The healthcare industry is rapidly evolving, and the competition is becoming increasingly fierce.
As a provider, you need to be at the top of your game in order to keep up with the growing competition.
There are a number of reasons for this dramatic shift, but here are some of the main contributors:
Direct and non-direct competitors
Your competition is more than just direct competitors, like hospitals or medical practices. It also includes non-direct competitors, such as any people, businesses, or human traits that might turn a potential patient away from you.
For example, a person who is looking for a new primary care physician might choose their insurance company’s in-network option instead of researching and finding the best PCP on their own. In this case, the insurance company would be a non-direct competitor.
Pharmacies and personal factors--such as fear or considering healthcare to be an elective service--can also be seen as non-direct competitors.
Reimbursement changes
These days, due to changes in reimbursement, healthcare workers are more likely to seek employment in corporate entities, health systems, and hospitals over private practices.
These changes are allowing hospital employees to be paid more for the exact same services that private practice employees provide.
This results in larger companies with self-insured plans having to fight to deliver services at increasingly competitive prices in order to maintain their business.
The increasing pressure that comes from so much competition fighting over a shrinking pie brings about a simultaneous increase in aggressive marketing tactics. The businesses with the strongest message, smartest medical marketing and SEO strategy, and greatest commitment always come out on top.
Healthcare marketing is becoming more sophisticated
As the healthcare landscape changes, so too does marketing. No longer is it enough to have a website and a few print ads. In order to succeed, you need to have a comprehensive digital marketing strategy that includes everything from content marketing to social media outreach.
You also need to be able to target your audience with precision and tailor your message to their specific needs.
The companies that are able to do this the best are the ones that are seeing the greatest success in today’s competitive healthcare landscape. Your competition is watching what you're doing, looking for ways to fill the gaps that you may be missing in your strategy.
With that in mind, it can be hard to stay competitive.
The best way to do so is by first analyzing your competitive landscape, determining which business models out there could positively impact your revenue and patient volume.
Then, you'll want to analyze your current business model, making the necessary changes to meet the rapidly-changing needs of your customers and promoting yourself across the web.
A fractional chief marketing officer (CMO) can be an invaluable asset in this process, as they can help you to develop and implement a marketing strategy that will make you stand out from the crowd.
The fractional CMOs at Bizzuka will optimize your practice so that you're bringing in more patients, providing them with the best possible care, and getting paid for it.
We can also help you develop new revenue streams and find ways to increase your reimbursement.
Hiring a fractional CMO is an investment, but it's one that can pay off big time in the form of increased revenue and profitability.
In fact, you can increase your hospital or practice revenue by 50% with just a 17% increase in each of the following areas:
Increasing your patient load
Increasing the size of each transaction
Increasing the frequency of each visit or purchase
We focus on increasing each of these areas through our proven OPTICS™ process. Schedule your free marketing diagnostic consultation with Bizzuka today to learn how you can stand out in today’s competitive marketing space.