The importance of subscription plans is becoming increasingly evident as they provide a steady income stream for healthcare practices and allow patients to access care more easily. From chiropractors to fitness practitioners, subscription plans can be tailored to fit any healthcare practice's needs, allowing them to create a more sustainable business model. Furthermore, subscription plans can be designed to fit any budget, making them an attractive option for healthcare providers and patients. This makes subscription plans ideal for those looking to provide quality patient care without breaking the bank.
The subscription and billing management market is forecasted to grow from $4.6B to $17.9B over the next 10 years. There has been a 350% growth in the subscription economy over the past 7.5 years. Currently, the majority of the market share is held by large enterprises.
Consumers are always looking for a bargain, a deal, a coupon, or “a special” to feel like they are getting the best value for their money, especially on cash-based services. Offering coupons and one-off promotions is good to get additional clients through the door, but how good is the retention of these new consumers? As the provider wanting to grow her practice should have every intention to retain new patients. This can become overwhelming and offering different one-off promotions is not the solution.
Providing a single product or service to the user in exchange for money is straightforward selling. This has been the norm for almost all businesses to date. However, things have begun to change slowly but surely, with many sellers offering subscription billing systems today. The model ensures recurring revenue is obtained monthly. Your goal is to retain more customers instead of trying overt marketing strategies to acquire new ones.
Kudos to you if you are already offering plans/package/memberships to your consumers. You already understand how these are and will continue to grow your business. Depending on how many plans you have sold, you may or may not be experiencing the associated pains. PlanSplit was designed by a health services provider to alleviate the pains of offering in-house plans.
When it comes to growing your health practice, one of the biggest challenges lies in managing subscriptions and generating monthly invoices.