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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 Answer

Krona Hospital’s new marketing campaign needs to attract both patients and health insurance companies. Here are 3 approaches I would recommend, considering the current healthcare landscape and your specific context:

1. Content-Driven Strategy:

Purpose: Establish Krona as a thought leader and trusted partner for both patients and insurers.
Channels:
- Patient-focused: Develop insightful blog posts, infographics, and videos on common health concerns, preventive care tips, and navigating high-deductible health plans. Utilize social media platforms like Facebook and Instagram to share this content and engage with audiences.

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- Insurance-focused: Create white papers, case studies, and webinars showcasing Krona’s success in value-based programs, ACOs, and bundled payments. Use LinkedIn and industry publications to reach decision-makers at insurance companies.
Factors: This approach builds brand awareness, trust, and credibility. It informs patients about their choices and demonstrates value to insurers through data-driven results.

Personalized Targeting and Referrals:

Purpose: Attract targeted patient segments and leverage valuable physician referrals.
Channels:
- Patient-focused: Partner with local businesses and community organizations frequented by your target demographics. Implement targeted online advertising based on age, location, and health interests.
- Referral-focused: Develop strong relationships with local physicians and healthcare providers. Offer educational lunch-and-learns or continuing medical education (CME) sessions on topics relevant to their patients.
Factors: This strategy focuses on reaching pre-qualified patients and builds trust through trusted sources like physicians and community partners.

Data-Driven Optimization and Measurement:

Purpose: Continuously improve campaign performance and track ROI.
Channels:
- Across all channels: Implement website analytics, social media listening tools, and email marketing metrics to track engagement, leads generated, and conversions.
- Advanced options: Partner with healthcare data analytics companies to gain insights into patient populations and referral patterns.
Factors: This data-driven approach ensures efficient budget allocation and allows for real-time campaign adjustments based on performance.

Marketing Krona’s Commitment to Patients:

Highlight value-based programs: Showcase achievements in improving patient outcomes and reducing costs through data and testimonials.
Emphasize patient-centered care: Feature stories of positive patient experiences and patient-controlled tools like online appointment booking and telehealth options.
Demonstrate transparency: Clearly communicate pricing, billing practices, and insurance network participation to build trust with patients.

By combining these patient- and insurer-focused marketing strategies, Krona Hospital can attract new patient segments, strengthen relationships with insurance companies, and demonstrate its commitment to value-based care. Remember, the key is to deliver targeted messages, build trust, and continuously optimize your approach based on data insights.

Additional notes:

Television/Radio: While potentially effective for reaching broad audiences, these channels may be less targeted and more expensive than digital options. Consider cost-effectiveness and alignment with your target demographics.
Telemarketing: Can be intrusive and yield mixed results. Consider alternative forms of direct communication like email marketing or targeted online advertising.

Ultimately, the best mix of marketing channels will depend on Krona’s specific budget, target audience, and available resources. Carefully evaluate each option and prioritize a data-driven approach to maximize the success of your new marketing campaign.

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