Aside from the ten years spent in medical school, healthcare marketers and physicians aren’t that different. Various signs are used in medicine to evaluate the efficacy of a treatment, medication, surgery, or other procedure. For example, a doctor will most likely order lipid panels regularly to monitor changes when treating high cholesterol.
While marketers are not in charge of human lives, they must assess the impact of their strategy on patient outcomes. When reviewing new patient acquisition performance, a marketer, for example, will look at variations in cost per acquisition. When people become patients, the marketer will look at the marketing channels that helped them invest and the retention rate.
This is what marketing measurement is all about at its most basic level. And the emphasis of this blog post is on how healthcare marketers can use analytics to get more bang for their buck with each dollar spent.
What Are the Requirements for Improving Marketing Metrics?
By the grace of data creation, marketing measurement and analytics exist. It’s a substantial amount. Fortunately, healthcare creates a lot of data, and if the growth of the healthcare analytics market is any indicator, extracting insights from it has a lot of value: demand for healthcare analytics is estimated to reach $50.5 billion by 2024.
As a result, many companies are attempting to increase their ROI measurement accuracy. This is especially true in light of recent private equity financing infusions. Each marketing measurement strategy, of course, will be distinct. In general, there are a few crucial components that demand your full attention:
Prospective, new, existing, and previous patients are the most important, but partners and clinicians may be included depending on the nature of the healthcare company.
For example, all of your marketing strategy’s channels, campaigns, methods, and strategy.
The massive amount of data generated throughout the organization and its storage, structure, and application improve marketing performance and insights.
Healthcare marketers use performance metrics to assess their effectiveness.
The various software platforms, systems, and tools allow a healthcare marketing organization to function (also called “MarTech”).
Clearly, there are many variables to consider.
A data –> analytics –> insights structure helps marketers. These five important marketing areas together take time and effort.
It’s simpler to say than do.
Patient education is a great way to reduce patient outcomes costs. Before, those who successfully combined patient and marketing data did the best. It is now possible to automate patient education campaigns and compare the impact of inbound and outbound patient education on patient outcomes and expenses.
Integrate EHR, CRM, and other systems.
You’ve probably heard of EHR and EMR systems. Almost certainly, your firm already has one. Many healthcare businesses implement and integrate CRM solutions with their EHR/EMR, focusing on patient-centric methods that promote patient quality of life.
Denis Zhinko of ScienceSoft discusses the new technology’s relevance “A patient’s quality of life is now an important factor in determining caregiver compensation, she says. The less likely a healthcare professional is to be penalized, the happier and more educated patients. A well-tuned CRM system can fill in the gaps and make a major influence on treatment outcomes.”
A lack of efficient integration can lead to data silos, inefficiencies, and bad user experiences that hinder rather than aid marketing performance assessment and improvement. To successfully integrate these technologies, you will need to do the following:
HIPAA compliance and data security
Incorporating some of Factorial’s marketing automation suggestions: Patients can send customized messages and reminders to medical workers. This link helps healthcare marketers track how their efforts affect both the bottom line and patient outcomes.
Design analytics dashboards that are easy to use, shareable, and comprehensive.
The analytics component will play an essential role in this more “integrative” approach to healthcare marketing. We’re assuming your teams use a marketing dashboard or report. It could be something you created yourself, such as an Excel spreadsheet with charts or a dashboard built with an analytics tool like Google Data Studio.
Your marketing dashboard provides up-to-date, accurate information on all of your marketing efforts. In theory, a marketing dashboard should offer high-level metrics to crucial marketing channels such as SEO, paid advertising, social media, and others and the ability to drill down into specific areas. We’ve seen the most valuable dashboards are highly dynamic, regularly (and automatically) updated, and easy to share with multiple stakeholders across the organization. They also make creating and exporting reports simple.
What you’ll need to make a helpful dashboard
- Access to trustworthy and clean data sources
- A thorough perception of the key performance indicators and KPIs that your teams must monitor
- A solution for data analytics and business intelligence (see Looker for an example of healthcare analytics)
- Data scientists and IT professionals who have built dependable data pipelines
A healthcare marketing dashboard can provide a wealth of information. For example, you can see that PPC lead acquisition is increasing, but so is the cost per lead. Could you restructure your campaigns to lower the cost per lead while maintaining volume? A powerful marketing dashboard can help you find these kinds of actionable insights.
Create a marketing attribution strategy
The debate over which attribution model to use rages on since there is no one-size-fits-all solution. Nonetheless, determining which marketing initiatives resulted in the outcomes you care about (appointment bookings, income, etc.) is an essential aspect of healthcare marketing. However, with increasing patient trips, selecting and implementing a credible attribution model may be difficult.
At its most basic, marketing attribution is the process of determining which marketing channel is responsible for a particular outcome. It’s challenging to provide a definitive answer on this subject. First and foremost, it can aid in the allocation of funds within a healthcare organization.
Integrated marketing technologies and core data analytics, required for suitable marketing attribution, have already been addressed. However, the following are some of the more popular methods in use today:
A multi-touch attribution model gives the first and last marketing touchpoints more weight than the intermediary touches.
In this model, the first, middle, and last touchpoints receive 30% of the credit, while the remaining touches receive 10%.
This strategy’s first action or click is given full credit, while subsequent marketing touchpoints are given no credit.
In this case, you give full credit to the last interaction before a conversion.
Each attribution model has its own set of advantages and disadvantages.
Similarly, specific models will make more sense than others, depending on your particular goals and objectives. Modern attribution technologies, such as Ruler Analytics, Funnel, and Branch, can trace every channel that influences a patient’s path from awareness to consideration to action.
Construct a closed-loop system The Marketing Reporting Gold Standard
What happens to the marketing-generated patient leads? Assume someone searches Google for “local orthopedic foot surgeon,” clicks on your ad, and schedules an appointment.
Closed-loop reporting can help answer some of these questions. In essence, closed-loop reporting provides data and insights throughout the patient journey, from the first interaction to the day they become a patient. In marketing, closing the loop is crediting new patient revenue to the channels, campaigns, and other marketing activity that affected it along the way.
How Closed-Loop Reporting Can Help Healthcare Marketers
A well-thought-out closed-loop reporting system will disclose a lot about what works and what doesn’t. You’ll know which marketing channels (SEO, PPC, and so on) are bringing in new patient income, for example. Despite your best efforts and spending, you’ll have a decent understanding of which channels aren’t providing new leads. Finally, you’ll be able to link specific marketing channels to lousy patient outcomes like churn, bad reviews, and no-shows.
It’s Difficult to Gather Healthcare Marketing Data
We discussed some of the data issues that healthcare organizations face. It may be a significant undertaking to extract unstructured data from silos, clean it up, and make it available across systems.
Healthcare organizations, on the other hand, must follow HIPAA regulations. From email marketing to in-portal patient communications, healthcare marketers must always keep HIPAA in mind. HIPAA compliance is now included in many marketing automation, EHR/EMR, and CRM solutions.
Finally, many hospital marketing departments lack the necessary data and analytics expertise. Putting together a team of professionals capable of presenting data and extracting insights to improve marketing strategy can be difficult and costly. Many companies struggle to find a trustworthy third party.
Getting higher-level buy-in to invest in better marketing measurement can be difficult. If you don’t have it, your understanding of what works and what doesn’t will be average. It is critical to creating a model that connects marketing channels to the ROI that is important to the organization’s stakeholders.
Above all, do what is suitable for your patients.
In our pursuit of better marketing measurement, it’s easy to lose sight of what’s most important: patients and patient outcomes. Yes, integrating your EHR/EMR, CRM, and other platforms correctly is critical. It is necessary to have closed-loop reporting, dashboards, and attribution models. However, all of this will be for naught if patients are not prioritized in everything we do.
As a result, nearly all of the benefits of digital marketing that we discuss with our healthcare clients revolve around people. Because if you take care of your employees, the marketing ROI you seek will come soon after.