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: