MADISON, Wis. - (Business Wire) As the number of uninsured Americans rises, healthcare organizations are pressed to find ways to maintain a proper payer mix, retain customer base and optimize their budgets. Assisting with this effort CPM Marketing Group, a pioneer in the development of Customer Relationship Management (CRM) solutions for hospitals and physician groups, announced today the release of a new modeled payer type feature for its clients.
“We were asked many times by our clients whose budgets are tight, and in some cases locked down, due to economics, if we have a way to estimate payer codes for prospects. This is our answer to the needs of clients seeking such a solution,” says John Hallick, President and CEO of CPM Marketing Group, Inc.
Using a complex set of calculations established through the evaluation of hundreds of thousands of data records, technical experts at CPM Marketing Group devised a method for putting every person in a CRM database into one of several standard payer types. The model predicts prospect payer type based upon an analysis of dozens of demographic variables.
“In preliminary tests, the model was able to accurately identify commercially insured individuals 84% of the time, which is ten percentage points higher than when using simple age/income rules,” says John Boldt, senior marketing analyst at CPM and the chief researcher for this feature.
From a business perspective, the payer model significantly improves on the typical payer selection strategy, moving beyond the industry standard age/income rules. The new model allows clients to better manage their payer index by targeting individuals who are most likely to reimburse after using services, which is essential for strong return on investment. Furthermore, it allows the client to validate dormant customers by more accurately predicting their current payer type after a long period of not visiting the organization to services.
To find out more about CPM Marketing Group, visit www.cpm.com, call (800) 332-2631 or e-mail marketing@cpm.com.
About CPM Marketing Group
CPM Marketing Group, headquartered in Madison, Wisconsin, is a pioneer in the development of Customer Relationship Management (CRM) solutions, including database development, intelligent healthcare marketing systems and predictive market segmentation. CPM’s integrated solutions allow healthcare organizations to maximize their customer relationships through market analysis, strategic planning and targeted personal communications. Our solutions operate from an accessible, customer-centric database that includes comprehensive individual and household data extracted from institutional and external research sources. CPM’s suite of software tools provides easy and secure access to data for individual snapshots of patients and health consumers on a segment-of-one basis. For more information, visit www.cpm.com, call (800) 332-2631 or e-mail marketing@cpm.com.
CPM Marketing Group
Raechelle Cline, 608/829-5944
rcline@cpm.com
