March 11, 2019
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David W. Johnson
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How to Provide Value-Based Care to Drive Customer Engagement

“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.

THE PROBLEM

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.

THE SOLUTION

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.

From MCC: “Scaling Healthcare’s Mt. Everest: Peak Performers Engage Technology and Consumers”

 

About the Authors

David W. Johnson

Dave powers 4sight Health with an unflinching determination to create status-quo busting dialogue and action in healthcare reform. His innate desire to bring about change, coupled with his tremendous proficiency across health policy, academic medicine, economics, statistics, behavioral finance, disruptive innovation, organizational change and complexity theory, has led to his recognition as an insightful, incisive globally acknowledged authority on market-driven reform. Dave is a prolific writer on healthcare’s pro-market transformation. He is the author-in-residence at MATTER, the Chicago-based healthcare incubator, and published the critically acclaimed book Market vs. Medicine: America’s Epic Fight for Better, Affordable Healthcare in 2016. McGraw-Hill published Dave’s book The Customer Revolution in Healthcare: Delivering Smarter, Kinder, Affordable Care for All in September 2019. Dave left a 28-year career in investment banking to create 4sight Health. As an investment banker, he managed over $30 billion in healthcare revenue bonds, led significant strategic advisory engagements for health systems. He specialized in capital formation, asset-liability management, enterprise risk analytics and new business-model development. Dave is also currently an investor and/or advisor for several early- or mid-stage healthcare companies including Curate Health, GaussSoft, HealthiPass, Link Capital, Medspeed and MultiScale Health Networks. Dave holds a Bachelors of Arts degree in English Literature from Colgate University and a Master’s degree in Public Policy from Harvard University. Dave was drawn to service at a young age as a Peace Corps Volunteer in Liberia, West Africa and a United States Presidential Management Intern. His civic and professional affiliations have included Harvard Medical School (Visiting Committee); the Chicago Council on Global Affairs (Board, Executive and Finance Committees); the University of Chicago (Harris School of Public Policy’s Visiting Committee, Student Engagement Sub-Committee Chair and the Urban Health Lab); the Health Management Academy; Harvard School of Public Health; CHRISTUS Health (Audit Committee); the British-American Project (U.S. Chair); and Terence Cardinal Cooke Health Center (Finance Committee Chair). Dave is a consummate thought leader who enjoys reading and writing. He is no health slouch as a vegan who often bikes to meetings, who’s run ten marathons. He also loves traveling.

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