Over recent decades, healthcare providers have relied on inward facing strategies to grow — consolidating market position through aggressive M&A and expanding outpatient settings, locking up referral streams through physician employment, and exerting price pressure on payers by leveraging market presence.
To grow patient volumes in today’s consumer-centric environment, providers will need to generate greater demand for their services — earning marketing share instead of achieving it through “supply side” dominance.
The most viable marketing strategy for healthcare today is demand generation. While mostly thought of as activities involved in new patient acquisition, Movéo views demand generation as something much bigger.
First, it’s not only about the acquisition funnel, but also a robust patient engagement one. Increasing customer retention by five percent can translate to up to 95 percent greater profitability in the retail world, in part due to the absence of acquisition costs. This is a bottom-line reminder that relationships that you have with your existing patient base are both powerful and profitable.
Additionally, Movéo views demand generation as holistic strategy that involves not only lead generation, but also new branding and sales enablement approaches that support it. The graphic below shows the interdependencies of all of these factors.
While many Movéo clients have internal marketing, full-service healthcare agencies and/or digital resources, they see the value in a partner that understands the big picture and can coordinate all marketing activities toward a common goal — growing patient volume.