Health Insurance Trends 2019

| November 30, 2018

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Health insurance premiums are steadily rising. Premiums grew 2.7% annually from 2008-151. Global Health Expenditure Database, World Health Organization. Global Medical Trend Rates report 2018, Aon Hewitt. Net annual medical trend rate refers to anticipated percentage increase in medical plan unit costs net of inflation.

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At Duke Raleigh Hospital, we're proud to be a part of Duke Health. And, we're just as proud to be a part of your community. From the day we opened our doors as Mary Elizabeth Hospital in 1914 through today, we've always stayed close to our founding philosophy of providing compassionate care to our patients.

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Healthcare Marketing Strategies for Better Outcomes

Article | February 22, 2021

The criteria of patient satisfaction have changed dramatically. The priority of your healthcare business is to provide patients the right treatment. But nowadays, you cannot excel in your service and win the hearts of the patients just by providing the right treatment. You will also have to focus on delivering a great patient experience. Thus, a comprehensive healthcare marketing strategy should be designed accordingly. In this digital age, along with their healthcare requirements, people are already overwhelmed with all the necessary information they need regarding their work and life-related issues. This has turned them into customers, rather than just being patients. And has led them to want and expect more. According to a study done by McKinsey, people expect from healthcare companies the same way they expect from other non-healthcare companies. Your patients now expect: • Your deliverance on their expectations • Great customer service • Great value • To make their life easier with the service they get from you They look for whether your healthcare services provide these benefits through online resources. A Kantar Health Report says that around 60% of millennials depend upon online information as the best resource for healthcare information. They also consider word-of-mouth referrals trustful. This makes it vital for you to put in place the right digital healthcare marketing strategies. It is necessary to avoid your prospects going to your competitors whenever they search for effective medical services online. The need for a robust Healthcare Marketing Strategy Creating an effective healthcare marketing strategy is part of the inbound marketing process. The strategy can include and utilize all the resources to bring in opportunities. The resources also can confront the threats that come your way to hinder your healthcare business. The resources can be in any form of original content such as articles, blog posts, podcasts, interviews on medical topics, informational videos, e-books, case studies, press releases, white papers, etc. These resources deal with threats and opportunities that are concerned with persuading prospects to come to you. Healthcare marketing strategy is a vision statement. It lays down the healthcare marketing plan in detail for some time. It should include objectives and plans for exceeding the current performance of your particular healthcare business. It should talk about competition analysis, target marketing, budgets, marketing tactics, and SWOT analysis, which are essential elements of an effective healthcare marketing strategy. Having the right healthcare marketing strategy in place will help you increase patient inflow and lower your marketing budget, which increases your return on investment (ROI). Benefits of Having an Effective Healthcare Marketing Strategy The right healthcare marketing strategy focuses on two main things; bringing in more patients to your hospital or clinic and maximizing your ROI. ROI can be maximized by minimizing expenses on both inbound and outbound marketing strategies. It is called ROI based marketing plan or strategy. There are many benefits to having an effective healthcare marketing strategy in place for your medical practices. They include anticipating and assessing threats and opportunities, prepare to make a road map to counter the threats in time effectively, and find out creative ways to enhance your outcome. Below are some of the other benefits of having a healthcare marketing strategy: Goals and Objectives A sound healthcare marketing strategy, as discussed earlier, helps you to understand what you are going to achieve in a scheduled time frame. This keeps you focused on your goals without getting diverted. Moreover, it provides you a clear picture of your business's growth and makes you aware of how far you can go with your business in the target market. Operating Budgets Healthcare marketing strategy helps you create a detailed operation budget in advance for your business. By knowing your expected future costs, expenses, and forecasted income over the year, you can make better plans for all the expected and unexpected challenges of your business. Service Line Decisions When you compare your result with your expected results, you will understand where it worked well and the areas you need to improve. By knowing the areas in which you failed, you can improve them and yield better results on the next run by improving your line of services. Risk Management In business, risk management includes forecasting and evaluating the financial risks and identifying solutions to minimize or eliminate their impact. A clear healthcare marketing strategy in place allows you to manage these aspects of your healthcare business efficiently. Capital Planning A marketing strategy provides you a clear idea of how to process your budgeting resources for your organization's future. It is possible with both short-term and long-term plans. Developing an effective healthcare marketing strategy Creating goals and defining objectives or benefits that you intend to achieve is the first step to the creation of a healthcare brand strategy. Once all these things are set, you may assess all the required and available resources. Then devise a final strategy on when and how to fulfill these goals. Healthcare digital marketing is unique as it is the most cost-effective way to reach out to your most relevant prospect at the right time. It ensures thatyou reach your patients in the time of their need. Here is a step-by-step healthcare marketing strategy for you. It is designed keeping in mind all the aspects of your healthcare business, including your competitors and prospective patients. Establish Your Target Customers The first step starts with identifying the most relevant target market for you. A comprehensive online and offline research would help you with it. The research can be based on demographic, geographic, behavioral, and psychographic information. Then concentrate on all the marketing resources you have, in order to attract relevant customers. Clarity about your target audience ensures you create the right content for the right people. It also adds to the efficiency and effectiveness of your digital healthcare strategy. Study Your Competition Your competitors also target the same audience. So, identify competitive influences and issues to have a proactive strategy and plan. It helps you stay ahead of your competition with your healthcare marketing strategy. Use internet, TV and Radio commercials, referrals, data analysis, billboards, or other media to research your competition. Internal and External Evaluation To evaluate your external and internal environment, conduct a SWOT analysis of your healthcare business. Thorough knowledge of your strengths, weaknesses, opportunities, and threats will make you determine how to use your resources for better results effectively. Decide Your Long-term and Short-term Goals Most businesses conceive their marketing plans and strategies for a year. However, the best healthcare marketing strategy is the one, which is aligned with both the long-term and short-term goals of your brand. Evaluating, prioritizing, and organizing various combinations of specific marketing tactics and strategies will suit you the best in pursuing your business goals. Plan Your Marketing Budget Protecting and generating sources of revenue is generally a significant concern in marketing. Creating a task budget and clear objectives to work towards realizing the exact goals and outcomes you expect from your business is very important. For this, you may have to specify your measurable and quantifiable goals. Define your marketing tactics and strategies, including advertising, brand development and enhancement, networking and public relations, etc. You also have to evaluate profitability, launching plan, and marketing plan. Moreover, monitor and track closely to adjust tactics and strategies necessary for achieving, maintaining, or exceeding your expected profit level. The best part of having an effective healthcare marketing strategy in place is that it makes you focus your energy and time on improving your healthcare practice. The digital marketing team will work according to the strategy for realizing both your long-term and short-term goals. Doing all of it alone may be challenging. We, at Media 7, help healthcare companies, especially healthcare technology providers, with healthcare marketing strategies, which are proactive and profit-oriented. We help you attract prospects, convert them, and make them your customers. To know more about us, visit the Media 7 website. Frequently Asked Questions What are marketing strategies for health tech marketers? Health tech marketers can effectively use many marketing strategies, including engaging customers in social media platforms, video marketing, creating content for niche communities, email marketing, paid media advertising, event marketing, and content marketing. What are the tips for creating the strategy for health tech marketing? Updating your organization’s mission, vision, and values, conducting a business and operational analysis, developing strategic options, selecting strategic growth objectives, developing the strategy execution plan can be included in your health tech marketing strategy. What are the best social marketing strategies for health tech? Start using chatbots, create a personalized experience for your customers, create an efficient content marketing strategy, create a community for your audience, and create profiles on the relevant channels that can be the best social media strategies for health tech companies. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are marketing strategies for health tech marketers?", "acceptedAnswer": { "@type": "Answer", "text": "Health tech marketers can effectively use many marketing strategies, including engaging customers in social media platforms, video marketing, creating content for niche communities, email marketing, paid media advertising, event marketing, and content marketing." } },{ "@type": "Question", "name": "What are the tips for creating the strategy for health tech marketing?", "acceptedAnswer": { "@type": "Answer", "text": "Updating your organization’s mission, vision, and values, conducting a business and operational analysis, developing strategic options, selecting strategic growth objectives, developing the strategy execution plan can be included in your health tech marketing strategy." } },{ "@type": "Question", "name": "What are the best social marketing strategies for health tech?", "acceptedAnswer": { "@type": "Answer", "text": "Start using chatbots, create a personalized experience for your customers, create an efficient content marketing strategy, create a community for your audience, and create profiles on the relevant channels that can be the best social media strategies for health tech companies." } }] }

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5 Healthcare Tech Trends Worth Keeping an Eye On

Article | April 16, 2020

The healthcare industry is experiencing rapid shifts. Some of this is due to the current pandemic, but much of this evolution was happening even before the COVID-19 outbreak. Understanding and embracing the introduction of new technology into the market will be important for healthcare professionals and patients alike. Here are some of the trends worth keeping tabs on:

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AI Trends: AI and Medicine

Article | April 21, 2020

Artificial Intelligence is here to improve our lives, by not just making things more efficient, but also increasing our lifespan. Companies across industries are experiencing the advantages that come with AI innovation, especially the healthcare space. Throughout human history, we’ve been able to understand the parameters that determine health better, and we’ve developed accompanying technology. With vaccines in the late 1700s, anesthesia and medical imaging in the 1800s, to organ transplant and immunology in the 1900s, healthcare innovation has been on an upward slope.

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Telehealth emerges as access tool in healthcare transformation

Article | March 11, 2020

Healthcare organizations are faced with addressing the “triple aim” of improving cost, quality and access to medical care. Telehealth has been seen as a tool to improve access with its convenience and availability with mobile apps or personal computers. Regulators are seeing the value of the technology with states loosening rules about the practice of telehealth and reimbursement improving, the American Telemedicine Association said. However, it will take some time for telehealth to reach its full potential to blend telehealth into current care processes. Right now, telehealth is separate from many of the healthcare workflows, which is keeping the technology from reaching its fullest potential – in terms of quality and patient experience. This can be overcome by addressing the economics, whether that is in health plan design and also how providers are compensated. Despite recent improvements in telehealth reimbursements, many of the payments are tied to in-person visits. Healthcare providers, payers and regulators need to figure out what treatments need to be reimbursed. Telemedicine, which involves clinician-to-clinician remote consults, is immensely important in emergency care and has shown a great deal of use in treating stroke, since not every facility has neurology covered around the clock. Certain medical specialties, such as psychiatry or dermatology, have a real opportunity to capitalize upon telehealth, as well as non-emergency, urgent care.

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Spotlight

Duke Raleigh Hospital

At Duke Raleigh Hospital, we're proud to be a part of Duke Health. And, we're just as proud to be a part of your community. From the day we opened our doors as Mary Elizabeth Hospital in 1914 through today, we've always stayed close to our founding philosophy of providing compassionate care to our patients.

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