The healthcare industry is quickly rebounding as we move on from the pandemic. Consumer demand is returning to pre-pandemic levels, and more patients are catching up on outpatient visits and elective hospitalizations. However, there’s no doubt that the pandemic has done a number to the healthcare industry, especially after a sharp decline in healthcare utilization. If anything, healthcare providers have collectively realized that in order to stay ahead of the curve, they need to accelerate the adoption of digital solutions based on the changing industry landscape.
This is where healthcare marketing comes into play. Physicians and other healthcare providers must step up their digital marketing game to increase patient volume and remain competitive. Join me as we discuss the importance of healthcare marketing and its impacts and benefits for your practice.
Healthcare marketing plays a crucial role in the success and sustainability of medical practices, hospitals, pharmaceutical companies, and other organizations in the healthcare industry. With increasing competition and consumerism in healthcare, effective marketing is essential for reaching patients, building your brand, and growing your business. Here’s a closer look at why healthcare marketing matters so much in today’s landscape.
Attracting New Patients
One of the most fundamental goals of healthcare marketing is attracting new patients. With so many options available patients no longer just default to the nearest hospital or a doctor recommended by friends. They are empowered to research options online compare providers, and choose based on factors like quality measures, personalized care, and convenience. Healthcare marketing gets your messaging in front of potential patients surfing the web for providers, interacting on social media, and consuming health-related content. It shows them why your practice is the superior choice to meet their needs.
According to Google, 94% of people say a healthcare provider’s reputation matters when choosing where to get care Effective marketing shapes brand perception and establishes your practice as a leading provider of care. This drives new patient acquisition so your practice continues growing.
Competing in a Consumer-Driven Marketplace
Today’s healthcare landscape is increasingly consumer-driven. Patients have more choices than ever before regarding providers and health plans. They comparison shop based on cost, quality, and experience. Healthcare marketing is how practices differentiate, highlight competitive advantages, and prove their value. It establishes an emotional connection with patients rather than just touting credentials or services.
Marketing also focuses on creating seamless, patient-centered experiences. This increases satisfaction and loyalty among existing patients. In a Nielsen survey, 58% of patients said they would switch providers for better customer service. Marketing reinforces your commitment to patient needs above all else.
Countering the Competition
Most geographic areas have multiple providers offering similar services like primary care, orthopedics, cardiology, etc. Healthcare marketing builds brand awareness so potential patients think of your practice first when needing care. It’s how you establish dominance in the regional marketplace.
Effective marketing also counters competitive threats by clearly communicating your unique value proposition. This highlights how your care experience, outcomes, technologies, convenience, or other differentiators make you the premier choice for patients. It’s especially important as new health systems and retail clinics enter your area. Marketing protects your patient base.
Educating and Engaging Patients
A big part of healthcare marketing involves creating content to educate and engage patients. This content focuses on health literacy, disease states, treatment options, lifestyle tips, and other topics to empower patients to make informed healthcare decisions. It also keeps your brand top of mind.
This content gets distributed via owned media platforms like your website, blog, and social media pages. It’s also shared across paid and earned media for expanded reach. Not only does high-quality content attract patients, but it also builds trust and credibility for your practice.
Improving Patient Retention
In recent years, the patient churn rate has increased significantly. On average, about 20% of patients switch providers each year. This patient turnover can seriously impact practice growth and profitability. Healthcare marketing aims to boost patient retention by continually nurturing relationships and demonstrating value.
Marketing initiatives like patient appreciation events, loyalty programs, patient portal messaging, and post-visit surveys all help improve retention. They make patients feel recognized and engaged. Effective patient relationship marketing reduces churn so your practice retains more of your hard-won patients.
Generating Referrals
Referrals from existing satisfied patients have long been a trusted source of new business for medical practices. Healthcare marketing boosts referrals by ensuring patients understand the full scope of your services and have a positive perception of your brand. This makes them more likely to recommend your practice to friends, family, and coworkers.
Marketing tactics like patient testimonials, strong ratings and reviews, social media engagement, and community outreach improve sentiment. This drives higher referral volumes to complement other patient acquisition strategies.
Increasing Profitability
Ultimately, effective healthcare marketing has a direct impact on your practice’s profitability. It brings in new patients to fill appointment slots and surgical suites. It helps retain existing patients longer. And it increases referral volume. This all combines to grow your patient base and increase the number of billable services provided.
Strong healthcare marketing also allows you to command higher reimbursements from payors. As patients flock to your brand, you have greater leverage in payor contract negotiations. This results in improved collections and revenue per patient. Data shows practices invested in marketing have 32% higher profit margins on average. The ROI of healthcare marketing is clear.
Target the Ideal Audience
As mentioned earlier, generating high-quality leads is the primary purpose of healthcare marketing. Having said that, many digital marketing systems allow you to target specific audience groups via tools that help you track consumer behavior and demographic information. With enough data, marketers can present marketing offers highly relevant to the ideal patient.
This ties back to personalization in marketing. If a visitor receives content based on their needs and online behavior, it creates positive reinforcement and more satisfying customer experiences. Healthcare marketing also lets you target patients depending on where they are in their healthcare journey.
Generate a Consistent Lead Pipeline
One of your ultimate goals in healthcare marketing is to create your “marketing funnel” where you can generate high-quality leads and sales from website traffic. The idea is to differentiate the “window shoppers” from visitors searching for the services and treatments you offer.
Succeed in developing your marketing funnel, and your campaign will be in the best position to consistently generate leads. As a result, your practice doesn’t have to rely solely on traditional marketing methods to create walk-in leads.
Healthcare marketing strategies in 2024
FAQ
Why is marketing important in public health?
What are the 5 Ps of healthcare marketing?
Why is marketing an important aspect of health care management today how does a manager support the marketing efforts?
Why is social marketing important in healthcare?
Why is healthcare marketing important?
The dynamic evolution of life has inevitably affected the healthcare systems generating significant changes and imposing healthcare marketing as an indispensable element of health brands. Healthcare is a field in a permanent evolution, the plethora of opportunities stimulating creativity, enthusiasm, and will exploit the specialists in the field.
What is healthcare marketing?
Healthcare marketing is what enables hospitals and healthcare providers to stand apart from the competition and keep their patients engaged and informed. Students can gain practical experience while learning leadership and analytical skills through Tulane University’s Online Master of Health Administration program.
Why should you hire a healthcare marketing professional?
Their main concern is helping others and making an impression on the medical community. Healthcare is a more competitive field than most people realize. However, with proper marketing conducted by a skilled healthcare marketing professional, practitioners can gain patients and attention for their practice.
Does healthcare marketing target a wider audience?
While this is similar to business marketing, healthcare marketing targets a wider audience. Since everyone is in the market for a healthcare provider, it is much harder to differentiate a particular doctor or hospital.
