Using Technology to Boost Earnings

In the last few weeks the nation has witnessed some of the most volatile economic changes in history.  Bailouts of major industries and possible bankruptcies in corporations once thought to be at the foundation of our national financial strength are in the news every day.  

Expenditures on National Healthcare are sure to be effected by any down-turn in the economy.  Medicine is no longer recession proof, especially at the grassroots level where we see physicians delivering care to a growing number of unemployed or underemployed patients.  Towns that once had American Auto health insurance benefits driving lucrative revenue have seen these benefits slashed and eliminated… drastically cutting into reimbursement with physicians and hospital systems alike.  National and State health plans like medicaid and medicare are following or are sure to follow this trend in the near future as tax revenues fall across the nation.  Over the next six years, medicare is projecting at least a 40% cut in reimbursement.

In almost any other industry, business would end when faced with such a dramatic cut in revenue.  Individual physicians and Hospital CEO’s alike need to take immediate and drastic steps to plan for the impending changes that will transform the landscape of medicine.  These changes must focus on operations management, growth in market share and cost minimization.  

In each of these areas technology plays a key role.  Take for example the careful execution of technology that makes it easier for primary care doctors to schedule referrals into surgical specialists.  This simple technology improves the workflow and time spent on task in both the primary care office and referral office.  It also improves the ease with which referrals are made to physicians in the system and creates an inherent competitive edge.  This competitive edge fuels growth in market share for each participant, primary care doctor, surgical specialist and hospital system involved.  Finally, this same technology drives costs down while most importantly optimizing many facets of the care delivered to the patient.  

This example is just one small step towards using technology to boost earnings in an uncertain economy.  Whether you are an individual practitioner or a hospital system trying to optimize brand placement and back it up with true quality care . . . you need to take steps today to utilize more technology . . .  in your practice . . . in your hospital . . . and most importantly with your patients!

New Marketing Strategies in an Uncertain Economy

During the last few months there has been increased suggestion that a recession may no longer be on the horizon, but may have already arrived. In the shadow of a looming downturn in an economy largely propped up by consumer spending, how are Health Care companies going to optimize their marketing strategies where the end user/recipient of their product is that very consumer? To exacerbate the problem, there are now ever stringent requirements by health care insurers and growing numbers of underinsured individuals in the population. These factors can make delivery of health care products even more difficult when patients have to cover a greater portion of their health care cost out of their own pocket.

More than ever, strategies need to be novel in their approach to reaching physicians and patients. These strategies also need to deliver accurate metrics on effectiveness. Those companies who use such strategies are seeking to maximize return on investment by reaching more of the decisions makers at less cost while spending less advertising to customers who aren’t in need of their product.

Some of these new approaches include:

1. Advertising strategies which deliver your marketing message to a highly targeted and qualified audience.
2. Choosing a delivery medium which effortlessly shares your marketing message across multiple users within the health care system.
3. Employing latent opportunities which exist due to behaviors inherent in the health care system.
4. Cross utilizing existing referral networks between doctors.
5. Unleashing new ways of promoting your marketing message by capitalizing on the resources of others.

By incorporating these strategies and others into your current plan a competitive advantage can be gained with improved economics. Do you want to create a BUZZ about your product? Do you want to create the perception that your company sets THE standard of care? Begin implementing any of these strategies in the New Year and get the Health Care System to start delivering your message and product to the marketplace.