Have you been in this meeting? It's budget time. Marketing says it is contributing financially to the organization. Finance asks, "How?" After 30 minutes of back and forth, the stalemate ends in less than a draw. No one wins, especially the health care system.
For decades health care organizations have wrestled with developing standardized guidelines for measuring the financial performance of marketing. In this time of accelerated accountability, it is a fact that the absence of measurable standards is no longer acceptable—for any discipline. This white paper—authored by a committee of marketing and finance experts from SHSMD and the Healthcare Financial Management Association —recommends 17 core metrics and several key actions organizations can take to more clearly quantify marketing's contribution to hospitals and health systems
"In today's environment, accountability is vital to success. The metrics in the white paper provide a comprehensive and practical way to create a critical internal discussion to help identify value and refine the marketing mix to optimize results."
- David A. Feinberg, Vice President and Chief Marketing Officer, New York Presbyterian Hospital.
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