As hospitals and health systems face rising costs and shrinking margins, acquiring high-value prospects is mission-critical. In a recent SHSMD webinar, a panel of marketing experts gave healthcare marketers the playbook to deliver an ROI.
“The great thing, again, about using predictive modeling with your CRM, and your CFO will like this too, is that you can help drive strategy with that data and get real-time ROI insights,” shared Jaci Haack, vice president of strategic development for health and hospital systems for Virgin Pulse. “You don’t want the data from the four walls of your system bounding service line or procedure growth to drive revenue; your data has to include consumer-level data that can give you high-value prospects and patients that need your service and a high propensity to pay.”
Want to hear everything the experts had to say? We’ve made it easy for you to replay the SHSMD webinar on demand. Here are the top three takeaways from the interactive audience discussion.
Takeaway 1: There must be growth….focus on revenue.
Revenue means lives are changed for good. At the heart of a growth strategy is an intelligent use of data. Jaci and Erica Morgenstern, Virgin Pulse’s chief marketing officer, discussed the link between consumer-level data (think like an Amazon would have) with predictive modeling and multi-cycle marketing.
Jaci said, “Being able to use all of the data… and then apply those predictive analytics… you marry all of those data points into one record for every single one of your patients and prospects in your service areas…”. This allows marketing strategies to focus on a finite targeted audience more likely to react optimally to your outreach.
She explained that by identifying the right audience through data – those requiring your services and a high propensity to pay – the effectiveness of any campaign increases exponentially to deliver ROI.
Check our smart guide to data to learn more about how to harness the power of data in healthcare marketing.
Takeaway 2: Multi-channel, multi-cycle communications enhance patient acquisition and retention.
Patient populations require a highly personalized patient experience to feel empowered to engage in care. Jaci and Erica emphasized that healthcare marketers must understand the preferred communication channels of their target audience and deliver personalized messages through those channels.
But multi-channel communication isn’t just about delivery; it is about flexibility. A vendor who can be agile in managing communication stands a better chance of achieving those coveted results. Erica complemented this view by highlighting the significance of channel selection according to the action required – texts for reminders and emails for more involved actions.
“You need the data to tell you the preferred channels, so you communicate how the patient or prospect prefers. And you may get the results you want after the first touch, like was the case with a service line campaign that generated nearly 100 leads in the first outreach.”, shared Erica. That’s why it is essential to work with a vendor who can be number in what and how things are delivered and have excellent client service.”
Erica also underscored the importance of tailoring communication to the audience’s preferences, noting, “What is the best way to reach specific audiences with a specific action? Some of the things we break down in terms of, like, text is great for a reminder mailing is great for more of an action that requires additional steps like going to a website and registering.”
Learn more about three ways to hit your KPIs before the end of the year with this free healthcare marketer resource bundle.
Takeaway 3: Easy way to get your CFO on board? Get your free report.
Shifting towards a data-driven marketing endeavor isn’t an individual sport; it requires strategic collaboration across key stakeholders, one of them being your CFO.
During the SHSMD webinar, Jaci stated, “My short and simple answer is to get your CFO on board…”. She further elaborates how storytelling capabilities can ”connect the organizational objective dots” with a more objective approach, pivotal in data-driven marketing.
But having a CFO on board isn’t everything. Strategic planning is vital, too. Jaci and Erica underscored planning for multi-cycle, multi-touch campaigns while ensuring continued adaptability depending on current requirements and results.
As healthcare marketers continue to explore the terrain of data and analytics, it becomes increasingly clear that to unlock unprecedented ROI success, detailed consumer data, strategic predictive models, multi-channel communication, and collaborative, flexible strategies are the milestones to aim for.
Indeed, healthcare marketers can substantially expand their reach and efficiency through data-driven marketing, successfully identifying high-value prospects that are more likely to engage and invest. As stated by Erica, “…you can help drive strategy with that data.”. After all, successful patient acquisition and growth await at the intersection of data and strategy.
That’s why we offer a free report of high-risk and receptive consumers we’ve identified in your service area of each service line or procedure – along with insights on risk factors and the outreach channels most likely to drive them in for care. Use this free market assessment to easily get your CFO on board by using actual data to help tell your story of growth.
Claim your free report (as seen on the SHSMD webinar).