Posted By Unlock Health on 06/24/2020

Strategies to Generate Revenue Quickly

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 canceled 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

Bridget Thomas

Director of Client Success

Bridget Thomas is a leader on the client service team, bringing with her a breadth of knowledge in the healthcare space.

Growing up in a family of providers to critical access hospitals, she took note early on of the importance of quality healthcare and proper outreach. From there she went on the work as a marketing manager for a small system in south central Wisconsin, eventually moving into clinic management and liaison work.

In 2014, she shifted gears to the SaaS-vendor side of healthcare and spent years in the CRM space, where she worked remotely doing client work, running trainings, and developing relationships. A good portion of her time is spent face-to-face with clients talking through operational hiccups, ways to best target consumers, appropriate use of budgets and most importantly – how to measure effectiveness of marketing dollars.

Bridget has a B.S. from the University of Wisconsin – Platteville, M.A. in Public Relations from Webster University and an M.A. in Counseling from Lakeland University. She is a member of the American College of Healthcare Executives, Society for Healthcare Strategy & Market Development, and Forum for Healthcare Strategists.

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