As indicated in Medripple with their referral management statistics survey, 40 to 60 percent of your business comes from referred patients, also more than one out of three patients are referred to a specialist every year. However, some providers are still looking for new clients—which is much costlier and time-consuming—than referring potential customers to them, which becomes a warm lead that is more potential in doing business. But in what way exactly is referral management helping in growing your business?
Referrals are really vital for every business, regardless of its size, its industry, and the like. Without a system to welcome and oversee referrals, it’s just like you’re leaving your money on the table and not understanding its value. Referrals may come from various sources, like your former clients, current clients, prospects, your partners, members, and even from your competitors.
The best way to develop your company and make more money is to increase your sales, and we all know that it takes a lot of work to make a particular sale. No matter to what extent you’ve been in sales, you definitely know that getting a sale through cold calls is tough, with all the work and money involved. Besides, it’s a lot easier when a client recommends your company to someone else.
Referral management is really important for it enhances and streamlines communication between your primary care doctor and experts. This is one of the reasons why referral management matters and should be part of your sales and marketing strategy.
It would cost you nothing!
The cost to your company when one of your clients refers to your company is absolutely nothing. You haven’t sent out any catalog, made a phone call or paid someone from your sales to do a site visit. As you can see, word of mouth is really a powerful driver of sales, most especially when you take advantage of it.
Once you set up an approach to control the customer referral business, it will keep building without cost unless you choose to establish some type of reward program for your clients referring to other clients.
Expanded closing rate
Let’s say one of your clients refers your company to someone else they know, either through business or just a casual meet up. They knew that your products and services are good and that it fits with that person and surely for them as well. This means a higher chance of making a sale for your company because those prospects knew that your products and services are good and that they are already looking forward to buying the products and services you are selling. And the moment they see your products or services, they will immediately purchase it.
It leads to more referrals
If somebody buys your products and services after they are referred to you by your client and they have a positive experience, they’re more likely to tell others. Let’s say one company tells three more companies, afterward those companies tell another company; at that point, you’re seeing growing sales. This is an effect that you need to have on sales for your company. So you turn to every individual giving a referral to your company without that costly salary.
Increase your company reputation
Referral management can enable clients and prospects to get to know your brand more, and helping your company’s reputation increase. Having a good reputation definitely leads to good sales. Actually, a lot of consumers would want to align themselves with companies that have a strong reputation and have a positive impact. Enabling your own client to tell your company story to others makes that story stronger through referrals, and this will roll more firmly in the general market and definitely brings more sales.
The referral management system gives healthcare organizations a framework to monitor patient referrals and lessen out-of-network referral practices.
Good thing,
QuickCap, the administration platform of MedVision for providers and experts referral management processes, provides one of the most comprehensive features of referral management for professionals in their clinics.
More than that, QuickCap is designed to handle different workflows related to healthcare payer services so that healthcare payer service providers can meet multiple operational needs with one solution.
Recently published articles
Keep in touch
Subscribe to get the latest update
Than you!
You have successfully subscribe to our blog updtes!
Trending topics
Upcoming events and company news
SOC Certification Achievement
MedVision has successfully met the criteria outlined in the SOC (System and Organization Controls) audit for service organizations. This certification demonstrates MedVision’s adherence to rigorous standards for security, availability, processing integrity, confidentiality, and privacy.
As a service provider managing sensitive data and overseeing critical functions on behalf of clients, this certification underscores MedVision’s commitment to maintaining high standards of operational excellence and data security.
HITRUST Risk-Based 2-Year Certification Achiever
The Health Information Trust (HITRUST) is a standards organization dedicated to security, privacy, and risk management. They developed the HITRUST Common Security Framework (CSF), which assists organizations in maintaining a comprehensive and secure approach to HIPAA compliance and managing risks. HITRUST is widely recognized as the benchmark in data security and privacy.
Certified Member of HCAA
The Health Care Administrators Association is the nation's largest nonprofit trade association for third-party administrators, stop loss insurance carriers, managing general underwriters, audit firms, medical managers, technology organizations, pharmacy benefit managers, brokers/agents, human resource managers, and health care consultants. HCAA has spearheaded the change of self-funding for more than 35 years.
Share and post page directly to social media.
Ready to get started?
Call us @ 847 - 222 - 1006
LINKS
GET IN TOUCH
3233 N. Arlington Heights Rd.,
Suite 307, Arlington Heights, IL 60004
Phone:
847-222-1006
Fax: 847-222-1066
STAY INFORMED
Subscribe to our blog updates!
Than you!
You have successfully subscribe to our blog updates!
Oops, there was an error in sending your message. Please try again later
LINKS
GET IN TOUCH
3233 N. Arlington Heights Rd.,
Suite 307, Arlington Heights, IL 60004
Phone :
847-222-1006
Fax :
847-222-1066
STAY INFORMED
Subscribe to our blog updates!
Medvision | All Rights Reserved.