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3 items that will wow your hospital CEO

Budgeting is always a challenge for any hospital marketer. You cut and tighten your budget in every way possible. Yet, you know your hospital’s CEO will want you to justify your numbers.

For hospital CEOs, it comes down to lowering costs, raising profits and improving patient interactions. If you can provide them with information about these items, you are guaranteed to get their attention. Here are three items that will get your CEO thinking critically when you begin to talk about your marketing budget:

Patient acquisition cost

Multiple studies have shown that, on average, the cost of acquiring one patient through traditional marketing is over $ 300. The costs for acquiring the same patient using inbound marketing is less than half of that. Check your hospital’s cost per patient acquired through traditional marketing in years past. Project what your cost per patient acquired will be with inbound marketing. This information will show your CEO that you are working to lower costs.

[RELATED: Learn new strategies to beat data overload and boost reach, results and ROI.]

Patient lifetime value

You should know how much revenue each patient will generate over a lifetime of using your hospital’s services. With a lower patient acquisition cost, the patient’s lifetime value should increase in proportion to that decrease. Check what your hospital’s patient lifetime value is using traditional marketing. Project what it will be using inbound marketing. This will show you are working to increase profits.

Online patient interactions

Use third-party research that shows the growing trend of online interactions in health care.

  • 80% of web users in America look online for health information.
  • About 160 million people use online resources to research a specific disease or condition.
  • Health information is the single most searched topic on the Internet, bar none.
  • 56% of web users in the U.S. look online for information on a procedure.
  • 44% of American web users look online for information on doctors and health care facilities.

Not only will these statistics justify your use of online marketing efforts but they will also help you advocate when and if you ever need to ask for a budget increase. With the help of data like this, justifying your budget and your use of online resources, will be easier—especially to demonstrate your department’s importance to the hospital itself.

Inbound marketing has the power to increase patient volume while lowering costs. Making this a major part of your marketing mix will make a significant difference.

Previously published material.