Past patients or patient families have a natural affinity for your hospital and are usually good prospects for fundraising. As you likely know, those who are solicited within 30-60 days of their hospital encounter are more likely to give than those who don’t receive a timely solicitation. It’s this combination of affinity and results that lead many hospitals and hospital foundations to develop a Grateful Patient Program (GPP).
Grateful Patient Programs
Healthcare fundraising success often relies upon running efficient Grateful Patient Programs. Our Director of Enterprise Sales, Dawn Galasso, often counsels WealthEngine clients and prospects in this sector on boosting their Grateful Patient Programs.
We interviewed Dawn to understand how Wealth Intelligence can empower healthcare fundraising. She recounted her experience with a large Midwestern Health System. This organization was already using wealth screening as a fundraising solution. However, the service failed to identify a significant number of patients in their system as capable of giving major gifts.
Dawn found this to be a common thread with most Health Systems that she interacted with. It seemed that many patients screened daily returned low or no scores with respect to giving capacity. WealthEngine’s Propensity to Give or P2G Score is capable of looking at the same data set and recognizing more grateful patients who are not only capable of giving but also likely to give.
In this interview, Dawn talks about how the P2G Score is calculated and what makes it different from similar scores generated from other platforms. She also shares her insights on how healthcare fundraisers can take advantage of this score to find hidden gems in their Grateful Patient Programs.
For instance- Mary Anne Ericson, WellStar Health System says, “Your system helped us turn a $50 lapsed donor into $100,000 in less than 8 weeks.”
WE: What is the P2G Score?
Dawn Galasso (DG): Propensity to Give or P2G is WealthEngine’s proprietary philanthropy score. Uniquely, it is a reflection not only of a person’s capacity to give but also the propensity or likelihood of giving.
The P2G Score is actually a reflection of two different numbers. One derived statistically and the other a reflection of gift capacity based on assets.
WE: Could you tell us more about how the P2G Score is calculated?
DG: The score is a combination of two numbers. The first is a modeled score, derived from statistical data that we have collected over the course of our 20 years in the industry. The second is a reflective score that calculates capacity within a philanthropic or gift capacity range, based on assets.
For instance, the first number in the image is 2, this is a good predictor of major gift giving. The second number segments patients or prospects based on the range of their giving capacity.
The highest score is 1|0 which is a benchmark score. 1|1 indicates not only a high possibility of gift giving but also the possibility of a significant donation.
WE: What makes the P2G Score unique in the market?
DG: The P2G Score is unique because it uses the benchmark of 1|0 which does not require assets to flag someone as a prospect. This is a major differentiator for WealthEngine, as the score looks across a wider range of data predictors to identify quality matches of major gift givers.
In the instance of the Midwestern Health System, they had 3 prospects that they had screened and none of them had been identified as capable of major gift giving. After screening them through WealthEngine, we saw that in fact, all three were great prospects.
For instance, one of the prospects had become an oversight because they did not have property listed under their name. This is a classic case of under-valuing a prospect’s philanthropic potential due to over-dependence on assets as an indicator. We consider aspects such as affiliation with a family foundation, political giving of over $15,000, business ownership etc. to be indicators of giving.
WE: How do hospitals and Health Systems benefit from using the P2G Score?
DG: There is a major trend in the American economy where baby boomers are downsizing their real estate and/or transferring wealth to millennials. This means that solutions that rely solely on property ownership to identify prospects will overlook large sections of them during screening.
WealthEngine is poised to find and flag major donors despite downsizing as our score is calculated in a more holistic way.
Further, millennials have a very different idea of home ownership, they not believe in setting up massive homes like their predecessors. This means the P2G Score can also help healthcare fundraisers identify wealthy millennials as prospects.
WE: How can hospitals integrate the P2G score in their Grateful Patient Programs?
DG: Health Systems can use WealthEngine for Grateful Patient Programs as our solution will help them identify their next best prospects.
Most healthcare organizations may have GPPs set up, but they may find that they lack the bandwidth to run the program at its optimal capacity. Integrating the P2G Score into their existing CRMs will help them filter their top prospects who have the capacity and the propensity to give.
This will help fundraisers prioritize their resources, thus saving valuable time and help them maximize conversions.
WE: What are some use cases for the P2G Score?
DG: The Score is the appropriate solution for hospitals and Health Systems
- Who have lean fundraising teams
- Who have large and fast-growing databases
- Who are finding that their current wealth screenings are returning fewer or no leads – even when they know they prospect has the ability to give a large gift
- Who are interested in finding their top prospects to prioritize their fundraising efforts
- Who are interested in finding baby boomer and millennial prospects that are highly capable of giving and highly likely to give
Does this sound familiar to you as someone in healthcare fundraising? Contact us to learn more about how the P2G Score can elevate your Grateful Patient Programs.