Healthcare fundraising is what helps keep hardworking hospital and medical center operations up and running — and let’s face it: what’s more vital than maintaining our healthcare facilities?
To get to the heart of it, healthcare fundraising enables these institutions to pay their business costs, and more importantly, develop their facilities to better serve the needs of patients.
Some core fundraising needs for healthcare organizations may include:
- Employee costs
- Facility renovations
- Upgraded equipment
- Improved patient care services
Ultimately, a generous donation to a healthcare facility can go a long way in bettering the lives of both patients and medical professionals.
Table of Contents
Understanding Healthcare Fundraising
Healthcare Fundraising Strategies
1. Annual Campaigns
Receiving donations for a healthcare institution’s annual fund can be difficult because, oftentimes, there isn’t a specific, tangible cause for donors to support.
That’s why hospitals will run annual campaigns by:
- Creating an online donation form and marketing it in donation-related materials.
- Introducing payroll deductions for employees.
- Segmenting prospect data and sending targeted communications to acquire new donors.
These fundraising strategies help healthcare facilities raise general funds that are then dispersed to individual areas in need.
2. Capital Campaigns
On the other hand, capital campaigns are often used by healthcare facilities to raise money for specific programs, pieces of equipment, or facility renovations.
Capital campaigns rely on several factors for success like:
- A compelling case for support.
- A strong and coherent development strategy.
- Demonstrated support from volunteers, staff, and board members.
Hospitals will perform research and solicit donations from high-profile prospects during the “quiet” or planning phase of a capital campaign before moving forward.
Cultivating Healthcare Fundraising Prospects
Physicians often give life insurance donations or large endowments to departmental medical causes (think: Cardiologists donating to a coronary heart disease program).
Hospital Employees are more likely to contribute time, publicity, or donations to support fundraising events as well as invest in hospital merchandise.
Grateful Patients should only be solicited after they’re released from the hospital, usually with mailed materials or contact from staff (if the patient expressed an interest in giving).
Corporations are more likely to sponsor a fundraising event for publicity or supply challenge grants for capital campaigns than make a major giving donation.
Healthcare Foundations are likely to give if a hospital’s programs align with their priorities and goals (think: Leukemia and Lymphoma Society giving funds to support blood cancer research).
Grant making organizations are strong prospects, especially if they often give to hospitals and medical institutions. Make sure any grant proposal you write is well-researched.
Business professionals are likely candidates for giving because they tend to the financial means to give. Additionally, many professionals work for companies that will match their donations.
How can we implement prospect research into our healthcare fundraising strategy?
Daily Patient Screenings
Daily patient screenings allow hospitals to analyze giving data and monitor notable patients as prospective donors.
Because patients are typically in and out of healthcare facilities, daily screenings allow your hospital to better keep track of current and discharged prospects.
In return, patients appreciate the extra care and attention from your healthcare facility and become more receptive to giving relationships and opportunities.
Prospect Screening Services
Prospect screening services are perfect for healthcare facilities just starting out with prospect research or looking to manage prospects more efficiently.
These professional tools and services are designed to help you grow valuable donor relationships and filter through donor data.
Prospect research consultants and screening companies offer services like wealth and bulk screening to help you analyze prospect giving potentials.
In-house Research Team
In-house prospect research refers to a group of prospect researchers performing screenings on your healthcare facility’s behalf.
These professionals are usually enlisted by mid-to-large organizations to manage massive pools of prospect/donor data and free up other staff members’ time.
An in-house prospect research team will have similar expertise as an outside prospect researcher, but with the added personal tie to your institution’s mission and fundraising goals.
Host Healthcare Fundraising Events
A fundraising event is a great way to generate public awareness for your healthcare fundraising cause as well as directly interact with prospects, donors, and volunteers.
From community picnics and concerts, to museum galas and charity auctions, the possibilities are endless for your healthcare fundraising event. Rock your next one with these key tips:
- Brand your event with visuals and merchandise.
- Promote digital donation methods like text-to-give.
- Use fundraising event software to manage details.
- Follow up with donors and prospects after the event.
Sell Healthcare Merchandise
Selling merchandise goes hand-in-hand with organizing a killer healthcare fundraising event. Use this opportunity to promote your healthcare institution’s mission, brand, and online presence as well as a corporate sponsor’s brand.
Unlike social media or emails, merchandise provides your supporters with a tangible reminder of their involvement with your healthcare fundraiser, which can do wonders for encouraging donations and philanthropic aid.
Get ideas for healthcare fundraising merchandise with Boston Children’s Hospitals’ gift shop products, including plush animals, branded clothing, indoor games, and more!
Capitalize on Corporate Philanthropy
Capitalize on corporate philanthropy to spark more publicity and major donations and support for your healthcare fundraising cause.
Partner with businesses that offer matching gift programs to double sizable funds for your healthcare fundraiser quickly and easily.
You can also seek out challenge grants from foundations or corporations to diversify your fundraising strategies and rally your fundraising team together to secure rewarding funds.
Send Regular Fundraising Updates
Sending regular updates is crucial for keeping your loyal supporters and top prospects in the loop with your healthcare fundraising initiatives.
These updates should be featured in your donor stewardship program to strengthen existing donor relationships while cultivating new ones.
Your hospital or medical center can accomplish this through both online and offline tactics like: social media, e-newsletters or e-blasts, print flyers and brochures, and personalized mailed letters to donors.
Additional Fundraising and Prospect Research Resources
Wealth Screening: The Definitive Guide
Wealth screening is a surefire technique for helping your healthcare organization assess prospects’ financial giving capacities.
Discover wealth screening tools, donor data, best practices, and more with DonorSearch’s master guide!
22 Actionable Annual Fund Strategies
Your annual fund can make all the difference in coordinating daily fundraising initiatives as well as long-term campaigns and events.
Secure more funds by strengthening ties with your donor demographic with DonorSearch’s 21 annual fund strategies!
Capital Campaigns: The Ultimate Guide
When it comes to raising funds for vital healthcare needs, no fundraising method is as effective as a capital campaign.
Study up on capital campaign planning and execution strategies with Aly Sterling Philanthropy’s definitive guide!