Posts tagged medical tourism marketing

Renowned Healthcare Marketing Expert Patrick Goodness Leads UNLV Medical Tourism Marketing Workshop

Patrick GoodnessLas Vegas, Nevada — Las Vegas HEALS and the University of Nevada Las Vegas are proud to announce that global medical tourism authority and speaker, Patrick Goodness, CEO of The Goodness Company: Global Healthcare Marketing, will present a half-day Medical Tourism Marketing Workshop on Friday, November 8th, 2013 at the University of Las Vegas campus.

The workshop is designed to provide local Las Vegas healthcare providers with key information about how their healthcare organizations and practices can target, attract and grow the burgeoning international patient market. The workshop will include the basics medical tourism marketing, including how to attract international patients, the basics of healthcare relationship marketing, positioning your facility for success in the international market, multi-cultural marketing and medical tourism branding.

Medical tourism is a growth industry that offers a significant opportunity for U.S. healthcare providers. “With an estimated eight million patients traveling cross-border worldwide every year, each spending thousands on not just medical care, but transportation, accommodations, etc., we’re talking about a marketplace that easily generates $24 to $40 billion annually. Effective marketing can make a significant difference for those regions and providers seeking to capture a share,” says Goodness.

Doug Geinzer, CEO of the sponsoring organization, Las Vegas HEALS (Health, Education, Advocacy, Leadership of Southern Nevada), is enthused about the upcoming medical tourism marketing workshop featuring Patrick Goodness. “We look forward to having Patrick Goodness share his deep understanding of the medical tourism market with our membership. I have followed Patrick’s work in the medical tourism marketing space for the past few years and was fortunate enough to see him present at the World Medical Tourism Congress last year in Miami. He understands the business better than most, and there is a lot that Las Vegas medical providers can learn from Patrick. Partners like Patrick Goodness will help us position Las Vegas as the most globally recognized destination for health and wellness travel.”

As a leading voice in medical tourism marketing, Goodness has lectured at key healthcare and medical tourism events around the world. Goodness will also deliver a medical tourism marketing workshop, titled “Ten Digital Marketing Strategies to Attract More Patients” at the 6th Annual World Medical Tourism & Global Healthcare Congress, November 5, 2013 in Las Vegas. “Las Vegas has long been considered one of the strongest entertainment and travel brands in the world. Las Vegas is now approaching medical tourism with the same zeal and a strategic plan to become a dominant global medical tourism destination,” says Goodness.

Scheduled to follow the World Medical Tourism & Global Healthcare Congress being held in Las Vegas earlier in the week, the medical tourism marketing workshop meets at the UNLV Stan Fulton Building and runs from 8:00 am to noon. The $25 cost includes a continental breakfast. This event is by invitation only. Advanced registration is required. To be included on the invitation list, please contact Doug Geinzer, CEO of Las Vegas HEALS.

Contact information:

RSVP to:
Doug Geinzer, CEO
Las Vegas HEALS
doug.geinzer@lasvegasheals.org

Medical Tourism Marketing in the Bahamas

Medical Tourism Marketing in the Bahamas

Medical Tourism Marketing: Making a Difference in the Bahamas Health Care Industry

The Bahamas is becoming a popular destination for medical tourists who are looking for quality care at affordable prices. The country is specifically attractive to Americans and Canadians, who can take a short flight, receive their medical care, and then recover on the beautiful sandy beaches of the Bahamas.

In today’s global economy, such a success doesn’t occur by happenstance. It requires commitment. The Bahamas health care industry has shown its commitment by building the infrastructure, training its brightest students at the best medical schools, coaching its staff how to treat international patients so that they feel reassured and truly welcome, and by investing in the most modern medical equipment available.

However, being excellent at what you do is not enough. You have to be able to reach potential patients and promote your services in ways that they find understandable and helpful. Awareness doesn’t just happen. It must be generated.

Since doctors and hospital directors dedicate themselves fully to their professions, the best solution is to engage marketing expertise to help your organization generate awareness. Top health organizations know this. This is why the prestigious Bahamas Medical Center is working with The Goodness Company, leaders in medical tourism marketing to present their healthcare services to the international healthcare marketplace.

Remember, promoting healthcare services for one organization has a halo effect for all the others in that country or region. Before long people begin to associate the Bahamas with healthcare. Eventually the Bahamas may begin to occupy a “top of mind” status when people think about cosmetic surgery, bariatric surgery or even orthopedic surgery. The Goodness Company, and their team of medical tourism marketing professionals continues to help the Bahamas healthcare industry achieve these goals.

Top Ten Reasons To Choose Bahamas Medical Center from The Goodness Company.

Giving Access to an International Market

For the Bahamas medical care industry, the United States and Canada were obvious markets, but it’s not always that simple. A qualified medical tourism marketing agency can help identify not only primary national markets, but specific demographic groups as well.

Even after selecting your target market, there are many questions that need to be asked and answered to develop a strong medical tourism marketing campaign. The Goodness Company has helped the Bahamas Medical Center save time and improve their processes by having the experience and knowledge to ask and answer the questions that matter. What are the top target cities to promote Bahamas medical tourism? Is public relations an important part of medical tourism marketing? What are the benefits of relationship marketing for medical tourism success? The answers to these and hundreds more medical tourism marketing questions are critical for success. Experience and knowledge count. The Goodness Company has the answers and the experience to provide clients with a clear competitive advantage in the medical tourism marketplace.

Custom Medical Tourism Marketing Strategies

Marketing is much more than advertisements and commercials. It requires a planned, coherent strategy that will work in the short, medium and long term.

A marketing strategy for medical tourism involves many complex inter-related aspects: marketplace positioning, branding, prices and payments (form, currency and time), authoritative information about services and procedures, delivery of services, promotions, marketing channels, effective web and media presence, tracking of effectiveness, etc. The Goodness Company has helped the Bahamas Medical Center develop a strategy that works.

Translating Your Concept Culturally

Different cultures have different values and different ways of approaching healthcare. What is normal in one culture can be taboo or offensive in another. Since 1994, The Goodness Company has been developing global healthcare marketing solutions. Over the years, the medical tourism marketing team at The Goodness Company has come to understand many of the differences and valuable similarities between cultures in target markets. For example, The Goodness Company helped The Bahamas Center team understand the value and attraction of their warm island approach to personal and friendly healthcare. It is this attribute and approach to patient service that makes American and Canadian customers feel comfortable and reassured.

Even the best of hospitals and clinics can’t do it all alone. It takes teamwork with an experienced marketing agency that has a commitment to success in marketing medical tourism. The Goodness Company has demonstrated that commitment as a leading global healthcare marketing agency. We welcome the opportunity to discover what makes your program different and better and to help you successful market your healthcare brand to the world.

Contact Patrick to discuss availability and pricing to speak at your upcoming event. Email: patrick@goodnesscompany.com

Medical Tourism Marketing: How to Develop a Medical Tourism Marketing Budget

Medical Tourism Marketing

Medical Tourism MarketingThis past month, while consulting with a group of hospital CEOs and CMOs from around the world, we focused on developing medical tourism marketing budgets for 2013. While a few of these executives were seasoned healthcare marketing professionals, most were fearful of the marketing budget process because they didn’t understand the dynamics of planning, implementing and tracking an international healthcare marketing campaign.  In this article, we’ll demystify the marketing budget development process making it easier to plan and execute successful healthcare marketing campaigns.

In many industries, administrators are accustomed to setting the marketing budget as a percentage of revenue benchmarks.  According to Go-to-Market Strategies, “30% of companies spend between 3-5% of revenue on marketing, with 45% spending over 6% (most of those between 6-10%).”

Developing a marketing budget for a new medical tourism venture can be particularly difficult, because the first step is to develop a projected revenue goal then base your marketing budget on this goal.  A new medical tourism company also requires significantly more customer education than an established company does.  New ventures can expect to spend approximately 20% of targeted revenues to fund marketing programs during the first two years of marketing development. Underfunded marketing is a leading cause of business failure during the critical initial three years of operation.

In general terms, if a company decides to follow a ‘percentage of revenue’ approach, then 8-10% of revenue should be spent on marketing, with roughly 5% allocated to labor (marketing department or marketing agency) with the remaining balance of 3%-5% being allocated to media expenditures.  The following factors will help you determine a more accurate percentage to dedicate to marketing.

  • How mature is your market? (Are you in an established or new market?) (New markets require more investment for educating potential customers.)
  • Is your company recognized in your industry (Is your organization new or an established business?  Do you have a recognizable brand?) (For example, successful first year international medical tourism marketing programs must invest in branding to establish confidence and credibility.)
  • How fast do you plan to grow? (Plan for a larger budget to support aggressive patient acquisition goals.)

Experience Makes a Difference:

With experience comes confidence.  As the director of a healthcare marketing agency with nearly 20 years of regional, national and international healthcare marketing development, we have the experience and data  about where and when to spend our client’s marketing money to achieve optimal results.  We know what works and what doesn’t.  We work with our clients to set revenue targets and we know precisely what we have to do to reach those targets.

As Socrates said, “Wisdom begins with a definition of terms”.   So let’s discuss some important terms prior to discussing the medical tourism marketing development process:

Marketing Qualified Lead: (MQL) is a prospective patient that has indicated interest in your organization. At this stage of patient development, you can’t be certain if they are qualified to purchase. An MQL must be further qualified before moving them forward along the sales development chain.

Sales Accepted Lead: (SAL) is a lead that has been formally accepted by your sales team.  Generally your team should be given a set period of time to develop this lead into a sale.

Sales Qualified Lead: (SQL) is a lead that has evolved into a strong possibility for closing.  These leads have the greatest opportunity of becoming patients.

WIN: This is when a lead becomes a patient.

Case Study:

Let’s review an example which will make the marketing budget process easier to understand and implement.

Medical Tourism Hospital X:

2013 Revenue Targets by Quarter: Hospital X wants to earn $1 million per quarter ($4 Million Total Annual Revenues)

Average per Patient Revenues:  $40,000 (It will take 100 patients at $40,000/each to reach the annual revenue goal of $4 Million)

Marketing Stage Conversion Rates: (These conversion rates are for demonstration purposes only and are not to be used for marketing planningConversion rates vary greatly by organization and by case.)

Inquiry to MQL:  50%: (50% of Inquiries will become Marketing Qualified Leads)

MQL to SAL:  50%: (50% of Marketing Qualified Leads will become Sales Accepted Leads)

SAL to SQL:   50%: (50% of Sales Accepted Leads will become Sales Qualified Leads)

SQL to Win:  50%:  (50% of all Sales Qualified Leads will become Patients.)

Time between stages (Days)

Inquiry to SQL:     120 days

SQL to Win:   90 days

(In this scenario, it would take 210 days from the initial patient inquiry to earning the patient’s business.)

If we set the hospital revenue target for medical tourism at $4 Million in 2013, this would give us a quarterly revenue target of $1 Million.  If the average patient spends $40,000, Hospital X will need to close 25 deals per quarter (25 X $40,000) to reach the target revenue goal.  Let’s work backward to get our sales lead totals:

  • To close 25 new patients, Hospital X will need to generate 50 SQLs (SQL to WIN rate is 50%).
  • To get 50 SQLs, Hospital X will need to generate 100 Sales Accepted Leads (SAL to SQL rate is 50%)
  • To get 100 SALs, Hospital X will need 200 Marketing Qualified Leads (MQL to SAL rate is 50%)
  • To get 200 MQLs, Hospital X will need 400 Inquiries

In summary, Hospital X will need to generate 400 inquiries for every 25 new patients won. The key to success is in knowing your numbers.  The better you know your closing numbers, the more successful your medical tourism marketing program will be.

Now comes the tricky part.  Deals take time to close. If you generate 400 inquires this month, they won’t close for approximately seven months.  It’s critical to look at the days between stages (known as  “velocity”) to understand when you will need inquiries and SQLs to make your quarterly revenue goals.   Inquiries generated today will result in SQLs in four months, and won patient business in seven months.  Because a dental provider or cosmetic surgery center may have a faster closing ratio than an orthopedic hospital or heart surgery center,  it is important to understand the dynamics of your lead development process to best plan for your revenue goals.

Finally, we arrive at the budgeting development piece of the puzzle.  This is where we discover how much marketing investment is required to generate the necessary number of inquiries that in turn leads to won patients. This is where you will need the help of an experienced media marketing agency that knows and understands the optimal marketing strategy and media tools to generate the most inquiries for the least amount of investment.

With established healthcare businesses, one can look to the previous year’s numbers to plan for the upcoming year.  If last year it cost you $250 per inquiry, this year you will need to invest $100,000 to generate 400 new patient inquiries…which (if your metrics are correct) should drive $1 Million in new patient business.  If it only cost you $100 per inquiry last year, you should plan to invest $40,000 to generate 400 new patient inquiries.  By lowering your cost per inquiry and/or increasing your marketing investment, you will be able to generate more leads and increase sales.

With new businesses, this process can be very complicated, because one must factor in the expense of patient education as well as branding and marketing tools, which can often double the needed first and second year marketing investment.

This planning and measurement process is part of a much larger marketing strategy called Revenue Performance Management (RPM), which utilizes critical data to maximize marketing performance.

If your numbers are correct, they won’t lie. 

If your numbers are incorrect, they will never tell the truth.

Medical tourism marketing development numbers will vary by organization. No two hospitals or healthcare organizations are exactly alike. Do you know your “lead to closing” numbers?  If not, you will need to experiment to refine and hone your marketing process lead development program.

There are many healthcare consulting firms that understand the healthcare market, but yet they know very little about the dynamics of international healthcare marketing.  While knowing the theory is a good start, practical “hand’s on” medical tourism marketing experience makes the difference between a marketing program that looks good on paper, and a marketing program that drives needed results.

Successful marketing starts with planning!  Don’t make the mistake of limiting your marketing budget to obvious costs such as advertising, website development, public relations, trade shows, brochures, promotions, etc.  A comprehensive marketing program includes planning, tool development, creative strategy, media marketing, external communications and ongoing monitoring and tracking of your marketing efforts.

Marketing is not a science.  While this article outlines some effective healthcare and medical tourism marketing guidelines, a successful marketing campaign is predicated on real world experience.  When choosing a medical tourism marketing partner, select a dedicated marketing agency with critical international healthcare marketing experience.

The world of global healthcare and medical tourism is filled with opportunity.

Plan wisely.  Execute precisely.  Track closely.