As I’ve met with current and potential clients and partners, I’ve been lobbing what may be a heretical idea over the fence. The idea? That even though they’re not in the business of publishing newsletters and magazines or writing reports, the content they house can be turned into money, sometimes quickly. And moreover, that they can measure how much value they’ve generated in real-dollar terms, at least some of the time.
When I say content can be turned to money, I have several models in mind. Some of them are already pretty familiar:
* Marketing communications: Taking stories you already have internally — such as case studies on successful outcomes — and getting some publicity. That can certainly help attract patients, though it’s hard to figure out just which patients were influenced by what message. Not hard to pull off, as we’re mostly talking text.
Price: $500 to $2,000 per case researched/written up if outsourced to serious marcomm pros
ROI: Potentially, some measurable increase in use of outpatient procedures which are needed, scary and common, as well as as well as new admissions, especially for specialties like OB/GYN where womend o a lot of shopping. Wild guess in revenue? $500K per year for a 150-bed community hospital if a few good stories are developed and promoted.
* Recruitment: Gathering stories from clinical staffers on how the find work-life balance and satisfaction when affiliated with your institution. That can be a bit more complicated to do, as video, photos and scripts may be called for, but the right presentation can be killer — even viral!
Price: From $500 for a crude effort to $2,000 for a glossier series of profiles with backup campaign involved.
ROI: Again using the example of the 150-bed community, if you brought in even four nurses you’d probably save $200K in recruiting costs.
As for doctors, depending on the specialty the amount could vary widely, depending on what in-demand specialties you managed to attract, but we both know it’s more cost-effective to find someone who really wants to work with your institution than folks who show up because you throw ’em a big bonus. If all this strategy does is save you having to come up with another $100K to $150K recruitment bonus, mission more than accomplished.
Is that all you got? Nope!
Next, I’ll talk about less conventional ways to add revenue or save expenses through smart use of the content (and don’t be fooled, I mean waaaay more than editorial content). We’re talking things as important as changing referral patterns and building community support for controversial new ventures through the use of “social content.” More to come on this!