With over $40.58 billion raised for the health sector in 2021 alone, charitable giving in healthcare is growing. But accessing such donations or funds requires the right fundraising strategies.
Whether you run a hospital, have a healthcare product, or run a non-profit organization, successful fundraising can help you sustain your brand. If your healthcare business needs financial support, the following fundraising strategies can help.
1. Try online fundraising
Online fundraising has increased in popularity in recent years, thanks to the rise of social media and platforms like crowdfunding. Today, your healthcare business can leverage several online fundraising platforms to reach a wider audience. Of course, they will target smaller donors, although it’s possible to find large investors. Although smaller donations may seem inadequate, you will be sourcing from a larger pool of supporters or donors. The best way to appeal to online donors is to develop an engaging and compelling online campaign with a clear message. Doing this can create the impact you need to increase your likelihood of success.
2. Consider legacy giving
Legacy giving refers to donations that supporters plan to give to your organization after their passing. Also known as planned giving, donors often plan these gifts years before they are distributed to the designated parties. With this, you encourage donors to include a charitable bequest in their will or estate plan. This strategy can provide a long-term funding source for your healthcare business, supporting your programs and services for years. However, it requires building strong relationships with donors and providing them with clear information on how their legacy gift will make a difference. You can ask online for legacy gifts. Be sure to emphasize the long-term significance of such a gift for your organization. Also, assure supporters and donors that their gifts will create a good legacy for them.
3. Get real proof of concept
Investors need something viable that will help them gain returns from their investment. Unless you’re running a healthcare non-profit organization, you should convince any investor that customers are already paying for your healthcare service or product. You should also provide proof, regardless of how small it is. Present facts and figures about your current sales and use that to project future sales or potential growth. Of course, that means you should have a tried and tested healthcare product or service. If you run a non-profit healthcare organization without proof of sales or a customer base, you can use other means to prove your legitimacy, credibility, and reliability. One such means is meeting your 990 filing requirements. By filing your taxes, you demonstrate transparency and accountability to your donors and the public.
4. Take advantage of corporate philanthropy
Corporate philanthropy has grown in popularity in recent years. Not only does it help raise the needed funds, but it also stirs up a lot of positive publicity for your healthcare business. And this publicity can help grow your business long after you have received the funds.
Take the time to search for corporations and other organizations known for corporate philanthropy, and try reaching out to them.