Reduced Society Revenue in the Year of COVID
How Phairify improved one Medical Society’s access to productivity and compensation information, and provided new sources of Society revenue.
The Challenge
One medical society’s annual members’ meeting could not be held in person due to COVID, so a virtual meeting was planned instead. Unfortunately, while the meeting content was informative and insightful, attendance was low and members had a hard time connecting with the information through an online setting. Without in-person meetings on the near-term horizon, the society needed to find new ways to deliver value to their members and capture much-needed operational revenue.
The Strategy
The Society’s Executive Director (ED) recognized that understanding specialty compensation and productivity data and defining professional value were persistent challenges to members. After some diligence, the ED learned that the issue stemmed from limited access to expensive, and often inaccurate, sources of productivity and compensation information.
This issue had grown more complex as many of the Society’s specialists were becoming employed and COVID was severely impacting almost everyone’s revenue and practice operations. The Society needed a way to both provide their members with accurate, up-to-date specialty-specific physician compensation and productivity information, and identify new sources of Society revenue.
The Selection
After searching for platforms that could empower their members to define their real value, the ED turned to Phairify. With Phairify, she found the cost-effective solution that enabled her members to access filterable, sub-specialty-specific physician productivity and compensation information that was timely, accurate, and readily accessible. In light of her Society’s financial constraints, she was pleased to learn the Society, and its members, would receive this member benefit at no financial cost.
The ED also used Phairify’s data to support the Society’s advocacy efforts, as well as provide data access to student and trainee members with career interest in the specialty. The Society revenue stream that came as part of their partnership with Phairify further demonstrated the Win-Win scenario Phairify was providing for the Society and their members.
“In an extremely challenging year, Phairify appeared and brought us closer to our members by delivering a uniquely valuable benefit while generating new revenue for the Society. This partnership makes perfect sense.”
– Executive Director of Medical Society
The Selection
After searching for platforms that could empower their members to define their real value, the ED turned to Phairify. With Phairify, she found the cost-effective solution that enabled her members to access filterable, sub-specialty-specific physician productivity and compensation information that was timely, accurate, and readily accessible. In light of her Society’s financial constraints, she was pleased to learn the Society, and its members, would receive this member benefit at no financial cost.
The ED also used Phairify’s data to support the Society’s advocacy efforts, as well as provide data access to student and trainee members with career interest in the specialty. The Society revenue stream that came as part of their partnership with Phairify further demonstrated the Win-Win scenario Phairify was providing for the Society and their members.
“In an extremely challenging year, Phairify appeared and brought us closer to our members by delivering a uniquely valuable benefit while generating new revenue for the Society. This partnership makes perfect sense.”
Benefits & Results
- Improved Accuracy: Phairfy’s platform was able to provide fairness, clarity and confidence to all of the Society’s members. Equipped with specialty-specific productivity and compensation information that was up-to-date and, more importantly, highly accurate, the Society was able to provide their members with an empowering resource that moved them forward in their respective careers.
- Member Satisfaction: Especially during COVID, the Society’s members were thankful to have accessible compensation and productivity information at their fingertips, which they could trust was accurate and specific to their particular field. Available without any financial costs, the Society’s members saw how valuable a platform like Phairify could be in informing their career decisions and helping them progress as professionals. The Society’s member satisfaction levels have never been higher.
- Increased Revenue: Not only did Phairify help the Society empower their members, but they also developed a highly valuable revenue stream as a result of partnering with Phairify. Being a partner with Phairify ensures that, when Phairify has success in selling into hospitals and other health systems, the Society reaps the financial rewards.