Last updated on 2024年6月28日

How do you align your yield management goals with your clinical and operational objectives in healthcare?

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Yield management is the process of optimizing the revenue and profitability of a service or product by adjusting the price and availability according to the demand and supply. In healthcare, yield management can help you balance the competing goals of providing quality care, maximizing occupancy, reducing costs, and increasing patient satisfaction. But how do you align your yield management goals with your clinical and operational objectives in healthcare? Here are some tips to help you.

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Peter Albright
Ricardo Chang

| Strategic Business Manager | BDM | Sales & Commercial | B2B & B2C | Disruptive Innovator | Mentor
Sandeep Kumar

Hotel Manager- JW Marriott Grosvenor House, London

1 Understand your demand patterns

The first step to align your yield management goals with your clinical and operational objectives is to understand your demand patterns. Demand patterns are the fluctuations in the volume and type of patients that you serve over time. They can be influenced by factors such as seasonality, holidays, epidemics, weather, referrals, marketing, and insurance policies. By analyzing your historical data, you can identify your demand patterns and forecast your future demand. This will help you plan your capacity, staffing, scheduling, and pricing accordingly.

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Dr. Kumar K - MD (AM), MPC, PGPC

Mental Healthcare & Well-being, Lifestyle Coach, Guide, Mentor, Morale Booster, Problem Solver, Talk Therapist | Performance Marketer, Growth Advisor, Startup-Micro-Small-Medium-Big Business Consultant
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Prioritize patient well-being & quality care. Focus on maximizing resource utilization (beds, equipment, staff) maintaining financial stability. Don't prioritize revenue over patient needs. Use YM strategies to improve access to care, not restrict it. Use data analytics to identify underutilized resources & develop strategies to optimize their use without compromising patient care. Involve clinical staff (doctors, nurses) in YM discussions. Implement flexible scheduling options to accommodate both urgent & non-urgent patient needs. While optimizing patient mix is important, avoid cherry-picking patients based solely on profitability. Clearly communicate yield management strategies to all stakeholders (patients, staff, clinicians).

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2 Segment your patients

The second step to align your yield management goals with your clinical and operational objectives is to segment your patients. Patient segmentation is the process of dividing your patients into groups based on their characteristics, needs, preferences, and behaviors. For example, you can segment your patients by service line, diagnosis, payer, urgency, loyalty, or profitability. By segmenting your patients, you can tailor your service offerings, pricing strategies, and communication channels to each group. This will help you attract and retain your target patients, optimize your revenue mix, and improve your patient satisfaction.

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Ivan A.

CEO @ Roitels Inc. | Specializing in Hospitality Technology | Expert in Revenue management and AWS |Passionate about Enhancing Customer Experience in Hostel Chains and Independent Hostels through Technological Innovation
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AI and machine learning can greatly enhance this process by analyzing large datasets to identify patterns and trends that can inform our segmentation strategies. This can help us anticipate the needs of different patient segments and plan our resources accordingly. It's also important to remember that segmentation is not a one-time event but requires continuous monitoring and refinement. As patients' needs and behaviors evolve, so too should our segmentation strategies. This ensures that we remain competitive and can adapt to changing market conditions.

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3 Set your pricing strategy

The third step to align your yield management goals with your clinical and operational objectives is to set your pricing strategy. Pricing strategy is the way you determine and adjust your prices for your services and products based on your demand and supply. For example, you can use dynamic pricing, which is the practice of changing your prices in response to real-time market conditions. Or you can use differential pricing, which is the practice of charging different prices to different segments of patients based on their willingness and ability to pay. By setting your pricing strategy, you can maximize your revenue, profitability, and market share.

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4 Monitor your performance

The fourth step to align your yield management goals with your clinical and operational objectives is to monitor your performance. Performance monitoring is the process of measuring and evaluating your key performance indicators (KPIs) related to your yield management goals and objectives. For example, you can monitor your occupancy rate, revenue per available bed (RevPAB), cost per case (CPC), patient satisfaction score (PSS), and readmission rate (RR). By monitoring your performance, you can identify your strengths and weaknesses, track your progress, and make adjustments as needed.

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Peter Albright
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A couple examples of key performance indicators in health promotion are patient retention and external/internal referrals which can be tied to PSS.

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5 Communicate and collaborate

The fifth step to align your yield management goals with your clinical and operational objectives is to communicate and collaborate. Communication and collaboration are the processes of sharing and exchanging information and ideas with your internal and external stakeholders involved in your yield management activities. For example, you can communicate and collaborate with your clinical staff, administrative staff, patients, payers, suppliers, and regulators. By communicating and collaborating, you can ensure alignment, coordination, transparency, and accountability.

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6 Learn and improve

The sixth and final step to align your yield management goals with your clinical and operational objectives is to learn and improve. Learning and improvement are the processes of collecting and analyzing feedback and data from your yield management activities and applying them to enhance your performance and outcomes. For example, you can learn and improve by conducting surveys, audits, reviews, benchmarks, and experiments. By learning and improving, you can foster a culture of innovation, excellence, and continuous improvement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ricardo Chang

| Strategic Business Manager | BDM | Sales & Commercial | B2B & B2C | Disruptive Innovator | Mentor
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Para alinear los objetivos de gestión del rendimiento con los objetivos clínicos y operativos en el cuidado de la salud, es importante establecer objetivos claros y realistas, comunicar efectivamente, evaluar regularmente el desempe?o, proporcionar capacitación y desarrollo continuos, utilizar tecnología y automatización. Estas acciones pueden ayudar a garantizar que los empleados estén alineados con los objetivos clínicos y operativos de la organización y contribuyan al éxito general de la organización de atención médica.

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Sandeep Kumar

Hotel Manager- JW Marriott Grosvenor House, London
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Additional considerations A- Understanding of the local market, communication, and relationship building with other operators and their leadership. B- Nature of the location and whether all services will be in-house or outsourced C- Outreach, Social Media, and creating differentiators between your own product and that of the comp set in the market and region.

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Ivan A.

CEO @ Roitels Inc. | Specializing in Hospitality Technology | Expert in Revenue management and AWS |Passionate about Enhancing Customer Experience in Hostel Chains and Independent Hostels through Technological Innovation
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Tip; Effective communication and collaboration with all stakeholders are essential for the successful implementation of patient segmentation. This includes not only patients but also payers, regulators, and our own team members. By involving everyone in the process, you can ensure that your segmentation strategies are aligned with your overall goals and values.

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How do you align your yield management goals with your clinical and operational objectives in healthcare?

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1 Understand your demand patterns

2 Segment your patients

3 Set your pricing strategy

4 Monitor your performance

5 Communicate and collaborate

6 Learn and improve

7 Here’s what else to consider

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