I always enjoy reviewing the numbers of generated leads from the BuildMyBod Health platform. For those of you not familiar, this is a lead generation platform that uses healthcare price transparency as the “hook.”
As demonstrated in the video above, a consumer can find a healthcare provider near them, use the BuildMyBod Price Estimator to add procedures of interest to a virtual wishlist and after submitting the wishlist along with their contact info, you the consumer, receives an instant breakdown of cost information. The healthcare provider in turn receives the patient’s contact info – a lead.
A year ago, I reported statistical results from using this platform as part of my plastic surgery practice in San Francisco. What I wanted to know back then was how effective would pricing be as a lead generator when I had no marketing budget. The thought was that pricing is so tantalizing that it would motivate consumers to provide their contact info to get that elusive information. Without any funds allocated to marketing, I received 412 wishlists from 208 consumers during that first year in practice.
Of the consumers that came in for a consult, those that were price-aware booked surgery 62% of the time vs only 44% who booked surgery when they didn’t know cost ahead of time. In other words, patients that were price aware prior to the consult were less likely to experience sticker shock.
With my second year in practice behind me, I wanted to check out these statistics again. The major difference this time around was the marketing budget. I spent significantly more on marketing during the second year in practice. Not just any marketing but marketing focused primarily on promoting price transparency on my private practice website.
The numbers are in. During that second year with a healthy marketing budget, I received 4,156 wishlists from 2,164 consumers! Interestingly, in both the first and second year, each consumer submitted an average of 1.9 wishlists each. As in the first year, consumers that were price aware at the time of consult experienced less sticker shock and booked surgery more readily. Price aware patients booked surgery 75% of the time vs 42% for non-price aware patients.
The bottom line is that by knowing pricing ahead of time, patients can make better decisions. To determine pricing from Dr. Kaplan, click here.