A slow economy brings scrutiny to every expenditure. Let GLC help you prove that your magazine is a profit center and not a marketing expense by following these simple steps.
Define your goals.
Decide with your colleagues how you are going to measure the impact of your magazine’s transactions. For example, how will you define a new patient that you can claim as a result of the magazine? Will it be a person that has never been to your hospital or one that hasn’t utilized services in the last 24 months? Make a decision and stick with it.
Use your resources.
If you have a marketing information system, use it. We will work with you and your in-house point person or partner to run the magazine mailing list against your CRM database to identify patient transactions, the transaction touch point and patient revenue for these visits. Share this revenue (less magazine budget) with your CFO and wait for the smile.
Match it up.
If you don’t have a marketing information system, take the mailing list to your Finance Department to run an inpatient/outpatient match report. If this is too large of a task, take your health screening registration lists for mammography, diabetes, prostate and skin cancer events, and run an inpatient/outpatient match report to determine patient revenue for these transactions.
Use your data.
If your Finance Department isn’t able to help, don’t give up. Visit with your Call Center and have them run a call report for the three-to-four-week time period after the magazine has dropped. Categorize the responses by call type and share these results with hospital leadership.
Think outside the box.
Try something unconventional and visit with the Cancer Registry and see how you can tie mammography and prostate cancer screening attendees with new cancer diagnoses and treatment. After this number is identified, associate patient revenue with this type of case (including surgery, chemotherapy and radiation).