Increase Grateful Patient Giving by Modeling Your Nightly Screenings
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:
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.
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.