Healthcare Consulting Firm Poised to Expand in High-Growth Market with Callbox
By some estimates, the outsourced revenue cycle management (RCM) market is projected to expand at a CAGR of 26.5% in the next two years, making it an ideal time for mid-tier RCM consulting firms to capture opportunities for growth.
Increased requirements for convenience and transparency have created bigger challenges for hospital departments and staff involved in RCM. This, in turn, has fueled the demand for RCM-aligned solutions including consulting and advisory services.
With its nationwide footprint and a portfolio of differentiated services, the Client is well-positioned to take a significant slice of this high-growth market.
To achieve its short- and medium-term business goals, the Client has put together a robust marketing plan that included a combination of branding and sales-oriented initiatives. A key program in its marketing strategy is to leverage live conversations with hospital executives for driving awareness and interest in its end-to-end RCM solutions.
Having little internal expertise and resources for a direct marketing campaign that spans the entire United States, the Client decided to work with an outsourced lead generation agency with extensive experience in the healthcare consulting space.
Callbox’s deep domain knowledge of the Client’s target vertical and its capabilities for executing a campaign of this scope were the main reasons why the Client chose to work with Callbox.
•Planned and executed an integrated appointment setting campaign combining phone, email, and social media
• Exceeded target number of appointments by the end of the second month
• Identified additional leads which were delivered to the Client for further nurturing
RESULTS AND INVESTMENT
During the first 6 to 8 weeks of the three-month campaign, a significant portion of the activities were devoted to email marketing and social media in order to complement the initial touch points made with the target hospital executives. This leg of the campaign yielded the following results:
- LinkedIn connections totaling 44 and 108 for the first and second months, respectively
- Email open rates of up to 8.2% during the second month
- Email reply rates that hovered near 3.0% during the second month
As a result, the majority of phone appointments set throughout the entire campaign were made during the second month. A monthly breakdown of the appointment setting results is as follows:
- 1st month: 19 phone appointments and 2 leads completed
- 2nd month: 80 phone appointments and 40 leads completed
- 3rd month: 17 phone appointments and 4 leads completed
With a lead-to-opportunity conversion rate of 30% and a win rate of 40%, the 162 total leads handed over by the Callbox team can potentially translate into 19 new consulting customers for the Client.
THE CALLBOX SOLUTION
1. Although the Client provided the list of hospitals to be contacted, the list was first thoroughly validated and cross-checked before being used in the campaign.
2. The Client also prepared the call script which was then reviewed by the campaign team in order to refine the qualification parameters.
3. In addition to setting phone appointments with qualified prospects identified through probing questions, the Callbox team also generated
actionable leads the Client can nurture further.
1. The campaign also adopted LinkedIn as a channel to complement lead generation as well as enhance the Client’s branding efforts.
2. The team added positive contacts from calls and emails as connections.
3. All LinkedIn queries were handled by social media specialists.