MADISON, Wis.–(BUSINESS WIRE)–CPM Marketing Group, Inc. a leader in Customer Relationship Management (CRM) solutions for healthcare, has released a white paper to help healthcare providers better understand and calculate the lifetime value (LTV) of patients. The document is based on decades of experience and success in the healthcare industry with more than 200 clients nationwide.
Marketers across all industries are always looking for ways to effectively allocate their resources and increase return on investment. “ROI is not limited to the immediate revenue generated. Building relationships with patients can also prove fruitful,” explains John Hallick, CPM president and CEO.
This paper explains how LTV can be applied to healthcare, showing how to calculate patient equity so that it can be reconciled by the CFO. The method for calculating LTV in healthcare is similar to other industries. For example, the retail, financial services and telecommunications industries, among others, use historical customer behavior. In healthcare it is more accurate to use the average patient lifetime hospital expenditure. The document also discusses applying LTV to increase the chance of acquiring and retaining a patient for life and therefore improving the bottom line.
About CPM Marketing Group Inc.
CPM Marketing Group Inc., headquartered in Madison, Wis., is a pioneer in the development of Customer Relationship Management (CRM) solutions, including database development, intelligent healthcare marketing systems and predictive market segmentation. CPM’s integrated solutions allow healthcare organizations to maximize their customer relationships through market analysis, strategic planning and targeted personal communications. The foundation is an accessible, customer-centric database that includes comprehensive individual and household data. CPM’s suite of software tools provides easy and secure access to the data for individual snapshots of patients and health consumers on a segment-of-one basis. For more information, visit www.cpm.com, call (800) 332-2631 or e-mail [email protected].