“Dr. Knows Best” is no longer the only sell healthcare companies can make to consumers. In post-reform healthcare, successful companies need to provide quality value-based care, innovative technological solutions and improve consumer engagement. 70 percent of the U.S. economy is driven by consumer purchasing and billions of dollars are spent on consumer polling, testing and marketing focus groups. It is time for healthcare to make the same investments into their consumers’ needs.
Healthcare companies who fail to take advantage of big data and predictive analytics to improve customer experience will not compare to successful healthcare companies. Winning healthcare companies need to utilize big data to improve customer engagement. Consider it a pyramid.
Successful healthcare starts by producing better outcomes through value-based care. Using data to streamline operational efficiencies and improve diagnosis of patients and diseases is crucial. Although, proper diagnosis is not enough to gain customer loyalty. Consumers want transparent prices, superior care and convenient access to healthcare. Big data connects value-based care to customer engagement by collecting data to anticipate consumer needs, acquire new customers and capture market share.
Success in healthcare requires organization, preparation and strategy. Think back to the first expedition of Mt. Everest. British mountaineer George Mallory and his team were the first to scale the mountain, “because it’s there.” Their journey required the same coordinated strategy, collected data and a team to implement their plan. Providing value-based care is like basecamp for healthcare. Using necessary data is necessary to reach the peak.
Although Mallory passed away in his pursuit to the top, Sir Edmund reached the peak in 1953. In healthcare, the peak is customer engagement. Just like Mallory and Edmund ventured on the expedition “because it’s there,” healthcare companies should utilize consumer data to reach peak customer engagement because it’s there.
Companies who fail to differentiate themselves technological solutions will become irrelevant. Companies who leverage big data analytics will provide care with precision, eliminate unnecessary costs and enhance customer experience. To provide quality customer service, healthcare companies should implement the following:
- Engagement Technology– Investing in technological solutions to improve operational efficiencies and improve customer experience for patients and members is critical. Improving payment solutions will create seamless transactions and increase customer satisfaction.
- Clinical Data Integration, Coordination and Optimization– Providing coordinated and accessible data to patients and physicians to provide care with precision will enhance trust in patients and facilitate care decisions.
- Point-of-Care Coordination, Transitions and Decision-Making– Streamlining care delivery and providing coordinated decision-making to the clinician-payer-patient/member interaction will produce better outcomes and reduce costs.
Growth strategies of healthcare companies who rely on price-fixing or keeping consumers confused and unsatisfied will lose. Healthcare companies who grow by listening to and anticipating consumer needs with big data and improved operations will provide superior value. These companies will win. For more information on this topic, please read the full Market Corner Commentary here.