Fiscal Management in Healthcare Services

Fiscal Management in Healthcare Services

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 health care insurance company. Third party payers are the commercial, governmental, and health care maintenance insurance companies that help providers manage its patient’s accounts.

To increase referrals, Krona is beginning to develop a new marketing campaign to target a new patient mix and increase revenues, something that you discussed in your last Individual Project. You have been asked by the chief financial officer (CFO) to collaborate with the marketing director and discuss the importance of having advertising materials for both the health insurance companies and the patients who receive the health care services.

• List 3 marketing approaches you would use to target potential patients and health care insurance companies.
• Explain what factors you used in choosing your specific marketing strategies and the purpose of each selection.
• Find a way to be unique and to add value by bundling services.
• Some marketing strategies may include the following:
  • Direct marketing
  • Television
  • Telemarketing
  • Market to customers and referrals

In addition, you recognize that your contribution to the organization would improve if you joined an association for health care management professional.

CHOOSE ONE ASSOCIATION that you feel would increase your knowledge in finance, auditing, compliance, or other related area, and discuss the benefits that your affiliation with that organization would bring to Krona Hospital. Also, provide a brief history of the organization, and discuss if they offer professional certification.