Hidden Costs of Not Using a Physician Relationship Manager (PRM)
“Do we really need a physician relationship manager (PRM)?” Utilizing technology to manage physician relationships has gone from being a luxury to an absolute necessity. A PRM, integrated with referral data analytics, provides a high level of market insight. Organizations not using a physician relationship manager face several hidden costs that can significantly hinder their growth and success.
In this white paper learn about these 5 costs of not using a physician relationship manager:
1. No Measurable Growth
Setting goals and tracking progress is critical for improvement across any industry, including healthcare. A PRM system provides the tools necessary to quantify and measure growth effectively. By monitoring contacts, leads, physician visits, new hires, and physician satisfaction, a PRM centralizes vital data that allows organizations to analyze their outreach efforts comprehensively.
2. Insufficient Market Insight
Understanding market dynamics is essential in physician relations. Without this insight, outreach efforts may be misguided or ineffective, like navigating through a dark house without knowing where the doors are located. This lack of clarity can lead to missed opportunities and costly mistakes.
3. Absence of Accountability
When tasks related to contacts and follow-ups aren’t clearly assigned within your team, accountability diminishes quickly. Issues may remain unresolved as staff members struggle to identify responsibilities for various tasks. This can lead to confusion and inefficiency over time. A PRM helps assign specific physicians or initiatives to team members while tracking progress in one centralized platform — ensuring everyone knows their roles.
4. Lack of ROI Visibility
Executives require clear evidence that outreach efforts translate into tangible results such as increased referrals and higher retention rates. Without a PRM in place, demonstrating the direct impact of your physician relations activities on organizational growth becomes challenging at best — and nearly impossible at worst. Providing tangible metrics is essential for showcasing success in these areas.
5. Wasted Time & Resources
Failing to implement a PRM can lead to a significant waste of both time and resources in your organization’s operations. For instance, tasks such as copying physician information across multiple files or transferring notes from meetings consume valuable personnel hours. This time could be better spent on strategic initiatives rather than administrative overheads.