New Financial And Performance Metrics For Healthcare Industry From Brian Walker
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I examine what other industries are doing well from a marketing and financial perspective and how we can apply new thinking to the changing healthcare industry
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New Financial And Performance Metrics For Healthcare Industry From Brian Walker
- 1. “ New Financial and Performance Metrics” SRK Educational Webcast November 4, 2010
- 5. Real Time Industry Perspective
- 6. What do Other Industries and Companies do well that we can Adopt?
- 9. Although healthcare is a considered purchase…many agree it’s becoming more retail like – How can we be more competitive?
- 13. Promotable Products: Make the business case first, understand demographics, then develop tactics (Example: PVD screenings)
- 16. FY2010 AKMC PVD Screening Program
- 19. Lag Time: What is it, Why Does it Matter? At last a metric that both marketing and the CFO can agree upon and benefit from! Lag Time: Measures how long it takes a prospect to convert to a patient or how long it takes you to drive an existing customer back into your health system Other industries use this metric to set expectations with management and integrate other strategies as well as future tactics CFOs can benefit from Lag Time to better predict financial impact and cash-flow from marketing and other tactics
- 20. Lag Time can vary greatly based upon target and tactic Source: SRK
- 27. The Search for Revenue
- 29. Gateway’s core strength: Integration of physician and consumer data From Exam Room… … To Hospital Discharge
- 30. Gateway’s core strength: Integration of physician and consumer data
- 31. The SRK Strategic Halo: Product lines are interdependent Downstream Downstream Feeders Feeders Product Line
- 32. The SRK Strategic Halo: Product lines are interdependent Downstream Downstream Feeders Feeders Product Line
- 33. Alle-Kiski Medical Center Four services “feed” 35% of CV visits from existing patients upstream Gastroenterology Pulmonary Orthopedics Endocrinology CV Patients Total Visits CV Patients 35% Total Visits
- 34. Alle Kiski Medical Center CV entry patients provide 18% of the visits to these four product lines downstream Gastroenterology Pulmonary Orthopedics Endocrinology CV Patients 18% Total Visits
- 35. “ Its so simple and makes so much sense.” Bill Englert Vice President of Operations And Business Development Alle-Kiski Medical Center
- 37. A full suite of CRM tactical tools for a turnkey solution
Editor's Notes
- Anncr: (delay) Gateway to Revenue is an enterprise-wide solution that helps healthcare executives identify opportunities for financial growth. X
- Anncr: More and more hospitals are using Gateway for expanding financial analyses… X enhancing strategic planning…X building stronger physician relations…X creating higher accountability for marketing …X and for supporting business development. It takes your organization to a new level of sophistication …and results. X
- Anncr: Gateway to Revenue’s unique benefit for hospitals is in identifying strategic linkages between the physician and consumers as well as the interdependence of product lines for an insightful, forward look at your business. X With Gateway to Revenue you can follow the patient from the exam room …x… of your employed physicians through to hospital discharge. x
- Anncr: You will see how your physicians are distributing their referrals x and which consumer groups are using or likely to use your services.
- Anncr: Plus, Gateway uses several proprietary analytics. One is called “The Strategic Halo.” It’s based on the finding that product lines are interdependent…meaning they need other clinical services to succeed. X
- The “Halo” identifies services that “feed” the service line as well as those that benefit from downstream activities
- Anncr: Alle Kiski Medical Center for example, found that 4 services fed 35% of its cardiovascular visits from existing patients
- Anncr Conversely, they saw that 18% of its CV patients used those same services “downstream.” The analysis had implications for operations, physician staffing, marketing and customer satisfaction in addition to revenue generation. X
- Anncr: You may have seen a story on this concept in a recent issue of HealthLeaders. As one of our clients said, “It’s so simple and makes so much sense….” X
- Anncr: Gateway’s analysis is enhanced by innovative metrics like Churn Rate, Lag Time, and Upstream Feeders. These leading indicators help you develop strategies for customer acquisition and retention as well as physician integration. x.
- Anncr: Gateway to Revenue has a full CRM suite of tools that move your hospital seamlessly from the strategic opportunities to financial transactions. Using highly focused targeting models and communications tools, Gateway delivers a turnkey solution.