CHICAGO--(BUSINESS WIRE)--The Society for Healthcare Strategy & Market Development (SHSMD), a personal membership group of the American Hospital Association, and the Healthcare Financial Management Association (HFMA) have released a blueprint for measuring the financial performance of marketing in healthcare. The white paper is entitled Life Beyond Promotion: Core Metrics for Measuring Marketing’s Financial Performance.
“The report provides healthcare marketers with the tools they need to better manage conversations with senior leaders in their organizations about the effectiveness of marketing decisions, resources, and programs,” said Bill Gombeski, a member of SHSMD’s Marketing Metrics Committee and a senior advisor in health affairs at UK HealthCare.
In the report, thought leaders from healthcare marketing and finance outline a set of standardized metrics for assessing healthcare marketing’s financial results. The committee created a framework consisting of four areas of strategic focus: growth, brand and image, stakeholder engagement, and marketing communications. Within each area, individual measures were developed, such as increased resources and patient satisfaction.
“With this white paper, healthcare marketing takes a major step forward by recommending guidelines for performance,” said Arthur Sturm, president of SRK and chair of the committee. “The metrics presented will help demonstrate the successes and challenges of marketing initiatives.”
According to the white paper, marketers need to identify and advance the wide range of contributions they make, and foster a better understanding among hospital and health system CEOs and finance executives of the impact of marketing.
“The growing emphasis on financial accountability was the impetus for developing the report, which underscores the importance of having a standardized set of metrics for healthcare marketing,” said Todd Nelson, vice president of education and organizational solutions for HFMA.
The white paper identifies 17 core metrics and several key actions organizations can implement to more clearly quantify the effectiveness of marketing. To download the document, visit shsmd.org/metrics.
SHSMD will host a webcast on the report Thursday, June 2, from 12-1 p.m. CT entitled, “Core Metrics for Measuring Healthcare Marketing’s Financial Performance.” Registration information is available at shsmd.org/metricswebcast.
About the Society for Healthcare Strategy and Market Development (SHSMD)
SHSMD, a personal membership group of the American Hospital Association, is the largest and most prominent voice for healthcare professionals in strategic planning, marketing, public relations and communications. SHSMD is committed to helping its members prepare for the future with greater knowledge and opportunity as their organizations strive to improve the health and quality of life of their communities. The society serves more than 4,000 members by providing a broad and constantly updated array of resources, services, experiences and connections. Learn more at firstname.lastname@example.org.
About the Healthcare Financial Management Association (HFMA)
With more than 40,000 members, the HFMA is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. For more information, visit hfma.org.