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Financial Analysis: Should I Use PatientWire?

Clinicians and clinic financial officers frequently ask us if PatientWire would make sense for them.

Instead of responding with "hand-waving" and marketing spin, we decided to give you this tool, the PatientWire Benefit Calculator, that can help you decide if PatientWire would be a useful tool in your current practice.

The PatientWire Phone Commerce System (in conjunction with the PatientWire E-Commerce System) is designed to enhance designed to enhance your bottom line in several ways:

  1. It reduces the amount of time that your staff spends on performing routine contact lens refills.
  2. It provides your patients with unparalleled convenience when reordering, preventing their defection to alternative sources.
  3. As a consequence of #2, it can improve compliance as well as follow-up rates, which help grow your top-line.

Instructions

  • The calculator will initially show you the results for an "Average" practice, with numbers we filled in.
  • Fill in the parameters that best reflect your practice, and click "recalculate"
  • The "assumptions" at the bottom are based on realistic PatientWire data gathered from clients. You may, however, adjust them if you think your practice's circumstances will be different.
  • To view & print the detailed calculation, click on "Show Calculation"
  • This calculator does not take into account "intangible" benefits, such as the improved perception your patients will have of your practice, or their reduced frustration levels by not being placed on hold for routine refills.

Net Income Improvement (1 year)
Cost Savings $2,836.00
Enhanced Revenue
$10,201.00
Total Benefit (year 1) $13,037.00

Your Practice Data
Number of lens refills your staff performs per work day
Number of faxes/calls you get from all "alternative" sources each day, indicating a patient ordered a refill from them.
Staff member salary per hour
(including benefits, this is normally calculated as hourly wages x 20%)
Number of Patients in your Active file
Number of mass mailings you perform each year to active patients
total # of patients the docs in your office see each day (combined)
Your professional fee (per visit)
Average Order Size
Average Gross Margin per order (%)
(if a distributor charges you $25 for a box of lenses, and you charge the patient $50, your gross margin is 100%)
 

The following assumptions are based on actual data collected from PatientWire clients, and on our current prices for PatientWire E-Commerce & Phone Commerce:


Assumptions
Setup Cost for PatientWire $599.00
per Transaction Cost $2.00
Length of time to enter & keep patient records updated
Time it takes for staff to process a refill manually
Cost of 1 piece of physical mail (incl. time to prepare, materials,postage)
Cost of a single piece of PatientWire mass e-mail $0.001
% of patients who would have defected to alternative sources, but decided to stay with your practice b/c PatientWire was available
additional % of patients who will schedule a visit, based on the PW follow-up tools & multiple mass e-mails
% of patients using PatientWire to place their refills (as opposed to calling & making your staff manually replace their lenses.)
 

PatientWire is a Registered Trademark of Wolf Bioscience, Inc.
All materials © 2008 Wolf Bioscience, Inc.
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