Welcome to issue #10 of Healthy Margins. Every Wednesday, I’ll send you an essay to help you become a better healthcare entrepreneur. Click here for your free digital marketing and lead generation audit.
Hey. It’s Tim.
I took a two month hiatus from publishing my weekly newsletter for Healthy Margins because I have been building a huge project in AI and healthcare.
The details are slightly sensitive, but today I want to share the results with you.
I’m very excited about this and I can’t wait to continue sharing over the course of the coming weeks and months.
Let’s get started.
What We Did
My partner and I decided to rebuild one of the main lead gen assets in our portfolio. This asset is a web directory in the behavioral health space. It has been great for generating phone calls and providing resources to people seeking recovery and treatment for substance use disorder.
Quick side note - Because this build was so successful, we also built an AI powered directory in the stem cell space. You can see it at stemcellauthority.com
The idea was to build an agent workflow that can fully optimize content, find listings, update data, and create the best possible resource for people seeking treatment.
I admit, I was skeptical at first. I usually have skeptical hippo eyes toward any new marketing trick that seems too good to be true.
In this case, I have been shocked by the results.
Over the last two months, we have doubled our inbound traffic.
Subsequently, we reduced the amount of traffic that comes from non relevant search queries, which increased our qualified lead percentage and revenue.
Lastly, and most importantly, we increased our converted call rate by 47%.
This particular project has always required me and my team to embrace the slow and methodical grind of growth. We’ve never had an increase in scale like this, in which we were able to increase the rate of qualified leads and increase revenue at this speed.
It’s a big deal for us. But more importantly, the framework we are building is another tool that we can use to help our clients generate more leads, sales, and patients for themselves.
It’s very exciting. :)
The Old Way vs. The New Way
People still have misconceptions about AI and how it pertains to marketing, especially in the healthcare space. These misconceptions tend to fall on extreme ends of the spectrum.
People either think that AI is a complete sham, or they think AI will take all our jobs and become our overlord.
My experience sits in the middle. AI is a tool. Just like any other tool, it provides leverage and efficiency. Someone with a hammer can build a house much faster than someone without one.
These AI tools and framework we have developed give some of us a massive advantage over other enterprises.
Normally, doubling organic inbound volume while simultaneously cutting unqualified junk traffic takes a team of five and 18 months of testing. Our agent architecture executed this in 60 days, and the growth continues to scale on autopilot.
The gap between healthcare providers using legacy marketing and those using autonomous agent workflows is widening every week.
Like all advantages, this one will eventually be competed away. However, the next few years will belong to the marketers who understand how to use the leverage currently at our disposal.
What Are The Biggest Opportunities For AI And Growth In The Healthcare Space?
Beyond our directory experiment, I’ve spent a lot of time researching opportunities and finding places where I believe AI will have the greatest impact.
Here is where I see the biggest immediate opportunities:
Billing: AI is tailor made to operationalize and expedite billing. This is especially true for facilities and clinics that accept Medicaid, due to all the extra steps required.
Notes and documentation: Patient records are the slowest and most cumbersome part of treating patients. Simple dictation devices will revolutionize this. Once we figure out how to make these tools HIPAA compliant, it will completely revolutionize the process and allow for more focus on patient care. Speaking of …
HIPAA compliance tools: HIPAA complicates and slows down every process. Companies will build server layers and firewalls that allow you to use AI effectively without creating risk for HIPAA violations.
Lead generation and marketing: Most marketers will use AI in ways that make their marketing worse, pulling their output down to a generic average. Clear openings exist for experts to use specialized workflows to widen the gap between standard marketing and high performing systems.
Over a long enough timeline, all these features and products will be standard. Right now, there is a window of opportunity to separate yourself and build massive enterprise value.
The question is whether you are willing to push through the friction of using these new tools.
In Conclusion: I am Back And Thanks For Reading
I realize this week’s issue is out of the blue and a bit random, but I am very excited to continue sharing what are are building and how much its helped our clients generate more patients and scale.
This buildout was a heavy lift. I completely rebuilt our internal systems at Quantum Leads, and I invested heavily in our new AI lead generation tools.
I needed to be focused, but I am glad I took the time.
I still believe that AI will make most marketing worse, because lazy people (which unfortunately is most people) will use AI to expedite standardized processes which will only make the work more average and a reversal to the mean. But for the rest of us, this is like rocket fuel for growth.
We all see how AI is changing our world, and healthcare will see some of the biggest improvements.
Moving forward, you can expect my newsletter to arrive in your inbox every Wednesday as planed.
Thanks for reading, and I will talk to you next week.
Tim Stoddart. Let’s connect on LinkedIn
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