Our rant the last few years here has been that marketers must drive high-contribution patient volume. You do that by identifying the DRG’s/CPT’s that have high-contribution and drive those specific procedures from risk assessment events. It assumes you are willing to find out something about the pricing of your services. Price is a key element of Marketing, but usually not part of the healthcare marketing discussion.
Here is something that isn’t going to change: The justification for a marketing department is to drive business that will make the organization financially sustainable.
In the marketer’s transition to value pricing from the focus on only driving patient volume, you must continue to understand pricing – but now the pricing of managed care arrangements. A wise marketer will identify which contracts are lucrative so you can strategize to keep those patients in the system.
The famous 4P’s of marketing – Promotion, Product, Placement, Price – are all equally important. We seem to only talk about Promotion in the healthcare discussion. That’s a big mistake. You need to also understand the other three P’s to be an effective marketer. So today’s post is about Price, something you must ask the finance team about to stay useful as a marketer as healthcare transitions from only Volume, to Volume plus Value.
A fantastic case study in the use of social media: The Obama team succeeded wildly in social media during this last election; on the other hand the Romney team was a dismal failure related to social media. These are not evaluations based on political bias – this is marketing fact.