Extending Patient Lifetime Value with Physician Loyalty

This is the final post in a three-part series that discusses the changing healthcare landscape and the need for marketing teams to engage patients across their healthcare journey, extend patient lifetime value, and increase patient acquisition and retention. Read the first post on why it’s imperative for hospitals to approach patient acquisition and retention in more intelligent ways. And then check out the second post to learn how using personalized, multi-channel campaigns helps achieve the goal of patients for life.  

Achieving – and maintaining – physician loyalty is one of the most impactful efforts a health organization can undertake.

Doing it successfully has positive repercussions across the organization, from driving revenue and increasing patient engagement to extending patient lifetime value.

Statistics tell a compelling story: a 30-50 percent out-of-network loss translates to a $4-8 billion problem. And, a single provider’s referrals are estimated to bring in $1.56 million in net revenue – that’s what’s at stake with every physician relationship. Not only that, but when patients go to out-of-network providers, key encounters are lost to a competitor.

At health organizations across the country, physician liaison teams often lack the data and insights necessary to be a revenue-protecting and growth force. Without market data, the understanding of provider referral networks, and the right relationship management technology, liaison teams aren’t able to inform leadership, prioritize outreach efforts and align with organizational goals.

How can organizations develop valuable and lasting relationships with providers in their community? How can these relationships be leveraged to grow high-value service lines and achieve patients for life?

The first step is changing how healthcare enables physician liaison teams and prioritizes outreach efforts. A physician relationship management (PRM) solution is the foundation that supports health organizations in their efforts to optimize their provider network. Let’s take a deeper look:

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Emilio Ruocco

Emilio Ruocco

Emilio serves as Evariant’s Vice President, Physician Practice leader, ensuring the company’s Healthcare CRM/PRM, business intelligence and marketing solutions deliver maximum strategic value to clients; with particular emphasis on physician market analytics and business development. Prior to joining Evariant, Emilio was Senior Director, Performance Technologies at The Advisory Board Company, helping hospitals yield operational insight from internal systems and external data sets. He has also served as Leader of Customer Value and Insights at Healthways, a leading disease management and wellness firm; and Vice President, Strategic Communications for pharmacy benefits management company CaremarkRx, prior to its merger with CVS Pharmacy. Before entering the healthcare sector, Emilio held business development, investor relations and communications leadership roles for several public companies in a variety of industries.
Emilio Ruocco

4 Steps Health Systems Can Take to Improve Their Physician Alignment Strategies

Improve Physician Alignment StrategiesThe road to becoming a physician demands many years of schooling and residency – the cost, time, and knowledge required, combined with a number of healthcare policy changes, discourages many young adults from pursuing this profession.

Simply put, the United States is not adding enough new physicians to keep up with the growing demand for them.

The Association of American Medical Colleges (AAMC) projects that by the year 2030 there could be a physician shortfall as low as 40,000 doctors to as high as 104,000 doctors. Now more than ever, healthcare organizations must focus on attracting and retaining physicians to ensure organizational success.

To do this, health systems need to implement a comprehensive physician alignment strategy. If organizations do not start to plan, design, and execute a physician outreach and alignment program now, they won’t be able to overtake competitors or retain physicians in the future. The four steps outlined in this post can help ensure that health systems’ physician outreach strategy is well thought-out, data-driven, and ultimately leads to alignment.
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Emilio Ruocco

Emilio Ruocco

Emilio serves as Evariant’s Vice President, Physician Practice leader, ensuring the company’s Healthcare CRM/PRM, business intelligence and marketing solutions deliver maximum strategic value to clients; with particular emphasis on physician market analytics and business development. Prior to joining Evariant, Emilio was Senior Director, Performance Technologies at The Advisory Board Company, helping hospitals yield operational insight from internal systems and external data sets. He has also served as Leader of Customer Value and Insights at Healthways, a leading disease management and wellness firm; and Vice President, Strategic Communications for pharmacy benefits management company CaremarkRx, prior to its merger with CVS Pharmacy. Before entering the healthcare sector, Emilio held business development, investor relations and communications leadership roles for several public companies in a variety of industries.
Emilio Ruocco

How to Boost Physician Engagement with Claims Data Insight

Physicians are the lifeblood of healthcare organizations; by providing excellent patient care, they foster patient loyalty and bring revenue into the organization. Since they are so vital to healthcare operations, health systems need to keep their physicians productive and engaged. The best way to accomplish this is through a focused physician engagement strategy.

The first step in creating this strategy is collecting and analyzing data about physicians and the patients they treat. Specialized physician liaison teams use this data to inform their outreach strategies and ensure their efforts are communicated properly. This outreach is intended to help physicians improve the care they are giving their patients, handle issues physicians may be facing in their work, increase the number of in-network referrals physicians are providing, and boost financial performance.

Let’s look at how healthcare organizations can use claims data insights to create successful physician outreach efforts:
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Emilio Ruocco

Emilio Ruocco

Emilio serves as Evariant’s Vice President, Physician Practice leader, ensuring the company’s Healthcare CRM/PRM, business intelligence and marketing solutions deliver maximum strategic value to clients; with particular emphasis on physician market analytics and business development. Prior to joining Evariant, Emilio was Senior Director, Performance Technologies at The Advisory Board Company, helping hospitals yield operational insight from internal systems and external data sets. He has also served as Leader of Customer Value and Insights at Healthways, a leading disease management and wellness firm; and Vice President, Strategic Communications for pharmacy benefits management company CaremarkRx, prior to its merger with CVS Pharmacy. Before entering the healthcare sector, Emilio held business development, investor relations and communications leadership roles for several public companies in a variety of industries.
Emilio Ruocco

What’s the Secret to Effective Physician Alignment?

Effective Physician AlignmentThe changing nature of competition, the quest to improve patient experience, and patient channel innovation all require that healthcare institutions build relationships aligning with both physicians’ concerns and ambitions.

By effectively doing so, a health system may be able to deepen its referral network and in turn both retain and/or grow market share.

An effective physician alignment strategy is a critical component. Physician outreach teams need to take advantage of data, employ targeted communication, and resolve issues effectively to ensure physicians are committed to delivering the highest quality care and interested in referring to specialists in-network.

Let’s define physician alignment and discuss strategies for improving physician alignment at your organization: More

Emilio Ruocco

Emilio Ruocco

Emilio serves as Evariant’s Vice President, Physician Practice leader, ensuring the company’s Healthcare CRM/PRM, business intelligence and marketing solutions deliver maximum strategic value to clients; with particular emphasis on physician market analytics and business development. Prior to joining Evariant, Emilio was Senior Director, Performance Technologies at The Advisory Board Company, helping hospitals yield operational insight from internal systems and external data sets. He has also served as Leader of Customer Value and Insights at Healthways, a leading disease management and wellness firm; and Vice President, Strategic Communications for pharmacy benefits management company CaremarkRx, prior to its merger with CVS Pharmacy. Before entering the healthcare sector, Emilio held business development, investor relations and communications leadership roles for several public companies in a variety of industries.
Emilio Ruocco

How Can Health Systems Engage Millennial Physicians?

Retain Millennial PhysicianMillennial physicians will benefit the healthcare industry by bringing their tech-friendly and collaborative attitudes into hospitals and health systems.

Though these young doctors may be at the forefront of digital health transformation in a value-based healthcare landscape, millennials are also notorious for being “job hoppers.”

In fact, a Gallup report found 21 percent of millennials have changed jobs within the past year, and only 29 percent report being engaged at work, or emotionally and behaviorally connected to their job.

As a result, health systems need to consider adopting a physician engagement strategy that appeals to millennial physicians to improve satisfaction and retention.

Let’s look at a few ways hospitals and health systems can engage and retain millennial physicians:  More

Emilio Ruocco

Emilio Ruocco

Emilio serves as Evariant’s Vice President, Physician Practice leader, ensuring the company’s Healthcare CRM/PRM, business intelligence and marketing solutions deliver maximum strategic value to clients; with particular emphasis on physician market analytics and business development. Prior to joining Evariant, Emilio was Senior Director, Performance Technologies at The Advisory Board Company, helping hospitals yield operational insight from internal systems and external data sets. He has also served as Leader of Customer Value and Insights at Healthways, a leading disease management and wellness firm; and Vice President, Strategic Communications for pharmacy benefits management company CaremarkRx, prior to its merger with CVS Pharmacy. Before entering the healthcare sector, Emilio held business development, investor relations and communications leadership roles for several public companies in a variety of industries.
Emilio Ruocco