Creating & Growing Successful Sleep Service Niche Markets. Focus - Bear Mountain Conference October 30, Why New Revenue Sources Are Needed!

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1 Creating & Growing Successful Sleep Service Niche Markets Focus - Bear Mountain Conference October 30, 2013 Dr. Duane Johnson Senior Partner Sleep Center Management Institute 2009 SCMI. All Rights Reserved. Why New Revenue Sources Are Needed! 1. Lower reimbursement pressures 2. More regulations 3. Greater sleep lab competition 4. Current national economy woes 5. Protect existing referral and patient relationships 6. Attract more patients and new referral sources 7. Increase financial results and future business security Sleep Market Is There! An abundance of sleep patients are in your community! Potential patients are expressing their sleep complaints in medical offices, hospitals, dental offices, and many other healthcare environments. For Example: 1. Cardiology 2. Dentistry 3. Obstetrics/Gynecology 4. Pain Medicine 5. ENT 6. Psychology/Psychiatry 7. Outpatient Surgical Centers 1

2 Opportunities to Increase Patient Volume Still Exist Select and focus on several sleep service niches Utilize home sleep studies, PSG, CBT s and group sleep services Provide evidence-based, measured outcome data and testimonials Create and implement a cost effective referral attraction program Are You Focusing On Any Of These Revenue Sources? 1. Oral Appliance Therapy for CPAP failures 2. Cardiology/Catherization Screenings 3. Sedation Apnea Management (SAM) Screening and Service 4. Home Study Primary Care Ventures 5. Pain Clinic Services Are You Focusing On Any Of These Revenue Sources? 6. Weight Loss Clinics/Bariatrics 7. Diabetes Specialty Sleep Initiatives 8. Business and Industry Safety Programs 9. Insomnia Programs 10. Women s Sleep Services 2

3 What does your marketing plan look like? 7 Sleep Lab Attraction Quiz Is there a written sleep lab marketing plan? Yes No Has your sleep team done a focused walk through the sleep lab in the patient s shoes internal audit in the last twelve months? Yes No Has a member of your sleep team contacted each of your top twelve referral sources for their feedback within the last six months? Yes No 8 Sleep Lab Attraction Quiz Have you had a sleep patient focus group provide feedback within the past twelve months? Yes No Does your sleep lab have a website? Yes No Is there one team member designated and accountable to monitor and grow your sleep lab s street appeal? Yes No 9 3

4 Quiz Results Key: Yes s 5-6 Excellent! Get even better! 3-4 Good! But missing a lot of opportunity 1-2 Poor. Needs immediate attention and commitment! 10 What is Marketing? Marketing is a DIALOGUE! Marketing is EXPOSURE Internal & external communications Build a reputation in your marketplace Create awareness among physician referrals Compete against other sleep centers and labs Marketing is also EDUCATION Teach physicians about the effects of sleep disorders within their specialty Educate the public on the symptoms of sleep disorders and the benefits of good sleep hygiene 11 What is Marketing? Marketing is A CONTINUOUS PROCESS RESEARCH MEASUREMENT The Process of Marketing STRATEGIC PLANNING ACTION 12 4

5 Why Market? Attract more patients and referral sources Protect existing patient and referral relationships Beat competition Build your reputation Achieve financial goals Negotiate better reimbursement rates with MCOs Increase patient compliance rates Strengthen relationships with staff Support your community 13 Six Must Implement Attraction Principles Passion for Mission - You ve got to believe in it! You cannot NOT market Marketing is a Continuous Cultivation Perception Rules the world, not facts Consistent Communication is Key to Successful Relationships Action Produces Results! 14 Target Markets Don t waste your marketing efforts by trying to be all things to all sleep patient markets. Concentrate on one or a few sleep market segments. 15 5

6 What is a niche? Webster s dictionary says a niche is: a place, employment, status, or activity for which a person or thing is best fitted ; a specialized market 16 The Basics of Marketing Update Marketing Plan Change based on results Research Strategic Planning Implementation Measurement Analyze Results Gather Information Market Analysis Competitive Analysis Managed Care Review Industry Overview Create a Marketing Plan Set goals & objectives Select marketing strategies Identify marketing tactics Take Action Implement marketing plan Measure Your Efforts # of new patients # of new referrals Increase in patient flow Staff performance 17 One Plan DOES NOT Fit All Marketing Planning Segmentation Patients Referrals Staff MCOs Positioning Positioning Positioning Positioning Marketing Strategy Marketing Strategy Marketing Strategy Marketing Strategy 18 6

7 The Basics: Your Brand Your Brand Includes: Market positioning Logo Tagline Tagline Modifier NAME OF CENTER: MARKET POSITIONING: LOGO Sleep Solvers Quality. Comfort. Trust. TAGLINE TAGLINE MODIFIER 19 The Basics: Directory Listings Yellow Pages Medical Directories Online Directories Search Engines Yahoo Google MSN 20 The Basics: Website Informs, educates and PERSUADES Explains your services Showcases experience and credentials of staff Answers questions of potential patients Attracts new referral sources Conveys quality and level of service CAUTION: Your website is NOT an online brochure! What will keep your patients and referral sources coming back? 21 7

8 Sleep Website Tips Be easy to read Have conversational format Be easy to navigate Have substantial/helpful sleep information Offer confidential , informational resource Simple way to contact your sleep lab for appointment or more information 22 More Techniques of Marketing Word-of-mouth Marketing Asking for a Referral Patient Satisfaction Surveys Direct Mail Introduction of center (lab) + free consultation offer Welcome Kit Postcard appointment reminder Thank you for visiting our center (lab) Asking for Referral Patient reactivation (new services announcement) 23 Action More Techniques of Marketing Online Marketing Website Search engine optimization Key words campaigns Newsletters/Blogs Sponsor events and activities that relate to sleep. It is your opportunity to educate the public. 24 8

9 More Techniques of Marketing Public Relations Column in local paper Regular press release distribution Articles in sleep & sub-specialty publications Speaker on relevant news / talk radio Panelist on relevant discussion topics 25 Action More Techniques of Marketing Special Events Open House Educational in-service meetings Speaking engagements Free seminars Community Outreach Sponsorship of foundation & charity events Active participation in relevant support groups Active participation in business associations Advertising Print Radio Television Online Billboards 26 Time Tested Marketing Promotions You Can Easily Do Visit regular and potential referral sources Provide patient sleep screening for family medicine groups at their practices Consistently provide once a month lunch and learn at selected group practices in your area Return sleep study result reports to referring physicians within 48 hours. Always assure you will return their patients to them Ask patients for referrals Offer a sleep health and disorders program to your community in a community meeting room at a library, VFW, church or other available meeting venue 27 9

10 Time Tested Marketing Promotions You Can Easily Do Speak to civic clubs (Rotary, Lions, etc.), PTA s, churches, special interest groups, medical rounds. Provide sleep screenings in churches, synagogues, shopping malls Write special sleep article or column for community newspapers, neighborhood publications Advertise your website with special, confidential sleep evaluation quizzes and inventories. Do community sleep health spot on local radio and TV stations 28 Action Enhancing Your Referral Network Identify your best source of referrals Review existing referral sources Identify new referral sources Geographic location Sub-specialties Community Hospital REFERRAL DATABASE 29 Action Enhancing Your Referral Network Marketing Liaison Build relationships with referral sources Educate on sleep Host educational in-service meetings Create joint marketing opportunities Multi-specialty promotions Brochure Website linkage programs Special events 30 10

11 Referrals Are Relationships! Determine Referral targets Must know what % each is Referring to You Have a referral tracking database in place I.D. the source of EVERY referral Know # of referrals from each source Cultivate referral sources you want with targeted market outreach efforts meet their needs Success does not just happen, it requires intentional and continuous cultivation of referral sources Measurement Measuring Your Success Spend your promotional dollars wisely Based on goals Based on capacity Based on market need MEASURE every tactic Establish metrics for all marketing programs Track the success / failure of programs Understand your Return On Investment (ROI) RE-EVALUATE EVALUATE your programs regularly What may work for others may not work for you Discover your best practices Use findings to refine marketing programs 32 Don t need more knowledge, need more DOING! ACTION PRODUCES RESULTS! 11

12 Questions? Should you find that you have additional questions about after this program please feel free to contact SCMI at Or visit our website at SCMI. All Rights Reserved. 12