Mastering the Challenge of Marketing Physician Groups
Many hospitals are acquiring physician groups at a rapid pace. But in the process of incorporating new practices into the larger organization, it’s crucial that hospitals don’t lose sight of their end goal: getting a good return on their investment.
Daniel Weinbach of the Weinbach Group, Inc., in Miami, FL, points out that all too often, a hospital’s leadership team doesn’t think beyond the initial expenditure required for getting a physician practice on board.
But the reality is that today, in addition to the purchase costs involved in the acquisition and the doctors’ annual salaries, hospitals also need to allocate resources for strong marketing strategies to attract new patients and retain the current ones. This can be a tall order—especially with the limited staff and competing priorities that many hospital marketing departments face.