Impactful Metrics within Healthcare Service Line Marketing

By: Hileman Group  | 07/15/2022

If a marketing campaign launched without established metrics, did it really happen? And so goes the age-old philosophical question. Of course, as marketers, we believe analytics are just a natural part of all our programs. We start with campaign goals, tie those to key performance indicators, and track the performance as they progress.

But what about in healthcare marketing? Just as with other industries, the goal is the same: to attract and retain customers (in this case, patients). And the data can help answer one question: Did it work?

Learn more about 4 impactful metrics you should measure for your next healthcare marketing campaign.

1. Patient Acquisition Cost

What is it: Patient acquisition cost (PAC) is exactly how it sounds: how much it costs to acquire a new patient. It takes all your expenses into account over a certain time period, including but not limited to marketing and advertising, event management, website maintenance and personnel and divides that by the number of new patients. In general, the PAC should be lower than the patient’s lifetime value (the revenue the patient generates). Once you know the PAC, you can tweak your spending and/or identify programs that have a higher ROI.

Who needs it: Executive leadership and service-line leadership

2. Patient Engagement

What is it: It’s true, engagement does not have a hard-and-fast ROI. But patient engagement can be helpful when evaluating your organization’s brand awareness in a saturated market. More importantly, patient engagement is a partnership between the health system and patient – a give-and-take that allows the health system to provide information to the patient and the patient responding to that information. When patients take ownership of their health, it allows for improved patient outcomes and cost savings for the health system.

Who needs it: Service-line leadership

3. Patient Retention

What is it: Significant metrics aren’t only about attracting new patients. You must also keep them. Just as in any other industry, loyalty is everything—it keeps patients spending more and (perhaps more importantly) telling their friends. So, really, patient retention metrics are about keeping AND attracting patients.

Calculating patient retention rates is as simple as knowing your existing patient base and determining how many patients you gained or lost over a set period of time. The higher your retention rate, the better.

Who needs it: Executive leadership

4. Patient Satisfaction

What is it: Although patient satisfaction is a subjective metric, it’s a good indicator of what your health system is doing right and where it’s missing the mark. High patient satisfaction scores can lead to greater loyalty, higher retention, and increased profitability. It also lets your patients know that you care about delivering the best possible care and, in turn, improving overall patient outcomes.

Who needs it: Executive leadership

For a more in-depth look at these metrics as well as why specific leadership groups have different metric goals, join us at the 2022 SHSMD Connections conference, taking place September 11-14, 2022, both virtual and in-person in Washington D.C.!

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