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Tip:

Strategies to Generate Revenue Quickly

June 17, 2020 Tami Weigold Category: TipTags: Tip

Strategies to Generate Revenue Quickly

In a hoped-for development in this time of pandemic, many health systems are beginning to gradually open the door to elective services and consumers are starting to show confidence in returning for care. Therefore, from a marketer’s perspective, this requires a complete revisit of the marketing plan put together last year, before the world went topsy-turvy and priorities across the industry shifted with suddenness that few could have predicted. Consequently, it is almost certain the focus will move to service lines with the greatest bang-for-the-buck in terms of generating revenue. After all, without a solid revenue increase the future of a health system and the return of staff remains in question. So, the question is what to do first?

Highest Revenue-Generating Services

Becker’s Hospital Review recently published the 10 physician specialties that generate the most revenue for hospitals and the great news is – HRAs can support them all. As consumers begin returning for care, it’s possible access may be limited. However, the good news is tools like Health risk assessments can help consumers and service line leaders alike determine who has the greatest needs and prioritize accordingly.

Finding Patients for High-Need Services

First focus on increasing cardiovascular services and cancer screenings. According to the Becker’s Hospital Review piece, “A recent study showed patient visits for heart attack symptoms, stroke and breast cancer were down year over year in March and April,” meaning pent up demand and NECESSITY exist. Right now, there are people in your community who are at risk for heart disease and cancer and are now overdue on screenings. Encouraging those at-risk, with pre-existing conditions, and age-based needs who have cancelled appointments or routine checkups in the past 90 days to use HRAs would be a targeted step in the right direction. After all, these are engaged consumers who intended to come in but may be apprehensive now to return to see a doctor. However, it is also possible they are being messaged to by the competition.

Make Sure You are Ready

If your health system is lacking assessments for any of these high-need services, now is the time to get them in place on site and in social media and SEM strategies. Reach out to our Client Success team for more information. You can find out how HRAs can be added in as little as one business day to begin engaging those with the greatest needs.

Highest Revenue-Generating Physician Specialties

From Becker’s Hospital review, May 21, 2020
  1. Cardiovascular surgery
    • Average revenue: $3.7 million
    • Average salary: $425,000
  2. Cardiology (invasive)
    • Average revenue: $3.48 million
    • Average salary: $590,000
  3. Neurosurgery
    • Average revenue: $3.44 million
    • Average salary: $687,000
  4. Orthopedic surgery
    • Average revenue: $3.29 million
    • Average salary: $533,000
  5. Gastroenterology
    • Average revenue: $2.97 million
    • Average salary: $487,000
  1. Hematology/Oncology
    • Average revenue: $2.86 million
    • Average salary: $425,000
  2. General surgery
    • Average revenue: $2.71 million
    • Average salary: $350,000
  3. Internal medicine
    • Average revenue: $2.68 million
    • Average salary: $261,000
  4. Pulmonology
    • Average revenue: $2.36 million
    • Average salary: $418,000
  5. Cardiology (noninvasive)
    • Average revenue: $2.31 million
    • Average salary: $427,000

Tami Weigold

Director of Client Success

Tami has been in the healthcare marketing space for nearly two decades – working in both large hospital systems and independent medical groups. The majority of her career was spent in San Diego, leading marketing and communications efforts for both Sharp Healthcare and Palomar Health. With a hefty focus on CRM, ROI analysis and the patient experience, Tami was an early adopter of digital technology.

After a recent move to Connecticut, with her husband Justin and children Molly and Max, Tami is excited to join the Client Success team at Medicom Health and looks to be a valued strategic resource to her clients.

More by Tami Weigold

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