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Marketing Should Be Measured By Finance

Posted May 15 2012 8:42am
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Posted by: on May 15, 2012 |

Healthcare Association of New York State (HANYS) issued a white paper Healthcare Social Media: Getting Executives on Board, authored by Michael Pauley. This is an excellent resource for discussions with senior leaders about the new digital world that we live in.

As a case in point about the value of this white paper , Healthcare Finance News discussed it in this article  titled The Seven Keys to Getting Healthcare Execs on Board with Social Media. In the article I am quoted several times, but the most controversial is in point #6 where I state that marketing should collaborate with and be measured by finance.

I’ve received a few angry emails about that one.

Those that follow me in healthcare marketing know that my consistent rant is marketing should contribute to financial sustainability in a way that is measurable by finance. This collaborative relationship between marketing and finance will bring increases in bottom line contribution margin.

Unfortunately, those two groups rarely collaborate transparently in healthcare organizations. In fact, there is downright animosity and distrust in many organizations. Finance labels marketing as useless overhead, and marketing labels finance as unwilling to take an honest look at the high-contribution volume attributable to marketing programs.

I believe that the sooner marketing and finance collaborate in the spirit of common goals and expectations, the more the healthcare system will prosper. I have more to say on this topic and am happy to discuss this at anytime, but I am short on time because I have some Israelis and Palestinians to help right now…

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