The final quarter of the calendar year is “use it or lose it” time for health insurance benefits—making it a major healthcare marketing opportunity for dental, vision, and other healthcare providers to finish the year strong.
Consumers who have a Flexible Spending Account (FSA) may not realize that the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriations Act, 2021, gave companies the option to extend FSA roll-over dates and many chose to extend through the end of 2021 or even through December 31, 2022. Account holders who aren’t aware of these changes stand to lose out on unused funds. FSA Store, an online marketplace for FSA-eligible products, estimates account holders forfeit more than $500 million in a typical year; forfeitures could be much higher this year.
In a 2021 survey of 3,600 FSA Store shoppers:
- 50 percent indicated they are not confident that they understand the recent FSA deadline and rollover changes.
- 75 percent have not been notified of their deadline or they don’t recall being notified.
- 37 percent said they have a higher balance this year than they did last year, which means they are at risk of losing money.
With extended rollover dates and the FSA cap increase of $1,000 in 2022, it is likely FSA participants will have additional unused funds in Q4.
Connect with consumers who have un-used savings or benefits at year end to achieve a variety of goals for your practice, including:
- Acquire new patients and re-engage lapsed patients
- Connect to movers who are new to your area with targeted campaigns
- Promote your service offerings as well as special offers or deals (teeth whitening discount, new patient special, eyewear offers)
Here are 3 strategies to help you acquire new patients in the final quarter of the year and gain your share of FSA patients who have a high balance:
- Target consumers planning to switch providers.
- 9.1% of US adults plan to switch to a different eye doctor within the next year. 62% of these potential switchers have responded to an ad or offer in the mailbox in the past 12 months, and nearly 60% have responded to digital video or display ads.
- 13.1% of US adults plan to switch to a different dentist within the next year. 59% of these potential switchers have responded to an ad or offer in the mailbox in the past 12 months, and nearly 60% have responded to digital video or display ads.
2. Target New Movers to Your Community.
- Movers are 5X more likely to become long-term customers. Be the first to connect with them during a critical, loyalty-starting phase as they seek service and care providers in their new neighborhoods.
- We can help you reach up to 15% more movers through 18+ data sources we use to validate our mover records.
- We can also ensure that your message reaches your target audience nearly a week sooner than your competitors.
3. Target Consumers in Rural Communities and Small Towns
- These communities are less saturated with resources for healthcare overall, so there is less competition among providers.
- We can help you target consumers in rural communities and small towns to increase awareness, response and ROI for your healthcare marketing campaigns.
Achieve your practice goals by reaching potential patients wherever they engage with media. The most effective campaigns are anchored with direct mail, which drives awareness and purchase intent.
- Advertisers achieve a 39% lift in unaided ad awareness when print is integrated with digital campaigns vs. digital-only campaigns.
- When print is paired with digital media, advertisers see as much as a 30% increase in response.
- Purchase intent increases 175% when digital campaigns are anchored with print!
Engagement with the mailbox is at an all-time high.
- Consumers spend 11 minutes sorting, opening, and reading mail daily.
- 79% of recipients look forward to checking their mailbox each day.
Learn more about how healthcare providers have benefitted from partnering with Mspark in our case studies for dental care, vision services, and pharmacies. Reach out today to plan your strategy.
Sources: shrm.org, “Help Your Employees Use, Not Lose, FSA Savings”; AdMall AudienceSCAN; Speedeon; Millward Brown Print Campaign Analysis; Connecting for Action – Canada Post Neuroscience Report; USPS Consumer Mail Moments, Summit Research