Ideas & Insights

Looking To Grow Your Healthcare Practice? Marketing Matters.

Business 7/15/2020 2:51:52 PM

Healthcare as a business has changed rapidly within the last decade. It’s no longer enough to simply be a competent, reliable practitioner and expect success. As strange as it sounds, we live in an age where clients expect more from healthcare than just the care itself.

So, how can you make sure your business thrives in today’s competitive marketplace? The first step is to have good partners. As your bank, we want you know we are here to do more than crunch numbers on a spreadsheet. We help our clients look at their practices from all angles, and make recommendations and referrals that translate to real-world results. Through our professional network, we are able to connect clients to relevant subject matter experts and provide guidance to support your success.

One thing we’ve found is that many providers overlook the value of marketing. Although you might hesitate to spend money on it, advertising may be the key element that takes your practice to the next level. In fact, one leading healthcare-industry professional estimates that a medical or dental office could experience a 20-40 percent (or more) increase in annual collections simply by implementing new marketing strategies.1 Think about that for a moment—a potential $200K increase in revenue with just a tenth of that invested into a marketing campaign.

In many healthcare specialties, distinguishing your practice from a competitor is what will define its future revenue growth. But what good is separating yourself from the competition if your customers don’t know about it? Healthcare offices can benefit from the realization that customers choose providers based on perceptions. People are looking for trust, comfort, and a personal connection. Especially in an industry where the health and well-being of families is the focus, perception is everything. And marketing is a wonderful tool for creating that feeling of security and connection.

Marketing campaigns can help your patients (and prospective patients) understand more about who you are as a provider. Perhaps it’s just sending a “Happy Birthday” wish to patients, or letting them know you’re moving into a new space down the street. Making that personal connection with people in an ad, billboard, or other form of marketing can turn patients into lifelong customers.

Whether your practice is new, in need of a renovation, or simply looking to increase revenue, advertising and marketing should be a priority. Healthcare banking is a core competency at Sunflower Bank. Our team can help you strategize and determine how to finance campaigns that can help your business grow. Our goal is to help you increase customer awareness and ultimately impact your practice’s chances for recognition, profitability, and success. 

1Nate Woudstra, Chief Market Advisor – EOS Healthcare Marketing