Are you proving real return on investment?
Although most hospital marketers track preference share, market share, and utilization methods, very few actually track return on investment (ROI), said David Marlowe, principal of Strategic Marketing Concepts of Ellicott City, MD. Marlowe, who spoke during the recent HealthLeaders Media Webcast "Proving Real ROI: The Bottom-Line Impact of Your Healthcare Marketing," said hard ROI numbers are exactly what your CEO is looking for when you justify your marketing expenses. Although the traditional definition of ROI is net income divided by the owners' equity, Marlowe said ROI for healthcare is better defined as "effort ROI," or the revenue (net of costs) divided by investment or expenditures made.
- ICD-10: Minimizing the Financial Hit
- Hospital Compare Adds Infection, Stroke, Readmissions Data
- 3 Favorite Nursing Trends of 2013
- How One Provider is Saving Millions on Imaging Equipment
- HIT in 2014: Portal Perils and Half-Built Houses
- SLIDESHOW: HL20 — 20 People Who Are Making a Difference in Healthcare - 2013
- State Health Disparities Trace Medicaid Expansion
- Q&A: Banner CEO on 'Getting the Cost Out'
- Healthcare Unions Eye Gains in 2014
- AMCs React to Being Shut Out of Some Exchange Plans