Increase Hospital Reimbursements by Marketing to Reduce Costs

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Medication ComplianceWith the shift of reimbursement payment practices, hospitals are looking at all options and best practices to improve quality care and reduce costs.

As marketers we can help increase revenue, but can we also help cut costs and improve care?  Sure we can. Many hospitals have already done this with hand washing campaigns that resulted in significant increases in compliance and reductions in infection rates.

 Another costly compliance issue involves patients and their prescription medication. I knew that medication compliance was a significant problem, but did not realize just how much until I saw the following numbers. A CVS Caremark study determined that medication adherence saved the healthcare system $1,200 – $8,000 per patient annually.  Unfortunately nearly 40% of insured people DON’T take their medication as prescribed.

Improving medication compliance won’t be easy and will probably require action from many public and private entities.  It does seem that hospital owned physician practices and hospitals could have a significant impact on this problem by providing educational materials, tools, and campaigns to their patients. A recent Health Research Institute study said that 57% of patients place a high value on education they receive during a visit . So they are primed for medical information, all you need to do is give it to them.  It may help them stay healthier, improve satisfaction levels and reduce readmissions.

Are you marketing medication adherence or other healthcare cost savings initiatives?  If so, I would love to hear about what you are doing.

 

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