—from a high-impact initial call, to a thorough reminder call protocol set for 48 hours ahead of the exam (lessens the chance the patient procrastinates to the night before or the morning of the exam). In this case, the why is harder to nail down, but with 100 practices and over 110,000 consults measured across these groups, the data is clear: Practices with lower urgent check rates see higher same-day-contract rates. As they say, “Success is 90% preparation and 10% perspiration.” Are you doing everything you can to prepare to
convert? OP
About Inside the Numbers: Answers to questions submitted to Inside the Numbers are based on data collected by OrthoFi, and presented by CEO David Ternan. The data pulls from 600,000+ consults and over 300,000 patient starts in over 300 practices, including patient demographics and preferences, risk profile, and payment performance on over $250 million in receivables. Inside the Numbers aims to help you make informed decisions about patient financing and to dispel myths that can hinder growth.
Submit your questions to Inside the Numbers at [email protected].
