Unit 3 – DB – Financial Forecasting and Data Analysis – HCM410
Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
There are very few industries that have the unique economic factor in which the majority of its revenue does not come directly from the customer, but from a third party. This unique economic factor is usually referred to as a private health care insurance company. Third party payers are the commercial, governmental, and health care maintenance insurance companies that help providers manage its patient’s accounts. With the change in focus toward the patient as consumer and increasing number of health plans that are high deductible, patients are becoming more involved in deciding where they go for their healthcare needs.
To increase referrals, Krona is beginning to develop a new marketing campaign to target a new patient mix and increase revenues, something that you discussed in your last Individual Project. You have been asked by the chief financial officer (CFO) to collaborate with the marketing director and discuss the importance of having advertising materials for both the health insurance companies and the patients who receive the health care services.
- List 3 marketing approaches you would use to target potential patients and health care insurance companies.
- Explain what factors you used in choosing your specific marketing strategies and the purpose of each selection..
- How should the hospital market their commitment to patients while considering valued based programs, accountable care organizations and bundled payments?
Some marketing strategies may include the following:
o Social Media
o Direct Marketing to customers and referrals