Marketers are under pressure now more than ever to prove that our efforts are paying off in an increasingly competitive environment. With 81% of marketers saying they would increase spending on digital, mobile, and social channels if they could better track ROI, the importance of measuring, tracking, and reporting on your campaigns is more important than ever.
With the transition to value-based care arrangements, and the number of Medicaid patients increasing with an aging population, healthcare organizations are looking for ways to stay financially stable. The good news is that today’s marketing tools allow you to demonstrate how your team helps enhance your organization’s revenue like never before.
The Power of Financial Data
Adding strong financial data to your CRM platform strengthens your ability to prove that the budget you are spending is positively impacting your organization. On the front end, you can target consumers with positive payer types for patient acquisition and revenue generation campaigns. And on the back end, you can to pinpoint the positive payers and related revenue your efforts are drawing into your organization.
Depending on your organization’s size and your specific market, the best financial data to support your marketing team’s efforts to drive value with CRM can change. But in general, a good place to start is with including hospital utilization data, clinical utilization data, and financial records. When your organization can provide strong financial data to your CRM system, you and your CRM vendor partner can view actual charges broken out by payer type and determine what profit was brought into your organization. Using this valuable data and the CRM technology, you can provide effective downstream reporting.
Getting Buy-In to Use Financial Data
As we’ve mentioned before, ensuring that the key stakeholders of marketing, IT, finance, executive leadership, etc. are at the table when tackling your CRM plan is imperative. You need buy-in from all departments on how charges and profit data are going to be shared with your CRM to ensure that you are not only targeting the right consumers, but that you’re also able to most effectively report on your results. With everyone on board you can collectively agree on how you’re currently looking at your market, what the goals will be, and determine how CRM can help with those whether they are to increase brand loyalty, drive service line revenue, or redirect non-emergency visits to an urgent care clinics.
Sharing Your Worth
With an experienced healthcare CRM vendor, you should expect a tried and true standard format for receiving the data, with placeholders for all the financials needed. Once you have the right data integrated, your CRM partner can provide the financial calculations − making it easy for you to share with your team and get their sign off.
A huge benefit of having strong financials is helping you prove both net new customers and repeat patients originated from marketing outreach. Using statistical significance analysis you can report on how many consumers responded to your campaigns and what the downstream results were. Whether your goals are to enhance patient acquisitions or loyalty, increase service line growth, or encourage healthy behaviors in your patient population, having strong financials incorporated with your CRM can equip your marketing team to be highly impactful and report on the results.
Want to learn more about strong financials with your CRM? Download our Definitive Guide to Healthcare CRM.