Difference between medical marketing and medical practice management

admin2020-12-09T21:22:00+00:00June 26th, 2020|

Is marketing synonymous with advertising?

admin2020-12-09T21:23:16+00:00June 26th, 2020|

How should I establish a marketing budget?

admin2020-12-09T21:23:48+00:00June 26th, 2020|

Isn’t marketing expensive and/or risky?

admin2020-12-09T21:24:42+00:00June 26th, 2020|

Sounds great, but how can we tastefully market without hurting our reputation?

admin2020-12-09T21:25:20+00:00June 26th, 2020|

What kinds of problems can marketing help us solve?

admin2020-12-09T21:26:07+00:00June 26th, 2020|

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Q: Difference between medical marketing and medical practice management

Broadly defined, Medical Practice Management embraces operational matters such as coding, payer selection, accounts receivable, staffing, HIPAA, software, cost cutting, and about a million other issues that are the day-to-day business of the business/practice. In its purest form, Medical Marketing is about building a positive reputation, getting your phone to ring, getting people to come in for a first appointment and converting them into patients. Practice Management is largely about the wheels that turn inside the practice. And Practice Marketing is the planned process of communications that goes on with individuals who, for the most part, are not yet aware of or part of the practice.

Q: Is marketing synonymous with advertising?

While marketing and advertising are often mistakenly used interchangeably, marketing is the very broad, overarching heading. Marketing encompasses many variables, oftentimes referred to as the Seven Ps of Marketing . These “Ps” include Product (the services you deliver and needs you fulfill), Packaging (how you bundle services), Price, Place (physical facility and geography), People (you and your staff), Positioning (why you) and finally Promotion. That final “P” for promotion includes doctor referral marketing, patient referral marketing, publicity (free press), branding (the sum total of experiences the patient has with you), Internet marketing, community marketing, case presentation, point of purchase displays and finally advertising. A well-considered marketing plan may or may not include some form of advertising, depending upon objectives, budgets, philosophy, marketplace and many other factors .

Q: How should I establish a marketing budget?

There’s just not enough space here to list all the wrong ways to approach a marketing budget. And even well-intended clients have been known to give up in frustration and try to “play-it-by-ear,” or worse, they do little or no marketing because they have no budget. (As you can imagine, this self-fulfilling, no-budget-and-do-nothing approach would be getting it wrong.) The correct approach to a sound marketing budget is to begin with the end in mind. Clearly define what you intend to achieve in specific and quantifiable numbers. Start with the overall incremental growth objective even if your marketing plan has several segments. You may have to work through this exercise several times for adjustments and refinements. You’ll find a practical worksheet by way of the “Read More” links below. Keep in mind that your goals and your budget are two parts of an equation that need to be aligned with each other. The purpose of your 12-month budget is to assign adequate resources to achieve realistic goals, and this goes hand-in-hand with tracking and calculating Return-on-Investment.

Q: Isn’t marketing expensive and/or risky?

Results-based Marketing reduces risk and maximizes ROI. Clearly, there are no guarantees in business any more than there are absolute outcomes in a clinical practice. But—to continue the clinical analogy—a knowledgeable doctor applies his own skills and depth of experience (and that of many others) to reduce risks in achieving the desired outcome. Likewise in marketing, learning from the outcomes of thousands of healthcare marketing campaigns significantly reduces risk. Over the years, our real-world experience in working with thousands of clients around the nation enables us to recommend an results-based marketing methodology. The key steps that we apply in reducing risk and achieving success include: * Learn from the marketing outcomes of thousands of other healthcare practices and organizations; * Create a strategic marketing plan based on strategies and tactics most likely to be successful, including geography, specialty, personalities, strengths and weaknesses, etc.; * Test whenever possible before committing significant sums of money; * Track results carefully; and * Roll out the “winning” strategies. And NO, marketing is not an issue of expense or “expensive.” Some highly effective marketing strategies and tactics are low or no cost. And while other tactics may require a reasonable investment of some kind, they will also have a Return-on-Investment attached. This is where the above steps of testing, tracking and roll-out apply. Let’s say that investing $4,000 a month on marketing produces $200,000 or more in new revenue—it would not be “expensive,” it would be a successful 400% ROI.

Q: What kinds of problems can marketing help us solve?

Plenty…let’s list just a few. The bottom-line objective in healthcare marketing is usually—but not exclusively—to grow the practice or organization. Often this means attracting more patients, but a well-rounded marketing plan will achieve much more for the provider. Effective and ethical marketing opens the door to benefits for providers to: Achieve profitable growth; Attract cases that the doctors either enjoy or have special expertise for; Protect and grow market share against competition; Build the professional reputation of the provider with the community and peers. These high-level objectives also translate into answers for challenges and opportunities such as: Attracting better paying or more profitable cases; Reaching “ideal patents,” directly and cost-effectively; Changing the mix of patients or types of cases; Winning more professional referrals; Supporting a new location, provider or technology (or all of these); Building volume for an ancillary service; Transitioning to a “cash business” or “all-referral” practice; Standing out from the crowd in positive ways; Answering competitive challenges; Finding more personal time and greater professional enjoyment; and Tastefully building and extending your reputation.

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