White PaperPhysician Relations

Hidden Costs of Not Using Physician Relationship Management (PRM)

“Do we really need a PRM?” A physician relationship management system, integrated with referral data analytics, is an essential tool that provides a high level of market insight. Organizations that choose not to use a PRM will be left stumbling in the dark in a highly competitive market.

In this white paper learn the following costs of not using physician relationship management:

No Measurable Growth or Improvement

Setting goals and tracking progress is key to improvement in any industry or life endeavor. Zig Ziglar, a successful salesman and motivational speaker once said, “A goal properly set is halfway reached.” In order to set and achieve goals, however, you need a way to quantify and measure improvement.

Lack of Market Insight

In physician relations, market awareness and business intelligence are critical. If you have a clear idea of who physicians are referring their patients to, you can effectively prioritize individual physicians in your outreach efforts.

Lack of Accountability

Carrie Vaughan of HealthLeaders Media notes “The goal of improving physician relations is healthcare’s equivalent of New Year’s resolutions, like spending more time with family and friends, quitting smoking, or losing weight. They’re all worthy endeavors, but they’re often doomed to fail because they lack sufficient planning, accountability, and support.”

Lack of ROI Visibility

C-suite executives want to know that outreach efforts are paying off through more referrals, higher retention rates, and increased revenue to the facility.

Wasted Time = Wasted Resources

According to Teletracking, “The Institute of Medicine says 30 cents of every medical care dollar is wasted. That totals $750 billion per year. We calculate that 10 cents on the dollar, or $250 billion, is the result of wasted time.”

“When integrated with market share data, a physician relationship management (PRM) system can offer a watchtower view of what’s happening within and around your organization—while at the same time, providing a platform for fluid collaboration throughout the team. This is the sort of insight and workflow that lead to better physician retention, increased patient referrals and long-term growth.”