Hospital Fundraising: Diversify Your Strategy for Donors & Prospects

Hospital Fundraising

Screening your patients does not make a Grateful Patient Program (GPP) successful. So, you may be wondering: if that doesn’t, what does? The truth is that your hospital fundraising can benefit from looking beyond wealth screening. Custom models are tailored to maximize fundraising revenue across every stage of the donor lifecycle.

Need a refresher on the basics of Grateful Patient Programs?
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Want to know how models can maximize results from your screening data? Read More–>

I’m using modeling, what more can I do?

Firstly, you need to diversify your strategy between prospects and donors. In order to do that, you need to understand what makes each group different.

Similarities between the two groups allow you to convert prospects to donors. Thus, your hospital fundraising pipeline can feature qualified leads. For example, let’s say all your donors are over 50, they all live within a 100-mile radius and have a high P2G score. This means that prospects who share these traits are likely to donate to your cause.

The differences between your donors can educate you about what pieces of the puzzle are missing. For instance, you may find that your donors have attended at least 3 events while prospects have not.

What’s The Best Next Step for My Hospital?

You may have used models to rank and qualify your donor base into deciles based on propensity and capacity. This step is foundational. You can propel your hospital fundraising to new heights when you use custom models created for prospects, existing donors, and former donors.

This way, you can maximize the potential in every segment. Furthermore, you can ensure that you are engaging donors in every stage of the lifecycle.

hospital fundraising

What Healthcare Organizations Have to Say

WealthEngine’s client is a major South Eastern health system. Their hospital fundraising team created a tailor-made model for their annual gala. This model helped them not only understand their list of invitees but also benefit from their inclination to give.

With the model pointing them in the right direction, the annual event went from raising $400,000 to $7.4M in a short time.

Similarly, healthcare organization MMRF saw a three-fold increase in ROI in just two months!

The WealthEngine Difference

With WealthEngine, you are only steps away from creating the perfect fundraiser. When you screen with us, you can add 50+ data points on your donor base that will show you attributes that go beyond wealth.

After which you can build a custom model using WealthEngine’s screening data. By doing this, you can make sure that you’ve started with high precision input and insights. Our modeling process will create a custom algorithm to boost your hospital fundraising.

This means results from the model are not pre-built. They are not just indicative of healthcare donors or the behavior of your donors towards nonprofits in general. They are specific to your donors’ attitudes towards your hospital.

How can I boost my hospital fundraising today?

Follow these three steps to get started today:

Step 1: Screen Regularly

Regular screenings can serve as the foundation for fundraising. Nightly wealth screenings help ensure that you don’t miss any opportunities. They enable you to see a complete picture of a patient’s wealth, lifestyle, and affinities.

Step 2: Segment Your Donor Base

As we’ve determined earlier, a single strategy cannot work on prospects, existing donors, and former donors. Your donor base is a dynamic landscape of individuals within different stages of the lifecycle.

Identify and segment your core donors from sporadic ones. Further, create a segment for all prospects who have not yet given. Lastly, watch out for donors in your system who are at risk for churn or have stopped donating altogether.

Step 3: Build Your Custom Hospital Fundraising Model

You can build a model for each stage in the lifecycle. Prospects can be ranked based on their likelihood to give to a particular campaign. Similarly, donors can be prioritized based on capacity and intent. Lastly, you can identify those former donors who are most likely to come back.

When you understand what these segments have in common, you can tailor your communication in ways that resonate with them. Therefore, diversifying your strategy for each segment allows you to maximize your hospital fundraising.

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Healthcare Fundraising: Boost Grateful Patient Programs with the P2G Score

Grateful Patient Program Checklist

 

 

 

Increase Grateful Patient Giving by Modeling Your Nightly Screenings

grateful patient program

Grateful patient giving has a little known secret that few healthcare organizations use: modeling. When you create a model of your past donors, you learn unique insights about the donor profile of your ideal grateful patient candidates.

You can then use your customized grateful patient giving model to score all future nightly screenings in a way that narrows your list of qualified prospects to the most likely donor candidates. This makes your grateful patient fundraising effort much more efficient while saving your team time and generating more revenue faster.

Grateful Patient Giving

Grateful patient giving has enabled health systems to raise $10 Billion according to the Journal of American Medicine. When a patient receives treatment and expresses immense gratitude, they may be a candidate for grateful patient fundraising. Past patients or patient families have a natural affinity for your hospital and are usually good prospects.

Your health system may have set up a nightly screening routine as part of your grateful patient fundraising program. Nightly screenings ensure that you continue to identify prospects when new patients come in.

These screenings also help keep your database up to date as customer net worth and lifestyle attributes change over time.

Grateful Patient Fundraising Using Screening

Regular screenings can serve as the foundation for your Grateful Patient Program. Nightly wealth screenings help ensure that you don’t miss any opportunities. They enable you to see a complete picture of a patient’s wealth, lifestyle and affinities.

For instance, WE Screen merges our proprietary wealth scores and ratings with your contact data. Now you know what we know about your contacts’ wealth, income, lifestyle, and affinity.

When you review and track data from your screenings regularly, you can act on it right away. For example, let’s say you had 10 new patients check in on a night. By the next day, you will already know which one of them is a candidate for grateful patient giving. You can ensure that you start to nurture the relationship right away.

One of our clients, a large American health system went from raising $19 million to $47 million in one fiscal year.

In fact, the VP of Philanthropy Services at this organization said, “…when a physician is referring a patient to us we can quickly get back to that physician to say that particular patient, that prospect now might have some capacity. Let’s figure out how to engage that person. With WealthEngine, with the ability of the gift officer to go directly to the website and receive these reports it reduces the time and it’s much more actionable for that gift officer in real time instead of waiting for the administrative staff to provide that report to them.”

A Grateful Patient Model Reveals Much More

Grateful patient screening is only the tip of the iceberg when it comes to grateful patient giving. Subsequently, you can extract actionable insights from your screening data. What if you could find prospects that look like your best donors? You can accomplish this by learning from past successes in your grateful patient program.

Our client, a healthcare foundation has said, “We see the value of maximizing the screening data to help us focus on building the right relationships and make targeted asks throughout the year. We have created a development strategy to make that happen and are eager to get started.”

For instance, you can upload your data from screening directly into WE Analyze. The solution finds patterns of traits among your patients.  These are traits that your top donors have in common.

For example, you could find that most grateful patient fundraising has come from patients who live in a 50-mile radius of the hospital. Further,  donations could have come from parents of young patients. These patterns can then be fed into a data model.

The model will divide your database into segments based on the likelihood of grateful patient giving.

Use Insights from Your Models to Predict Giving

Patterns that are fed into the model can help you find more prospects like your top donors. This means you now have a data-driven way to predict grateful patient fundraising.

With over 20 analytical models, WealthEngine can model your grateful patient screening data to identify the best prospects for major gifts, annual gifts, planned giving and much more. Models can also help you craft a capital campaign to raise money for a new wing, building or program. Models that use machine learning and artificial intelligence, like the ones WealthEngine creates, take the guesswork out of finding more grateful patients, retaining existing donors and growing their commitment.

Another WealthEngine client, a health system based in North Carolina used their screening data to create a model for their major annual fundraising event. As a result, event proceeds went from $400,000 to $7.4 million. A grateful patient model can make your efforts more targeted and increase donor lifetime value.

WE Insights: Get a Free Sample of a Model of Your Data

WealthEngine has a free service for clients in which they can get a sample model on actual data. Here’s an example of some of the insights you can learn:

average donor profile

More so, you can use your model to personalize your message to your prospective donors. WealthEngine’s models reveal detailed information about your past donors so you can see how well new prospects fit with the profile of past donors.

major gift donor profile

Contact WealthEngine about WE Insights to see a profile of your nightly screening files.

Score New Contacts with Your Model Using an API for Instant Results

Screening is the first step of your Grateful Patient Program. Analyzing and modeling your screening data allows you to prospect with high predictability.

Predictive prospecting creates a profile from your existing patients’ demographic, lifestyle and interest related attributes. This information generated by a predictive model, helps you identify your next best prospects. Predictive prospecting allows you to have a more targeted approach. This means that you reduce conversion costs while increasing efficiency.

You can increase the efficiency of grateful patient fundraising through API implementation. WealthEngine’s API can seamlessly integrate into your existing CRM and provide you updates in real-time.

Our client, a $6 Billion health system has said, “We built an integration with WealthEngine’s API. We have really got an automated process where our daily census can be screened, can be both matched and screened virtually automatically with very little intervention from us.”

Learn How to Model Your Screening Data

Learn more about how your nightly screening data could help you increase conversions and lower costs. Model your data now.

More ways to maximize your Grateful Patient Program

Grateful Patient Program Checklist

Healthcare Fundraising: Boost Grateful Patient Programs with the P2G Score

Successful Grateful Patient Programs – Steps to Get a 20x ROI in 3 Years

Successful grateful patient programs can generate 20x their cost within 3 years. That’s a stellar investment.

Follow these 4 steps to set up a group from your healthcare organization. Also, listen to our podcast with Chad Gobel, CEO of the Gobel Group. Chad is an industry expert on successful grateful patient programs and shares a complete step-by-step process. 

Continue reading “Successful Grateful Patient Programs – Steps to Get a 20x ROI in 3 Years”

Healthcare Fundraising: Boost Grateful Patient Programs with the P2G Score

p2g

Healthcare fundraising success often relies upon running efficient Grateful Patient Programs. WealthEngine’s P2G score plays a key role in healthcare fundraising.

For instance, we talked to a large Midwestern Health System that was already using a different wealth screening provider. The other solution, however, failed to identify a significant number of patients as major gifts prospects.

Continue reading “Healthcare Fundraising: Boost Grateful Patient Programs with the P2G Score”