Pricing in small hospitals
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To know more on the pricing for healthcare services, one can contact Macula Healthcare (drjithendrakumar@hotmail.com). We will come back to you with specific details and also educate on our other services. Visit us at www.maculahealthcare.com for more details.
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Running head COMPETITION, MARKETING MIX & PRICING 1 .docx
Running head: COMPETITION, MARKETING MIX & PRICING 1
Week 8: Assignment 2
HSA 305 Health Services Marketing
Student Name
Professor Prince A. Ordu, PhD.
May 29, 2017
COMPETITION & MARKETING MIX 2
Competition, Marketing Mix, and Pricing
The dental profession is a part of the health care system often overlooked as being
important to overall health. I will discuss the factors that will push dentistry to the forefront, and
provide the consumer with the best marketing mix and price. Several things can influence how
well a business does. Competition is a must if the business is to grow and do well. The
marketing mix of the business must consider consumer readings to make a purchase. The market
mix also includes the stage in the product’s life cycle, and the types of product market
availability. Competition causes businesses, to always stay as current as possible, with the
changing technology. All marketing channels have the potential for conflict and competition.
Resulting from such sources as goal conflict and poorly defined roles and rights (Kotler,
Shalowitz, & Stevens, 2008). Providing rewards to all channel participants can help manage the
conflict. Firms need to prepare valued offerings. The tool framework is the 4P’s of the
marketing mix, which are, product, price, place, and promotion. The consumer must be available
at the right time and place, and be affordable. The consumer should have awareness of the
offering and find it acceptable.
Services are classified under product as well. Price includes the cost of the services and
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included as payment. Promotions are offered through sales promotion, advertising, public
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important in dentistry. Patients need to trust the dentist and staff, even if factors arise such as the
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This unit will introduce you to the concept of costs in healthcare. For public service organizations and
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healthcare managers understand costs, the more accurate their planning will be, and the better they will be
able to control spending for the organization within their areas of responsibility. A solid understanding of costs
will also improve a manager’s ability to make effective decisions on a day-to-day basis for his or her
department. Thus, for many reasons, you need to get a solid understanding of costs. That is what we will
seek to provide in Unit III.
First let us face reality, costs in healthcare are complicated. They are considerably more complicated than
costs in industries such as manufacturing, construction, or retail. One important emphasis of this unit is on
providing a clear understanding of key definitions for widely used cost terms. Such terms include direct costs,
indirect costs, average costs, fixed costs, variable costs, and marginal costs.
In this unit, you will come to realize that finance has its own language, and in order to be effective as a
healthcare manager, you must be able to speak that language. Otherwise you will find yourself in foreign
territory at management team meetings and board of directors meetings. You will also be at great
disadvantage when budget time rolls around each year. Accordingly, in this course, we will teach you the
language of finance so that you can communicate clearly with the chief financial officer (CFO) and other
members of management.
Another focus for Unit III is on understanding how costs change as service volumes change. The relationship
between costs and volume has a dramatic impact on the profits or losses incurred by an organization, and
this relationship is critical to effective decision making. Healthcare organizations must generate black ink on
the income statement in order to survive. That is true for both for-profit and not-for-profit entities, so you must
understand the impact of service volumes on costs.
The old story about the Long Island Tailor comes to mind here. It was said that the tailor lost money on every
single suit that he produced for clients, but he made it up in volume. Well, clearly that will never work. Losing
money on every healthcare service we provide, and then getting busier losing money, will close down the
hospital or clinic in a very short time. In healthcare, we need to find a way to provide services for our patients
at cost levels which allow some margin of revenues over expenses. This may not be true for every patient that
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Running head COMPETITION, MARKETING MIX & PRICING 1 .docx
Running head: COMPETITION, MARKETING MIX & PRICING 1
Week 8: Assignment 2
HSA 305 Health Services Marketing
Student Name
Professor Prince A. Ordu, PhD.
May 29, 2017
COMPETITION & MARKETING MIX 2
Competition, Marketing Mix, and Pricing
The dental profession is a part of the health care system often overlooked as being
important to overall health. I will discuss the factors that will push dentistry to the forefront, and
provide the consumer with the best marketing mix and price. Several things can influence how
well a business does. Competition is a must if the business is to grow and do well. The
marketing mix of the business must consider consumer readings to make a purchase. The market
mix also includes the stage in the product’s life cycle, and the types of product market
availability. Competition causes businesses, to always stay as current as possible, with the
changing technology. All marketing channels have the potential for conflict and competition.
Resulting from such sources as goal conflict and poorly defined roles and rights (Kotler,
Shalowitz, & Stevens, 2008). Providing rewards to all channel participants can help manage the
conflict. Firms need to prepare valued offerings. The tool framework is the 4P’s of the
marketing mix, which are, product, price, place, and promotion. The consumer must be available
at the right time and place, and be affordable. The consumer should have awareness of the
offering and find it acceptable.
Services are classified under product as well. Price includes the cost of the services and
dental products. Discounts are provided and insurance payments as well as patient payments, are
included as payment. Promotions are offered through sales promotion, advertising, public
relations, and direct marketing. Place involves locations, inventory channels, and assortments.
Price in the dental office, is the marketing element that results in revenue. Transparency is very
important in dentistry. Patients need to trust the dentist and staff, even if factors arise such as the
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COMPETITION & MARKETING MIX 3
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provide a course of action for strategic marketing success. I will also determine which tools of
the marketing mix are the most effective. Last, I will determine the best possible pricing strategy
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Reading Assignment
Chapter 4:
Understanding Costs
Unit Lesson
This unit will introduce you to the concept of costs in healthcare. For public service organizations and
healthcare organizations of all kinds, an understanding of costs is absolutely essential. The better that
healthcare managers understand costs, the more accurate their planning will be, and the better they will be
able to control spending for the organization within their areas of responsibility. A solid understanding of costs
will also improve a manager’s ability to make effective decisions on a day-to-day basis for his or her
department. Thus, for many reasons, you need to get a solid understanding of costs. That is what we will
seek to provide in Unit III.
First let us face reality, costs in healthcare are complicated. They are considerably more complicated than
costs in industries such as manufacturing, construction, or retail. One important emphasis of this unit is on
providing a clear understanding of key definitions for widely used cost terms. Such terms include direct costs,
indirect costs, average costs, fixed costs, variable costs, and marginal costs.
In this unit, you will come to realize that finance has its own language, and in order to be effective as a
healthcare manager, you must be able to speak that language. Otherwise you will find yourself in foreign
territory at management team meetings and board of directors meetings. You will also be at great
disadvantage when budget time rolls around each year. Accordingly, in this course, we will teach you the
language of finance so that you can communicate clearly with the chief financial officer (CFO) and other
members of management.
Another focus for Unit III is on understanding how costs change as service volumes change. The relationship
between costs and volume has a dramatic impact on the profits or losses incurred by an organization, and
this relationship is critical to effective decision making. Healthcare organizations must generate black ink on
the income statement in order to survive. That is true for both for-profit and not-for-profit entities, so you must
understand the impact of service volumes on costs.
The old story about the Long Island Tailor comes to mind here. It was said that the tailor lost money on every
single suit that he produced for clients, but he made it up in volume. Well, clearly that will never work. Losing
money on every healthcare service we provide, and then getting busier losing money, will close down the
hospital or clinic in a very short time. In healthcare, we need to find a way to provide services for our patients
at cost levels which allow some margin of revenues over expenses. This may not be true for every patient that
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The old model of selling purely on clinical benefit in the U.S. healthcare industry is dead. Profound changes are underway in how hospitals and other healthcare providers make purchase decisions for medical devices, services, diagnostics, and pharmaceuticals.
In this half-hour webinar, Christopher Provines describes the dramatic impact that the Accountable Care Act (ACA) will have on all healthcare suppliers. Chris explains how new purchasing practices and business models such as value-based purchasing, bundled payments, Accountable Care Organizations and quality-based reimbursement will change the rules of the game for selling and negotiating.
Learn:
* Tips for how to effectively engage customers in this "new normal" healthcare environment
* Strategies for quantifying the value of your offering and how to connect it to your healthcare customers' business model
* Best practices for how to grow your healthcare business
Elevating the Health of Healthcare: A Four Step Guide
This white paper outlines a four step guide for healthcare providers to elevate their operational health: 1) seek customized solutions tailored to their unique needs and challenges; 2) effectively manage their non-labor spend, which accounts for up to 50% of costs; 3) leverage innovative technologies, products, and services; and 4) adopt best practices from successful provider-led models. The paper provides examples of how partnerships with experienced organizations have helped providers implement these steps to significantly reduce costs while maintaining or improving care.
Linking Compensation to Payment Incentives
In an article for Healthcare Executive, Don Seymour, Kevin Talbot, and Chad Stutelberg share their insight on developing compensation strategies that link executive and physician compensation models to acute care outcome-based payment methodologies.
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Building a Payer value strategy is an incredibly complex process. We all look for the silver bullet: huge unmet need, great performance and an easy price target. In reality, most Market Access strategies are much more difficult. You may have significant unmet need and great performance but the economic challenges still need to be overcome…
What you'll learn:
• To achieve and manage successful MA strategies through a clear and pragmatic roadmap
• Insights into tools for MA management from flat files to web-based applications
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Ac Os Bundled Payments
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3) Community hospitals tend to have a cost advantage over academic medical centers and may be better able to meet quality goals in primary care-focused risk contracts given their ties to local providers. With committed leadership
SPI Insight: Taking the Pulse of Big Changes in Healthcare Sales
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Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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【业务选择办理准则】
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Pricing in small hospitals
- 1. Pricing in Small Hospital - How do they do? Is it right? Keywords Pricing in small hospital Competitors profiling Market survey for hospitals Hospital Consultants Competitive price The most common trends amongst the small hospitals in India on pricing the healthcare services is by comparing it to other hospitals of the similar nature. It is the crude way to price the service and sometimes it clicks but most of the time it will be costing the hospital not realizing the margins. When you start a new hospital, you can price it by comparing with the other hospitals of the same size and speciality. But one has to re-look into the productivity, margins and then control the cost. For any given services, the major cost heads are resource cost, consumable cost and infrastructure cost. So, these are to be considered while one fix a price for the services offered. Usually, a margin of 25% to 30% is considered while pricing but may be more based on the quality of services, hospitality & as per the expectations of the community. One has to study these before they fix a price, and it should be acceptable by the payers. There are scientific ways to set a price with good margin and with flexibility to compete with others in the price war. Hospitals who do not work on cost accounting, over a period of time it will be difficult for them to sustain in the competitive price war. In the long run it affects the profitability of the organization and also if not noticed, it may lead to losses. Controlling cost and optimizing the services are huge activity and is a science. If one can achieve this, then the hospital can attain good PBIT Margins and ROCE (Return of Capital Employed). Some hospitals, understanding the total cost of operations, strategize on offering services in retainers model to recover the initial cost and then play around with the competitors through pricing. In the process, they try to convert the fixed cost to variable cost so that it should not affect the baseline cost and hence opportunity for sustained growth. We as hospital consultants at Macula Healthcare, advise hospital promoters on ways to optimize and effectively control the cost. We also help them in pricing based on the geographic need, market survey for hospitals and competitors profiling. To know more on the pricing for healthcare services, one can contact Macula Healthcare (drjithendrakumar@hotmail.com). We will come back to you with specific details and also educate on our other services. Visit us at www.maculahealthcare.com for more details.