To effectively meet the healthcare needs of the community, which has traditionally been the primary mission of a healthcare system, it’s crucial that hospitals and other healthcare organizations have positive sources of income. This helps to ensure that quality healthcare services can be extended to as many patients as possible.
As the shift toward value-based healthcare and choice/consumerism continues to impact the way consumers manage their healthcare, hospitals are facing the challenge of balancing – and optimizing – their payer mix (commercial, Medicare, etc.).
This issue is coming even more into focus as new healthcare options are available, especially for commercial payers. With more discretionary income, commercial payers are opting to seek out other healthcare alternatives beyond the traditional health system, such as walk-in clinics, telehealth, and alternative care. To compound the issue, traditional consumer brands (such as Amazon) are entering the healthcare space, leaving hospitals with new competitors and a host of new challenges in patient acquisition and retention.
Healthcare marketers have the ability to step in and strategically target healthcare patients and consumers to optimize payer mix. With the right data and technology, they can bring in the door a greater percentage of commercial payers than is typical for the hospital or service line – and, as a result, generate higher ROI for specific high-value service lines.