“I don’t know which referral sources to target” has become an all-too-common refrain among home health and hospice agencies. A lack of visibility into both the market and your own agency’s referral activity weakens your sales efforts and slows your market expansion. Many agencies are scrambling to develop a sales strategy that yields results. What’s the secret? Using relevant, actionable data to determine the best referral sources for your agency to target.
The Key to Successful Targeting: Relevant, Actionable Data
To focus on the right accounts, you must have total visibility into the referral trends in your market and a clear understanding of what’s going on within your own organization:
- Market Data: Using the most current, relevant, and comprehensive claims data available, you can instantly identify and target the top referring practitioners and facilities in your area. Review agency market share information to understand which of your competitors are receiving referrals from each referral source.
- EHR Referral Activity: While targeting tends to be a topic surrounding new referral sources, it’s critical to monitor the referral patterns from your existing relationships. Determine which of your accounts may hold untapped potential and quickly identify any drop in referrals that indicates a potential issue.
- Relationship Management Data: Every interaction with a referral source contains an important piece of information that can demonstrate how to strengthen the relationship in the future. Compare historical call notes with the volume of referrals you’ve received to know how much focus should be given to each account.
Make sure you can see the whole picture. Your relationship management data shows your historical efforts, your EHR referral activity shows you the results of those efforts, and the market data shows potential opportunities for growth. Having all this information at your fingertips is the key to targeting the best referral sources for your agency.
Target Referral Sources Based on Your Agency’s Strengths
Using all this information, you can further refine your targeting by answering the following questions:
- What unique value can my agency provide to differentiate from my competitors?
- How do my agency’s quality and outcome scores compare to competitive agencies that are currently receiving referrals from a particular physician or facility?
Referral sources want to partner with agencies who can provide the best possible care for their patients, so if you can demonstrate better outcomes than a referral source’s preferred agency, you’ll effectively communicate your value and lay the foundation for a mutually beneficial relationship.
PlayMaker Spark: The All-In-One Solution
PlayMaker Spark provides a comprehensive solution for your entire sales organization. Identify valuable opportunities and target appropriate referral sources. Evaluate the efficiency and effectiveness of your sales teams with industry-specific dashboards and reporting. Improve efficiency and productivity by managing relationships and organizing activities in the field using the PlayMaker Spark Mobile App for iOS and Android.
On average, our clients experience a 37% increase in referrals in their first two years using PlayMaker Spark. To discover how PlayMaker Spark can drive sales growth for your agency, request a free demo with one of our product experts today!