Insight

4 INSIGHT V14N1 TRUENORTHCUSTOM.COM Dear Colleagues, IN AN ERA of dwindling resources and shifting priorities, it's important for healthcare marketing leaders to be involved in strategic and budgetary planning to help their C-suite set achievable, impactful goals. These goals should be based on a firm understanding of a hospital's community, capabilities, and market dynamics. Here's a glimpse at these three areas that can make or break your marketing plan. KNOW YOUR MARKET Healthcare CMOs who know the ins and outs of their markets can help their organizations identify proper benchmarks and set realistic objectives based on factors like market share and physician employment models. When analyzing the market, CMOs can save a lot of frustration and better understand where to drive resources by asking the following questions: » What percentage of specialists in the market work for our healthcare system? » What percentage are self-employed or work for other systems? » How many of a certain procedure were performed this year? » How many were performed the year before? » Is the volume of procedures increasing, decreasing or staying consistent? » Is this is a growing market, or do we need to acquire some of the market share from a competitor? Knowing the answers to these questions can help CMOs present a compelling case to other executives when asking for more authority over or leeway in their marketing plans and projects. KNOW YOUR PATIENTS CMOs with a clear understanding of patient healthcare journeys can anticipate when those patients are making healthcare decisions and what factors influence those decisions. With the continued growth of consumer-driven, high-deductible healthcare plans, hospitals will find themselves in close competition with freestanding imaging and surgery centers as patients look for more cost-effective options. KNOW YOUR HEALTH SYSTEM Knowledge of market dynamics and patient journeys are important factors for CMOs to consider, and the third leg of the stool is just as critical. This involves understanding the hospital's physician and payer networks, referral patterns, models of care, and other dynamics. Knowing the market, the community and the hospital's capabilities, CMOs are ready for a well-informed planning and budgeting dialogue. Explaining this research to the C-suite can prevent the implementation of impractical goals, so the CMO should engage the CEO and CFO early as the organization builds the coming year's budget and market volume projections. Email me at jskinner@truenorthcustom.com if you'd like to contribute to the publication or share ideas for a future issue. notes F R O M T H E E D I T O R ©2018 True North Custom. All Rights Reserved. Healthcare Insight is published quarterly by True North Custom, 5600 Brainerd Rd., Suite 1, Chattanooga, TN 37411. Postmaster: Send changes of address to Healthcare Insight, P.O. Box 4449, Chattanooga, TN 37402. PROUD MEMBER OF All material submitted to Healthcare Insight becomes the property of Healthcare Insight magazine. No portion of this magazine may be reproduced in whole or in part without written consent of True North Custom. Call (800) 624-7496 for more information. True North Custom is not responsible for claims made by any advertising appearing in Healthcare Insight. Direct editorial correspondence to Editor, Healthcare Insight, 5600 Brainerd Rd., Suite 1, Chattanooga, TN 37411; for return, enclose a self-addressed, stamped envelope. HEALTHCARE INSIGHT JASON SKINNER Editor-in-Chief L AUREN KNIGHT Coordinator C ANDICE ST. JACQUES Senior Managing Editor JOSH GARCIA , KATY MENA-BERKLEY, TIFFANY PARNELL , HANNAH STUART, AND TREVOR WILLINGHAM Copywriters ERIC JACKSON Vice President of Creative Services SKYE CHILDERS Designer CL AY PRICE Production Manager TRUE NORTH CUSTOM JASON SKINNER Chief Marketing Officer ERIC JACKSON Vice President of Creative Services SANDEE CURRY Editorial Director LISA PRICE Content Director L AUREN KNIGHT Marketing Coordinator j s k i n n e r @ t r u e n o r t h c u s t o m . c o m P l e a s e R e c y c l e P l e a s e R e c y c l e

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