In a recent CNBC survey, nearly 68% of chief financial officers reported expecting a recession during the early months of 2023. On top of that, the S&P 500 reported the worst six-month start to a financial year since 1970.
Considering these telltale signs, it’s safe to say that a recession is on the horizon. Here are some tips to help the weightloss healthcare industry stay afloat during these tough economic times,
How Does the Recession Affect the Weight Loss Industry?
A looming recession means people are already struggling to meet their basic needs. It will put a strain on discretionary spending, which includes health and wellness services like weight loss treatments.
On top of that, economic strain leads to immense stress, due to which many people forgo their health and fitness goals altogether. At the same time, a recession may have people working multiple jobs and side hustles to meet their household expenses, leaving little to no time for a weight loss program.
How Can Weight Loss Companies Pull Through?
Being a service provider in a time of economic crisis, you can save your weight loss healthcare revenue by showing customers that your services can eliminate a lot of hassle and cost from their current approach.
For instance, you can show customers how they’ll save time and money using your pre-made recipes and food combinations. Additionally, eating a healthy diet, free of processed carbohydrates and overloaded sugars, can help reduce stress.
Weight loss companies can attract more customers by advertising the importance of a balanced and healthy diet for stress management. However, the most crucial factor keeping people from signing up for weight loss programs is their financial situation.
How to tackle that? Here are some ways:
- Reduced rates: The best way to retain customers is to offer reduced rates for long-term commitments. Besides ensuring that the customer stays with your company for longer, it also helps the customer save money during financial hardship.
- Payment plans: Offering a payment plan helps customers ease into the program without paying a lump sum upfront. In this way, they can still enjoy the benefits of your program without putting a dent in their savings.
- Coupons and incentives: If you feel that customers are reluctant to start a weight loss program due to the cost, offer coupons and other incentives.
- Remote monitoring solutions: A recession is a busy time, with most people working long hours to make ends meet. A remote monitoring solution helps customers stay on track with their diet and fitness goals without visiting a physical location. Remote monitoring costs can also be offset by insurance payments, health savings accounts, and flexible spending accounts.
Learn more aboutremote patient monitoring (RPM).
How Does Coachcare Help?
A 2019 Consumer Technology Association (CTA) study showed that 68% of physicians plan to integrate remote patient monitoring into their practice.
So whether you offer cash pay weight loss healthcare, or any other approach, a remote patient monitoring vendor, such as CoachCare, can be of immense help in managing customers.
Here’s how CoachCare helps:
- Video visits: The cost of commuting plus the time spent on travel can be a deterrent for many people. Remote patient monitoring helps by conducting video visits, a convenient way to get expert advice from the comfort of your home.
- Stronger dietician-client relationship: It’s not uncommon for dieticians to get overwhelmed by the number of clients they have to cater to. As a result, the relationship suffers. However, with CoachCare’s telehealth dashboard, dieticians can communicate with their patients through messages, live content, or videos, fostering a solid relationship.
- Client convenience: Since CoachCare brings weight loss management to your customers’ fingertips, it’s easier for them to commit to the program. Moreover, clients can manage their underlying health conditions, such as diabetes or hypertension, through an app.
Related Resources: Learn more about unlocking therevenue potential of RPM.
While the recession may seem inevitable, there’s no reason for the weight loss industry to lose hope. People will always need to manage their weight, and with the right marketing strategy and a seamless RPM tool, you can convince them your services are worth their time and money.
From cash pay weight management to payment plans, CoachCare is a go-to RPM platform for weight loss companies that want to continue to generate revenue in the face of a recession.
Get in touch today to learn how CoachCare can help you set up a virtual health suite, increasing your care quality, patient outcomes, and revenue.