Are your healthcare providers spending more time on the road? Perhaps you need a safer way to check-in patients? Mapping and navigation technology that seamlessly connects to your Epic electronic medical records (EMR) system can help you optimize your processes, allowing your healthcare staff to put the focus where it counts—on your patients.
However, to accomplish your goals, you need to get your stakeholders on board. Demonstrate a return on investment (ROI) for geomarketing by calculating the value of a solution, such as MapQuest for Business, and delivering a solid business case. This post will examine why geomarketing is necessary for the healthcare industry, explore ways to measure the ROI of geospatial marketing solutions and talk about how you can make a successful business case.
Why is Geomarketing Important for Healthcare?
Location intelligence delivers two immediate benefits to the industry: a reduction in mileage expenses and improved patient experiences. Each advantage positions your healthcare system to service a larger patient population at a lower cost.
Map routing is time-consuming. And caregivers want route data in the palms of their hands, not outdated printouts. But finding a solution that integrates with your EMR isn’t easy. Fortunately, tools like the MapQuest for Business Directions API connect to your software, saving providers time and returning their focus to your patients.
Moreover, clients also expect personalized care and frictionless experiences. Geomarketing helps them find your locations quickly and feel safer during check-in. Partnering with the right vendor can solve some of the biggest problems facing your organization.
How Can You Measure the ROI of Your Geomarketing?
To calculate the ROI of geomarketing, subtract your total costs from your revenue and divide the result by your expenses. Then multiply the result by 100 to get your ROI percentage. With accurate figures, the following formula can help you realize the value of location-enabled geospatial solutions:
- ROI = (Gain from Investment – Cost of Investment) / Cost of Investment
Healthcare Geomarketing Investment Gains
The return on your geomarketing investment extends from patient experience improvements to operational efficiencies. To get a clear idea of how MapQuest for Business increases your revenue, look for financial benefits in areas such as:
- Market reach: Assess potential growth realized from enhanced targeting capabilities
- Operations: Examine how increased efficiency can lessen overall costs
- Patient loyalty: Evaluate gains from a rise in loyalty from meeting patient expectations
- Integrations: Explore additional savings through EMR integrations
- Mileage and time: Reduce reimbursement costs by optimizing routes
- Compliance: Maintain patient data privacy regarding HIPAA regulations and avoid penalty fees
Costs of Healthcare Geomarketing Investment
Your geomarketing ROI will be lower during the first month of implementation, so it’s essential to look ahead and estimate costs for future timeframes. Initial and ongoing costs of using location-based services include:
- MapQuest for Business system customization and implementation
- Marketing and advertising costs of using data and context to create experiences
- Geomarketing administrator training
- Subscription and maintenance expenses
Determine the ROI of Geomarketing for Your Healthcare Facility
Add your gains and costs, then put them into the formula to discover your geomarketing ROI. For example, a small hospital may build a geocoding solution costing an estimated $200 per month. In return, they save $500 from route optimization efficiencies and earn $700 from effective advertising tactics.
Using the formula, we can see that the healthcare facility saw a return on investment of 500%, allowing them to increase revenue while using their existing EMR system with a minimal learning curve for employees.
Making a Business Case for Geomarketing
Healthcare systems need to keep up changing patient expectations while extending their reach to find and serve diverse patient populations. MapQuest for Business supports your healthcare teams and clients while helping you meet revenue goals. However, it’s vital to get the backing of leaders and staff. Include these points in your business case:
- Demonstrate confidence by having the right strategy
- Provide thorough ROI data showing potential benefits
- Decide on a timeline to implement your geomarketing solution
- Walkthrough how EMR integrations help you future-proof your organization
- Explore the consequences of not using MapQuest for Business
- Examine the added value of using mature APIs and a reputable partner
Achieve an ROI on Geomarketing at Your Healthcare Facility
Healthcare organizations must pivot to meet the needs of today’s patients. But it’s also important to give your care teams access to the tools that simplify their workday. MapQuest for Business helps you put a solution in place that produces a return on your investment while enhancing operations. Find out how geomarketing can satisfy your healthcare organization’s goals by emailing us at info@MapQuest.com or calling 1 (800) 827-7950.
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