Neil H. Baum, MD, presented “The Future of Medical Marketing” for the Grand Rounds in Urology audience in April 2022.
How to cite: Baum, Neil H. “The Future of Medical Marketing.” April 2022. Accessed Jul 2024. https://grandroundsinurology.com/the-future-of-medical-marketing/
The Future of Medical Marketing – Summary
Grand Rounds in Urology Contributing Editor Neil H. Baum, MD, Professor of Urology at Tulane Medical School, gives 8 suggestions for marketing and promoting a medical practice in 2022. He begins by saying that old methods of promotion are no longer effective since the internet has “leveled the playing field” and patients now have as much information as physicians. Dr. Baum then lists his suggestions, starting with embracing telemedicine, which he says provides safe and effective care while allowing practices to reach new and untapped markets. Next, he recommends using video marketing, since people are 4 times more likely to watch a video than read an article, and search engine optimization (SEO) algorithms prioritize video content. Dr. Baum also suggests using psychographic marketing which, unlike demographic marketing, identifies the attitudes and mindsets of patients. He follows this by recommending a focus shift from illness to wellness, explaining that the current healthcare system focuses on symptoms and illness and is inherently reactive, while a wellness-focused practice is proactive and able to identify early transitions from wellness to disease. Dr. Baum then considers the benefits of personalized marketing and personalized medicine, highlighting the utility of the right patients receiving the right messages. He brings up the use of virtual assistants, noting that tools like Amazon’s Alexa can conduct various healthcare tasks, from tracking glucose levels to helping patients with parking at the office. Dr. Baum’s final marketing and promotion tips include carefully managing a practice’s online reputation, and embracing artificial intelligence in healthcare marketing. He notes that a practice’s marketing budget should be about 3-5% of gross revenues, and he suggests getting marketing assistance from firms with medical experience. Dr. Baum concludes that if practices want to be around in 3 to 5 years, they should consider implementing a few of these ideas.
For more commentary on practice management from Dr. Baum, visit his Improving Your Urology Practice page.
ABOUT THE AUTHOR
Neil H. Baum, MD, is a Clinical Professor of Urology at Tulane Medical School in New Orleans, Louisiana. He is also a retired urologic surgeon. Additionally, Dr. Baum serves as the Medical Advisor to Vanguard Communications Group. Dr. Baum is the author of Marketing Your Clinical Practice - Ethically, Effectively, and Economically, which is in its 4th edition, has sold over 175,000 copies, and has been translated into Spanish. He also wrote The Complete Business Guide to a Successful Medical Practice, which was published in 2015. Dr. Baum was the columnist for American Medical News for more than 25 years. Dr. Baum also wrote the popular column, “The Bottom Line,” for Urology Times for more than 20 years. He is a requested speaker each year to the Practice Management Seminar for the American Urological Association (AUA), where he discusses techniques for making urology practices more efficient and more productive. He has written more than 9 books on practice management and over 250 peer-reviewed articles on various urologic topics. Dr. Baum is also the medical advisor to Vanguard Communications Group.
