Universities and their radiology departments are increasingly relying on private foundations and individual donors to help fund their mission. And no matter your title in a healthcare organization, it pays to have some skill at fundraising, one expert argued Wednesday in the Journal of the American College of Radiology.
Radiologist William Brody, MD, PhD, served as president of Johns Hopkins from 1996-2009, during a time when the imaging leader amassed billions from philanthropists for its causes. Brody—now on the boards of both Rad Partners and Stanford Health Care—distilled decades of fundraising experience into a few simple tips.
“Whether you are a newly appointed assistant professor of radiology, a dean of the medical school, CEO of a health system, or a university president, knowing how to raise funds is critical to your success and the success of the department or organization you represent,” Brody and co-authors from the Baltimore-based university wrote April 28.
Here's a quick rundown of his seven lessons for radiology. You can read the full piece in JACR.
1. Make friends: This activity is often dubbed as “friend-raising” because it requires and cultivation of donors over a long period.
2. Back to the well: The top prospects to tap are typically ones who already contributed.
3. Work the steps: No matter the cause, Brody and colleagues recommended following four steps to close a deal—attract attention, engage interest, build desire and close the sale/donation.
4. Plant a seed: Fundraising requires investment in people, research, advertisements, etc., in order to capture contributions.
5. Out of sight: The radiology department may encounter hurdles other ologies do not when asking for donations, as the specialty spends less face-to-face time with patients.
6. Tech savvy: However, radiology’s connection to cutting-edge technology also offers an advantage, with the ability to tap tech companies or venture capitalists who are interested in such innovation.
7. Anyone can do it: “Like many other skills, fundraising can be taught and learned,” Brody and co-authors concluded. “For many academicians, fundraising can be an essential skill for their careers, requiring study, practice and experience.”
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.