The healthcare industry has been a hotbed of merger-and-acquisition (M&A) transactions in recent years from hospitals and physician groups to health plans and technology companies. Since the New Year, there have been roughly 20 new healthcare-related M&A announced, including:
- Regional Care Hospital Partners’ and Tennessee-based Capella Healthcare’s plan to merge and form a $1.7 billion system that will be rebranded as RCCH Health Partners.
- Gilbert Hospital and Florence Hospital at Anthem, in Arizona, announced their plan to merge and form a new entity called New Vision Health.
- Philadelphia-based Jefferson Health announced plans to merge with Kennedy Health, which will add three New Jersey hospitals to the system, and acquire Pennsylvania-based Aria Health.
- On the pharmaceutical side, Ireland-based Shire and Illinois-based Baxalta announced plans to join forces and merge in a deal estimated to be worth approximately $32 billion.
- Navigant Consulting acquired McKinnis Consulting Services, which offers revenue cycle services, for $52 million.
After you have the right mix of tools in place, the next step to building a data-centric marketing team is deciding what key performance indicators (KPI) to track. KPIs can help marketers manage programs and campaigns and report back to c-suite executives whether or not the programs are effective. KPIs should not be viewed as simple management metrics; they need to be connected to the healthcare organization’s strategic plan and long-term goals. A good rule of thumb to follow when developing KPIs is to ask these five questions:
- Is it measurable? Marketers should use both quantitative and qualitative metrics.
- Does it track progress towards organizational goals? A KPI should provide operational, tactical, and strategic dashboards, so it can provide insights for front-line employees all the way to the c-suite.
- Is it actionable? The KPI should provide answers not more questions. It needs to be simple enough that marketers can understand how to use the KPI to make adjustments and effectively manage the program.
- Does it track key components of the program’s success? It is crucial that the KPIs highlight the marketing campaign’s success. This not only helps staff get onboard and excited about the program, but also makes meetings with the CEO and CFO go much more smoothly.
- Can you evaluate performance over a period of time? It is important to generate reports in a timely manner so that marketers can make quick adjustments to the program—whether that is weekly, semi-weekly, monthly, etc. will depend on what is being tracked. It is also important to track the program’s performance over a long period of time to truly understand the program’s effectiveness.
It will only slow you down and impede career goals that you have set. Did you know that women are more likely than men to feel exhausted? Nearly twice as many women than men ages 18 to 44 reported feeling “very tired” or “exhausted” (15.7% vs. 8.7%), according to a Centers for Disease Control and Prevention study.
Healthcare marketers need the right technology systems in place to be effective in the new digital healthcare environment.
Healthcare marketers have always had multiple roles—brand advocate, growth strategist, and patient experience champion. Now they must also be data analysts. The digital healthcare environment is here, and as a result,healthcare marketers are relying more and more on technology. All of this data means that marketers can use more targeted strategies to reach their consumer base. It also means that marketers are much more accountable on how their marketing programs are performing. It’s crucial healthcare marketing agencies and departments develop a team that is data-centric. The first step to creating a tech-savvy healthcare marketing team is to make sure you are using the right tools. Continue reading
C-suite executives want marketing data that provides relevant financial details.
It’s a classic challenge for the healthcare marketer—how can he or she connect marketing campaigns to the organization’s bottom line. C-suite executives want to know what is the return-on-investment (ROI) of marketing initiatives. Did inpatient or outpatient volumes shift? Did physician referrals change? Are patient satisfaction scores higher? Did brand awareness increase? Fortunately, healthcare marketers are now armed with an arsenal of information, including CRM (customer relationship management) systems, data analytics, and marketing optimization tools that can illustrate how their efforts are supporting the organization’s business goals.
Healthcare marketers need to hone down all of this data before heading to the table with the c-suite, however. Whether you are a healthcare marketing agency or part of an in-house marketing team, it is important to present senior executives with targeted measurement data that shows how marketing is driving tangible results and supporting the organization’s growth strategy. Here are seven guidelines healthcare marketers should follow to ensure they are giving the c-suite the type and amount of information that they truly want. Continue reading