Techniques to Generate Revenue: Monetizing the Eyeballs in Your Hospital
Most of the topics I have written about on this blog have been about how to save hospitals money, but in reality, the real goal is to increase their overall performance. So instead of listing out another purchased services area to help save your bottom line, today we will discuss an interesting way to increase top line revenue within your hospital by showing you the marketing value of the crowds of people walking through your organization every day.
The concept of creating opportunities for revenue out of something intangible is called monetization. This is the crux of all advertising, and the reason why companies are willing to pay tens of millions of dollars for 30 seconds of airtime during the Super Bowl. When consumers are watching, there’s money to be made. To see this in action, look no further than the company MainSail; their expertise in this area makes them one of the best in the business at monetization.
Opportunities for Monetization
Partnering with corporate brands in your hospital can create opportunities for revenue generation outside of the methods typically seen in the health care industry. Using recognizable brands and ad placement in your hospital's food court, for example, can generate revenue from your corporate brands without the need to create additional infrastructure.
You likely already have brand placement on menu boards, vending machines, ATM's, etc. within your hospital. Are you getting paid for that? This doesn’t mean you have to plaster advertisements over every wall of your clinic, but agreeing to (for example) only provide one beverage manufacturer's line of products (like Coke or Pepsi) with one of their corporate logos strategically placed can net you significant income. In other words, think about how a stadium or arena creates impressions for brands...hospitals can do the same (within limits).
These options not only provide sponsorship revenue from the partnership with corporate brands, but also offer opportunities to provide services for the people in your facilities that make them feel more valued by you. As any customer service or marketing team can attest, the importance of your clients feeling valued can’t be overstated, and can lead to further revenue down the road. In situations where these products are supplied directly from the corporations themselves, your own health care savings can be increased by the lessened need for independently purchased products.
Making Monetization Work For You
Some health care providers may balk at the idea of mixing health care and corporate advertising, but the plain fact is that administrators concerned with the operating costs of their facility can benefit from the revenue that advertising can offer (if it is done in a manner that's supportive of the hospital's mission of care). Contracting with corporations to display products and logos needn’t be as obtrusive as it sounds on paper, and much of the generated revenue comes at little cost to the hospital itself.
This revenue can then be leveraged into services and goods that increase the quality of the patient experience. When it comes to appropriately monetizing the messaging to your constituents on site, the benefits are numerous for all involved. Your clinic generates revenue, the patient, visitor and staff experiences are improved, and your corporate sponsor receives that all-important advertising space. Preparing an effective monetization plan can help your facility reap these benefits and improve your patient experience in more ways than one.
Topics: Purchased Services