Thursday, June 1, 2023

Why Should Hospitals Invest in Marketing?

Image by Gerd Altmann from Pixabay.

Seems like a simple question, no? But in today’s hospital
ecosystem of declining reimbursement and over-regulation, marketing, more often
than not, is considered a necessary evil by CFOs as those resources impact the
hospital’s ability to meet the debt service for which they are highly leveraged.

Think about it; the patient only matters to the hospital when
reimbursement is involved and could care less about engagement and experience.
Oh, I know, many will take issue with that statement but let’s be honest for a
change. Marketing is an expense that has difficulty proving revenue attribution
from marketing efforts.

The other issue is hospital and Board leadership’s preoccupation
with messaging about all the nifty features, bricks-and-mortar, and gee-whiz
technology. Never mind that patients and potential patients desire to know the
price they will pay and the benefits of using the hospital.

Since there is little appetite for marketing experience and
benefits, which engage the patient or consumers meaningfully, marketing resources
are chipped away.

This is unfortunate because if hospital leadership understood
the power of marketing and got out of the way, marketing correctly could attract
patients and grow revenue.

For all the hospital CFOs and leadership, here is a Marketing
101 primer on why you should invest in a vibrant marketing operation. 

1. Increasing Awareness: Effective marketing helps hospitals raise…
Read the complete post here >>

By: Michael


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