Increasing Revenue By Over 80% Within Six Months For A Hospital
Our client hospital is the leading specialty hospital focusing on coloproctology. With proven expertise in performing advanced procedures using the latest laser techniques, it offers quick and painless treatment even for complicated cases.
We started with developing an in-depth understanding of the revenue trends, patient profile, earlier marketing initiatives and also the competitive landscape. Based on our analysis, we prioritized and implemented quite a few initiatives to boost the top line.
Carried Out Price Revision
Our study of tariff structure for different services under this specialty across leading multi-specialty and single-specialty hospitals in the city helped us realize that despite better clinical outcomes, the rates at the client hospital were unnecessarily discounted. Based on our strong recommendations, the rates were revised upwards on an average by 15-20%.
Improved Financial Counseling
Observing a few sessions helped us conclude that there was significant scope to improve ‘objection handling’ during the financial counseling sessions. And since a large number of patients paid out-of-pocket, there was enormous pressure to give higher discounts. With the help of scripted conversations, training sessions and role plays with financial counselors, we helped improve the conversions, and that too, at lower discount levels.
Streamlined Call Centre & Insurance Coordination
All the leads were funneled into internal call center team, which suffered from high attrition and hence, inadequate training. We recommended outsourcing and helped identify and engage one of the leading call centre solutions providers. With a coordinated training and orientation exercise, the call center operations have improved tremendously, with less than 5% call drops, and conversion increasing by 30%
Made Digital Marketing More Productive
Given the stigma associated with such problems, there was immense potential to leverage relevant and engaging contents through digital media, which was the main source for lead generation. We closely interacted with the agencies to make certain changes in the existing website, and also arrived at themes and contents guidelines for better engagement. Periodic updates based on topical events further boosted response to the digital media campaigns.
Improved Patient experience:
To increase word-of-mouth referrals, we also studied aspects relating to patient experience. One of the high points in the existing system was a meticulous approach to first consultation. It was extremely comprehensive and focused on patient communication. To optimize main consultant’s time, we introduced a junior surgeon for the initial patient interface and final round of clinical counseling. We also streamlined the admission process and reduced the overall discharge time by more than 50% resulting in vastly improved patient feedback.
These interventions helped us deliver over 80% increase in revenue within six months. Even more encouraging that the client team is well poised to ensure continued growth in top line.