Clarification of Financial Management
There are very few industries that have the unique economic factor in which the majority of its revenue does not come directly from the customer, but from a third party. This unique economic factor is usually referred to as a private healthcare insurance company. Third party payers are the commercial, governmental, and healthcare maintenance insurance companies that help providers manage its patient's accounts.
To increase referrals, Verybest is beginning to develop a new marketing campaign for the assisted living and home health agencies business. You have been asked by the CFO to converse with the marketing director indicating the importance of having advertising materials for both the health insurance companies and the patients who receive the healthcare services. List three marketing approaches you would use to target potential patients and healthcare insurance companies. Explain what factors you used in choosing your specific marketing strategies and the purpose of each selection.
Some marketing strategies may include the following:
find a way to be unique and different
add value by bundling services
direct marketing
television
telemarketing
market to existing customers and referrals
Objective: Discuss the role of third parties in health care revenues and expenditures.