In this post-reform era of high quality care at a low cost, the healthcare industry has been looking towards the retail industry for strategies used to engage consumers. Lessons learned include how to use the retail setting as a medium for providing care and how to engage consumers outside of the care setting using technology.
What is often neglected when assessing the tactics used by the retail industry is their core competency of using data insights to motivate and incentivize changes in consumer behavior. Connected Health solutions are, in and of themselves, streams of valuable information that can be mined and analyzed to achieve business objectives.
Health plans, and soon healthcare providers, are realizing that understanding consumer data is at the heart of driving loyalty as well as encouraging healthful and cost-conscious healthcare consumer decision making. The drive starting in 2015 will be to establish a single source of the truth on consumer data informed by external consumer data interactions both with an organization and outside of the organization through sources such as social listening and mHealth. These solutions are meant to enhance the consumer experience through the ability to generate insights to determine the next best action across channels. Objectives include:
- Unify consumer experience across all touch points
- Ability to identify and focus on most valuable consumers
- Target consumers with personalized offers through multiple channels
- Predictive analytics to enable cross-sell/up-sell
- Closed loop analysis and continuous optimization
Just as trends in interoperability will increasingly impact Connected Health projects in the coming year, a drive towards patient 360 and member 360 solutions will require more partnership between Connected Health and Business Intelligence within both the health system and the health plan. Here are the trends we are seeing:
- Organizations that prioritize consumer experience generate 60% higher profits than their competitors
- Organizations that deliver poor experiences underperform by more than 45%
- A 10% increase in consumer retention equals a 30% increase in business value
- 50% willing to pay more for customized health plans
To learn more about this trend download our on-demand webinar, A Real Retail Strategy for Healthcare.