Share of Care: A New Way to Think About Health Care Metrics
Measuring brand loyalty is a constant challenge for health care organizations. Marketing professionals use different measures to determine if they’re capturing patients throughout their health care journey.
One of the parameters being used today is called Share of Care. Share of Care is a revenue-based measurement that gauges the health of the patient relationship, according to D.J. Sullivan, director at HSG Advisors, a national health care consulting firm based in Kentucky. Share of Care should be a health care system’s primary mode of measurement, Sullivan says.
Sullivan and his colleague Eric Andreoli, director at HSG Advisors, say marketing leaders should understand how patients use their health care dollars, and seek detailed information on how services are used based on geography, service lines, and provider types.
The two compare Share of Care to a concept used in business called Share of Wallet, the measurement system used by the consumer goods industry to gauge profitability and brand loyalty. Share of wallet is the amount of money an existing customer spends regularly on a particular brand rather than buying from a competitor. If used in health care, Share of Wallet would mean the amount of care and services a patient gets at your organization instead of at a competitor’s.
Sullivan and Andreoli acknowledge that health care is different and can’t be compared to consumer goods, but they offer the Share of Wallet concept to give health care marketers a new way to think about metrics.
Read the full article now and learn more: Measuring the Health of the Patient Relationship
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