Financial Forecasting And Data Analysis

 

 

There are very few industries that have the unique economic factor in which the majority of its revenue does not come directly from the customer, but from a third party. This unique economic factor is usually referred to as a private health care insurance company. Third party payers are the commercial, governmental, and health care maintenance insurance companies that help providers manage its patient’s accounts. With the change in focus toward the patient as consumer and increasing number of health plans that are high deductible, patients are becoming more involved in deciding where they go for their healthcare needs.

To increase referrals, Krona is beginning to develop a new marketing campaign to target a new patient mix and increase revenues, something that you discussed in your last Individual Project. You have been asked by the chief financial officer (CFO) to collaborate with the marketing director and discuss the importance of having advertising materials for both the health insurance companies and the patients who receive the health care services.

List 3 marketing approaches you would use to target potential patients and health care insurance companies.
Explain what factors you used in choosing your specific marketing strategies and the purpose of each selection.
How should the hospital market their commitment to patients while considering valued based programs, accountable care organizations and bundled payments?

Some marketing strategies may include the following:

o Social Media
o Television/Radio
o Telemarketing
o Direct Marketing to customers and referrals

 

Sample Solution

To effectively attract both patients and health insurance companies, Krona Hospital should implement a multi-pronged marketing approach. Here are three key strategies to consider:

  1. Integrated Digital Experience:
  • Target: Both patients and insurers
  • Channels: Website, social media, patient portal, targeted online ads
  • Content:
    • For patients:
      • High-quality information on services, patient testimonials, doctor profiles, virtual tours, appointment scheduling tools.
      • Highlight convenience, positive patient experiences, and value-based care philosophy.
      • Utilize social media channels like Facebook and Instagram for engaging content and community building.
    • For insurers:
      • Detailed data on patient outcomes, cost transparency, bundled payment capabilities, ACO participation, and quality metrics.
      • Case studies on successful collaboration with other insurers.
      • Develop a dedicated section on the website with resources and FAQs specifically for payors.
    • Purpose:
      • Create a seamless online experience for both patients and insurers.
      • Provide easily accessible information on services, quality, and value proposition.
      • Foster trust and build relationships with both audiences.
  1. Targeted Inbound Marketing:
  • Target: Patients with high-deductible health plans and specific conditions
  • Channels: Search engine optimization (SEO), content marketing, email marketing
  • Content:
    • Blog posts and articles addressing common health concerns relevant to target demographics.
    • Educational webinars and Q&A sessions with Krona specialists.
    • Downloadable guides and resources on cost-effective healthcare options.
  • Purpose:
    • Attract patients actively searching for healthcare information online.
    • Position Krona as a resource for patients navigating high-deductible plans.
    • Establish trust and expertise in specific areas of care.
  1. Personalized Relationship Building:
  • Target: Key decision-makers at health insurance companies, referring physicians
  • Channels: Personalized email outreach, networking events, industry conferences
  • Content:
    • Tailored presentations showcasing Krona’s quality metrics, cost-effectiveness, and successful bundled payment programs.
    • Highlight patient satisfaction data and positive doctor endorsements.
    • Offer co-branded educational events or resources for patients and payors.
  • Purpose:
    • Develop direct relationships with key stakeholders in the healthcare ecosystem.
    • Showcase Krona’s value proposition and capabilities aligned with valued-based programs and ACO models.
    • Promote collaboration and partnerships with insurers.

Marketing Valued-Based Care Commitment:

  • Highlight patient-centric approach: Focus on improved patient outcomes, preventive care initiatives, and patient satisfaction data.
  • Demonstrate cost-effectiveness and transparency: Showcase bundled payment successes, ACO participation, and commitment to managing resources efficiently.
  • Promote clinical expertise and quality: Emphasize board-certified physicians, advanced technology, and evidence-based treatment protocols.
  • Leverage data and testimonials: Use real-world examples of improved patient health and cost savings to showcase the benefits of valued-based care.

By implementing these marketing strategies and consistently reinforcing Krona’s commitment to patients and valued-based care, the hospital can attract both individual patients and health insurance companies, ultimately improving patient satisfaction, increasing revenue, and contributing to a more cost-effective healthcare system.

Remember, the most effective approach will depend on Krona’s specific strengths, target audience, and competitive landscape. Careful analysis and continuous evaluation are crucial for optimizing the marketing campaign and achieving desired results.

 

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