In this post, we are continuing our discussion of hospital funding sources that must be considered by hospital CEOs, hospitals owner operators or hospital administrators. In particular seeking grants from major donors, hospital alumni and members to keep hospital funding stable to enable you to keep your staff, maintain infrastructure, purchase modern health care equipment, and supplies and most importantly supply the best, cost-effective patient care.
Have you sought founders or a single major donor for funding? There are some philanthropic ventures that begin with a large cash infusion from, perhaps, the named head of the foundation. The drawback here, of course, is that it is quite rare to find a founder or initial major donor who has an infinite supply of sustainable funds to move your organization forward. It will take a lot of PR, community involvement, and networking to find such high net worth individuals or families. Your Director of Development (mentioned in a previous blog post) should be charged with nurturing such relationships. Events are also important here. Think of fundraising events: silent auctions, sponsored runs, car washes, bake sales, and just flat-out individual contributions of money.
The main thing is to build relationships with donors. Lorrie Lynn King, founder of the international womens health nonprofit 50 Cents. Period. notes that donors respond to passion and they give to relationships, not causes. Every day, friends pass along news and funding ideas. Personal referrals have been our greatest resource. She says she always makes time for a cup of coffee with someone a friend refers as a possible funding source. Did you know that Princetons alumni contribute more than any other in the United States. This funding source works particularly well for rehabilitation facilities, and hospitals serving a large community with turnover (patients get well, staff move along). If your hospital has a large group of people that pass through and benefit from it, you may consider that these participants in your programs would like to give back and help others receive the same benefits or assistance they did.
Hospitalforsalelease.com connects hospital owners with potential investors or buyers online. It is also a marketplace for the sale, lease or rental of hospitals and medical equipment and hospital supplies. This is the best place for hospital owners that are seeking new sources of revenue and investors who want to save time and money while making better decisions on their healthcare sector investments. Think of it as a global matchmaking site for the hospital sector.
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