For practices

Introducing the HealthEngine Savings Calculator for Practices
2 Minute ReadHealthEngine InnovationPractice Optimisation

Introducing the HealthEngine Savings Calculator for Practices

By May 7, 2018 September 10th, 2019 No Comments

Imagine having a Savings Calculator at your fingertips – one that lets you know the impact an investment is going to have on your practice before you decide to part ways with any of your hard-earned dollars…

The ability to calculate return on investment, better known as ROI, is extremely valuable for any practice. After all, knowing the profitability of your investment is key to your success, regardless of your size or specialty.

However, calculating ROI often means purchasing a product or service, using it for a period of time, then sitting down to work out whether the money it’s bringing in outweighs the money you’re paying out.

But, it doesn’t have to be that way!

We wanted to make it easy for practices to know the return on investment they’ll receive BEFORE committing to a purchase.

To make this happen, we set about analysing 90 GP practices who have successfully used HealthEngine to optimise their booking flow. The result is our new, interactive Savings Calculator.

Show me the savings!

With our easy-to-use, dynamic calculator, you can see exactly how much money and time you’ll save if you start using our online booking system and patient recalls product, as well as the additional revenue you’ll bring in. And that’s just the start!

See how much your practice could start saving

Try Your Free Calculator

Based on the number of full time equivalent practitioners (FTE’s) you have in your practice you’ll get instant insight into:

  • The number of appointments you’ll likely have each month
  • Time saved on your front desk
  • Additional practice revenue you’ll generate per year
  • Expected number of new patients you’ll attract each year
  • The amount you’ll save in front desk costs
  • Your predicted total ROI

Tip: To easily calculate your number of FTE’s, simply add up your total number of practitioner hours per week and divide it by 37.5)

You’ll also receive a complete summary of expected value, fees and return on investment for your practice.

Find out exactly how much time and money your practice will save, with our new, interactive Savings Calculator – and get the “why” before you “buy”.

Calculate Your Return on Investment

The HealthEngine Savings Calculator

See how much time and money your practice could save with HealthEngine. Simply add in your number of full time equivalent practitioners to get started.

My practice is and has full time equivalent practitioners

HINT: To find out how many full time equivalent practitioners (FTE) you have, take your total number of practitioner hours per week and divide by 37.5

Calculate ROI

Based on our data from 94 GP practices who have successfully used HealthEngine’s Booking360, Professional Profile, and Patient Match products to grow and manage their practice, below are some stats on how you could benefit too.

Appointments

With 4 full time equivalent practitioners, your practice would likely have about 1,680 appointments per month.

Bookings

If you used HealthEngine, 239 of those bookings would be made online, resulting in 16 hours saved per month by the front desk team. That’s 26 working days saved per year!

[optin-monster-shortcode id=”kzsz310lr4r4h3ntndvz”]

New patients

These online bookings would bring in 26 new patients per month, or 302 new patients per year.

Revenue

At an average lifetime value of $160 per new patient, this results in an additional $48,254 revenue for your practice per year.

Practice efficiency

At the same time as saving your practice $4,194 in front desk costs and an additional 69 hours saved every year in processing recalls.

Recap – Your Total ROI

With 4 full time equivalent practitioners, your practice will get $60,145 yearly value for only $4,994 per year + $3,619 in estimated referral fees.

That’s a 7.0x return on investment.

Summary

The below is a summary of expected value, fees and return on an investment for a practice with 4.2 full time equivalent practitioners.

Appointments and referrals
Average number of bookings per month 1,680
Average number of online bookings per month 239
Number of new patient referrals per year 302

Front desk time saved
Hours saved on phones by online bookings per month 16
Estimated number of recalls processed per year 2,044
Hours saved by using HealthEngine to process recalls per year 69
Total hours saved per year 260

Value generated
New patient value $48,254
Value of front desk time saved per year $11,892
Total yearly value $60,145

HealthEngine pricing
Monthly Booking360 + Professional Profile cost $441
Annual Booking360 + Professional Profile cost $5,292
Referral fees $3,619
Total yearly fees $8,559
Yearly return on investment 7.0x

Assumptions and variables

Statistics provided are calculated based on an a typical existing Booking360 customer, from a set of 94 active practices.

The assumptions and variables used to calculate the results are included below.

Appointment and booking rates
Average appointments available per practitioner per month Based on averages from HealthEngine data

Practice variables
Hourly rate for front desk staff ($) Based on data published by RACGP
Average time per appointment call (seconds) HealthEngine estimate
Number of recalls per month per practitioner Based on averages from HealthEngine data
Standard time to process a recall (seconds) HealthEngine estimate
Average cost to process a recall ($) e.g. SMS or letter costs HealthEngine estimate

Practice Success Plan

How would you like a free, customised success plan for your practice?

We’re committed to helping practices grow faster, work smarter and engage with their patients better. That’s why we’re offering you a free, actionable success plan for your practice.
Get a Free Practice Success Plan

Previous post <

Homepage – Find out more

Next post >

Referral Program – Thank You

Discover opportunities
in your suburb

Try our FREE Suburb
Insights tool.

Try now

List your practice
with us. It's FREE.

Put your practice front and centre.

List your practice
Products
Customers
Healthengine
Connect
Contact us
Practice Login

Are you a patient searching for an appointment?

Yes, search for an appointment
No, I’m a practice