Strategies from Top Marketers to Preserve and Grow Marketing Budgets and Recapture Customers in 2021
// By Marlene Kurban //
The American Hospital Association estimates that hospitals and health systems across the country have lost more than $200 billion as a result of the pandemic, and total losses may top more than $320 billion by the end of 2020. Patient volume declined significantly this year due to delayed care and canceled surgeries, and the financial impact may extend well into 2021.
With COVID-19 cases still surging, how will health systems address the healthcare needs of their communities and ensure financial sustainability? How can marketers and digital strategists make the case to leadership that their marketing and advertising budgets should be preserved — and even increased — when revenues have dropped so dramatically?
Daniel Fell, senior strategist at Optum, moderated a panel discussion at a recent eHealthcare Strategy & Trends webinar, “How to Build the Case for Increasing Your Digital Marketing Budget in 2021.” Four top marketing executives in different regions of the country shared their perspectives and strategies on how to increase patient engagement and move their organizations forward.
Lower ER Volume, Impact on Revenue
While many healthcare systems are rebounding, partly due to increased telehealth visits, downstream revenue driven by ERs have not recovered to pre-COVID levels.