Banner Health tops Medicare Pioneer ACO financial performance 4 years in a row

| August 25, 2016

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Phoenix-based Banner Health Network — which was among the first in the country to win a Pioneer Accountable Care Organization contract with Medicare four years ago — has once again topped all Pioneer ACOs in financial performance nationwide.

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Banner Health

Banner Health is a comprehensive, award-winning, nonprofit health system with facilities in seven western states. Throughout our network of hospitals, primary care health centers, research centers, labs, physician practices, and much more, our skilled and compassionate professionals use the latest technology to change the way care is provided. The many locations, career opportunities and benefits offered at Banner Health help to make the Banner Journey unique and fulfilling for every employee.

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Benefits of Healthcare Branding

Article | March 12, 2021

Effective Healthcare branding changes how the public perceives a healthcare organization. Brands are all about perceptions. The way your customers perceive your organization determines your brand. That encompasses your doctors, your board members, your nurses, and your patients. The process of healthcare branding helps organizations ensure they are perceived the way they want to be; as trusted, knowledgeable, caring, and experienced. More than a tagline, name, messaging, or logo, the recognizable feeling that these elements induce is your healthcare company's brand. Healthcare branding ensures that these elements meet in a cohesive system informed by positioning and personality and are constantly implemented across your brand's touchpoints. Why is Healthcare Branding So Essential? Healthcare branding was not always so important. Patients had the freedom to select any healthcare provider. Insurance was the principal determiner of their healthcare provider. It depended upon their workplace. Those without insurance got treatment at community clinics and emergency rooms. As you know, times have changed a lot in a big way. Changing the entire healthcare landscape, the Affordable Care Act put patients in the driving seat. Most of the patients now have access to healthcare insurance and successfully manage their own health. Patients without insurance have the options of out-of-pocket online pharmacies and providers. Healthcare providers have changed their performance metrics system to value-based assessments such as patient satisfaction. More than treatment, now the emphasis is on prevention. It has become a market that is direct-to-consumer healthcare. As a result, the consumer has become the controller of the healthcare brand-consumer relationship. As patients have turned empowered consumers, the benefits of healthcare branding have grown to the point that healthcare companies cannot ignore them. If they do, it affects their business. What are the Benefits of Healthcare Branding? Effective healthcare branding, directed by research and a clear strategy, has many valuable benefits: Identify Changing Patient Needs The needs of patients today have changed from the start of COVID-19. Even when a global pandemic hasn’t fundamentally changed the healthcare landscape, patients’ needs are continually evolving. Healthcare branding gives you the tools to understand evolving patient needs better and rebrand your company to meet them. Brand research includes qualitative research (including one-on-one patient interviews) and quantitative analysis. Insights gathered from brand research are critical in optimally positioning a healthcare brand. It is vital during dynamic and unpredictable markets, as in what happened during this COVID-19. Beyond brand research, effective healthcare branding ensures your healthcare brand is continually aligned with shifting market trends and their impact on patient needs. Establish Trust It isn’t easy to think of a quality more essential to a healthcare organization's success than trust. A healthcare brand is broken or made by the degree to which it is trusted by those it serves. When it comes to healthcare branding, trust is conveyed through everything from messaging to visual identity. Photography, colors, and typography all contribute profoundly to perceiving a brand as trustworthy. In healthcare branding, verbal identity is more important than visual brand identity in establishing it as an expert in the healthcare space. Everything from a reassuring, confident voice in its website copy to guides designed to update patients on necessary healthcare topics and regular publication of articles are proven and well-known ways in healthcare branding to build up trust. Set Your Brand Apart from the Competition However, trust is not the only thing needed in the modern age for effective healthcare branding. The days, judging a healthcare organization based on its medical practice's reputation alone have gone. Patients have become empowered consumers as time passed. The competition to treat these empowered consumers too has become increasingly fierce. Here comes the importance of effective healthcare branding, tracking all your online and offline activities, and evaluating them every day. Your healthcare brand is just one among the many other brands for internet-savvy consumers to choose from. First and foremost, all consumer decisions, including patients' decisions, are based on emotions. So, you have to think of ways to persuade your consumers' feelings to help your healthcare branding in the crowded marketplace. Competitive differentiation is more vital than ever. Effective healthcare branding makes you find out opportunities and ways for differentiation in the challenging and competitive landscape. And, you can capitalize on these opportunities and ways with powerful storytelling and unique positioning. Improve the Patient Journey Patient experience, as mentioned earlier, is a game-changer in the healthcare industry today. Healthcare branding gives you various ways to shape and improve patient experience powerfully. After all, a good percentage of patient experience happens outside the healthcare facility these days. The beginning stages of the patient journey are the awareness and consideration stages. Healthcare branding tools, such as content marketing, are critical in influencing patients in these stages. A website of your healthcare brand can make or break your patient’s pre-treatment experience. It is the selection phase of the patient journey. A premium and well-designed website optimized for conversion will enrich the patients' online experience, looking to book an appointment or answer a question. Healthcare branding is helpful in defining the patient treatment experience. When correctly leveraged, healthcare branding allows your healthcare brand to enhance the patient journey from when the patient hears about the brand to the moment of finishing the treatment. At every patient journey stage, healthcare branding fosters patient trust, builds patient loyalty, and reinforces patient-provider relationships. Takeaway Modern healthcare companies are operating in a competitive landscape where healthcare branding is more important than ever. Patients have become informed and empowered consumers. Digital healthcare brands have redefined the marketplace. Healthcare branding is vital if your healthcare company hopes to stand out from the rest and develop lasting and meaningful relationships with your patients. Fortunately, there are many ways to differentiate your healthcare brand and make it sounds unique meaningfully. Positioning, identity, storytelling, and patient experience represent a powerful area where healthcare brands can better align themselves with their patients' needs and stand out from the competition. Frequently Asked Questions Why is healthcare branding important? Healthcare branding helps you effectively project the personality of your healthcare organization and products. A good thought process to brand your healthcare product will make people remember you forever. What is hospital branding? Hospital branding is the process of making your healthcare organization be perceived better by potential clients. Effective branding makes your patients remember you through the best patient experience and the organization's external look. What are the three branding strategies? There are many effective branding strategies. Line extension, brand extension, and new brand strategy are essential types of branding strategies. You can have any strategy based on the nature of your product.

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AI Trends: AI and Medicine

Article | April 21, 2020

Artificial Intelligence is here to improve our lives, by not just making things more efficient, but also increasing our lifespan. Companies across industries are experiencing the advantages that come with AI innovation, especially the healthcare space. Throughout human history, we’ve been able to understand the parameters that determine health better, and we’ve developed accompanying technology. With vaccines in the late 1700s, anesthesia and medical imaging in the 1800s, to organ transplant and immunology in the 1900s, healthcare innovation has been on an upward slope.

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AI Moving into Healthcare, Regulatory Challenges Await

Article | March 13, 2020

In recent years, artificial intelligence (AI) has started to turn up everywhere you look. It powers our ever-present digital assistants; it helps recommend entertainment options and has even begun to reshape the way businesses carry out their everyday operations. As AI moves further into healthcare, regulatory challenges await. The truth is, there isn’t a single major industry that isn’t being changed by the rapid development of AI-powered technology. There is one, though, that stands out among all others: healthcare. The global healthcare industry arguably has more to gain from advances in AI than any other industry. It’s already being put to use in aiding diagnoses, monitoring patient health data to look for early warning signs of disease, and managing medication doses and prescriptions. It’s even proven adept at predicting patient mortality. At the same time, however, the adoption of AI into healthcare carries some unique risks not found elsewhere – owing to the fact that any missteps can cost lives.

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Building a Better Healthcare Future

Article | February 25, 2020

Big data, analytics, cloud, and AI are just a few of the key transformational technologies creating a buzz in the healthcare industry as these innovations solve problems on a global scale all the way down to the patient level. Healthcare organizations are leveraging these tools to assist in clinical processes; run more efficient, effective organizations; and address social determinants of health (SDOH) vulnerabilities impacting health outcomes, such as economic and housing instability, food insecurity, and access to community support services.

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Spotlight

Banner Health

Banner Health is a comprehensive, award-winning, nonprofit health system with facilities in seven western states. Throughout our network of hospitals, primary care health centers, research centers, labs, physician practices, and much more, our skilled and compassionate professionals use the latest technology to change the way care is provided. The many locations, career opportunities and benefits offered at Banner Health help to make the Banner Journey unique and fulfilling for every employee.

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