Healthtech Security
Article | November 29, 2023
It’s no secret now that healthcare is an in-demand field. Today, business leaders need modern and intelligent decision-making solutions for their customers and clients. They must also focus on the right investment areas and learn the tricks for investing, spending, and setting goals for revenue generation to accelerate business.
With continuous developments in the healthcare sector, integrating AI into processes can help increase ROI. Therefore, if you, like any other business leader, are looking for solutions to empower your services and products in the healthcare domain, this article will help you through AI’s ultimate use cases and churn out a higher ROI.
What’s with AI in Healthcare at Present?
AI’s role in healthcare is evolving and enhancing traditional business operations, particularly marketing. According to a study by IBM, 71% of customers expect real-time communication. Thus, global demand is fueling the rising adoption of AI marketing solutions.
The effects of AI in healthcare are evident. Gartner reports increased marketing efficiency and effectiveness (86%), improved decision-making (71%), better data analysis and new insights (79%). Global AI spending will rise from $450 million in 2019 to over $28 billion by 2024 is not surprising.
Similar and further studies are ongoing on various use cases of AI in healthcare at scale. What are the efficient use cases of AI that will help healthcare businesses boost their ROI? Let’s find out.
How is AI Applied in Healthcare?
The promising applications of AI in healthcare to improve outcomes are very intriguing. While there is still much to achieve in the AI-dependent healthcare business, there is sufficient potential that tech companies are willing to invest in AI-powered tools and solutions.
Let’s examine the potential examples of AI in healthcare to prepare and support business strategies accordingly and foster higher ROI generation.
Predictive Analytics
AI-based predictive analytics impacts a business by automating administrative tasks, predicting sales outcomes for a year, customers’ behavior and making strategies accordingly. According to a Forbes study, AI-based predictive analytics can save businesses $18 billion in tasks, expenses, and pricing.
To understand this, one example of using AI to automate admin tasks is a collaboration between the Cleveland Clinic and IBM. Cleveland Clinic uses IBM’s Watson to mine big data and provides personalized services for customers and clients on marketing deeds.
Some of the practical applications of AI and predictive analytics in healthcare are:
Monitoring market trends to maximize marketing efforts
Organizing datasets
Creating marketing campaigns tailored to each demographic-based client
Mining collective data for future decision-making
Fraud Prevention
AmerisourceBergen Corp detects fraud and misleading business operations through AI. A sales account team conducts audits with AI to detect usual lea and queries to prevent hefty expenses for businesses.
The example explains that implementing AI in your process will help detect any significant fraud attempts inside your business operation. This will help your business save huge expenditures.
Boost Sales
By putting down false leads, AI helps in maximizing sales numbers, resulting in significant ROI generation. For example, AI transforms data into personalized data, which reduces the cost of operations.
Chatbots
Most healthcare businesses leverage chatbots on their websites to engage more and more customers and boost engagement. In this way, businesses tend to gain multiple leads and convert them into clients by providing the best marketing solutions.
Chatbots are fruitful for AI start-ups in healthcare—small businesses can deploy AI to their websites. By doing so, they can save millions in administrative costs and attract numerous leads.
The most prominent examples of AI in healthcare hail from giant tech titans such as IBM, Amazon, and Microsoft. They are assisting healthcare providers with AI to create and deploy digital-human employees.
Segmentation of Marketing Targets
Is your target audience not responding to your marketing campaigns (for example, by not clicking a link, subscribing or unsubscribing to a newsletter, or not registering for a medical event)? If that's the case, how should you go ahead?
Using AI-based tools allows your marketing to easily identify target behaviors and reactions based on the type of marketing actions to be carried out. Analyzing these actions can help segment targets based on your company's marketing objectives.
The most significant development took place in April 2022, when Amazon Alexa became fully HIPAA compliant. It works with health developers and service providers that manage protected information for customers.
AI Leads to Data Modernization
It’s all about the data—not any data!
There’s a precise association between AI and data management, resulting in data modernization. According to a Cognizant research study, healthcare leaders have made significant progress in modernizing their data. In contrast, most upcoming businesses are expecting to do so by 2024.
The maximum acceleration of AI in modernizing data will be seen in the manufacturing and marketing of healthcare products and services, respectively. It is because AI helps to churn data easily. The accessibility of data, in particular, becomes simpler with automation than doing it manually, which generates a massive amount of data. Such effects of AI in healthcare can be one of the prime reasons for the higher ROI of your business in the future.
“There has never been a greater need for skilled analytic talent in health care. Because AI is becoming more strategic, organizations must ensure access to this skill set, either by growing their analytic teams or seeking out experienced partners."
Steve Griffiths, CEO of Optum Enterprise Analytics
AI Expenditure is on the Rise
McKinsey says that by 2025, the use of AI in healthcare will be widespread, resulting in significant expenditure by global healthcare leaders.
AI is a significant concern for healthcare decision-makers, investors, and innovators as customers extensively engage and react to AI-powered services and solutions. AI is constantly bringing improvements to almost all processes, including cost savings, management of services and products, and monitoring of multiple operations. Even small businesses in the healthcare industry are proactively investing in AI applications to match steps with the current wave of innovation in healthcare services.
Accelerate ROI Using AI
AI in healthcare is becoming one of the prime responsible technologies for accelerating ROI. Technology can eradicate multiple business growth challenges. Let’s find out how.
Enhanced Performance
As previously stated, use cases of AI in healthcare can relieve stress on employees. This would allow them to devote their time to more value-added marketing activities to churn more ROI.
Emphasize Cost-Effectiveness
Most of the businesses associated with healthcare are concerned about the costs involved. With AI, they now develop policies to spend less on non-essential activities and necessitate profit-oriented actions.
"We believe in the potential of AI to deliver insights and operational efficiencies that unlock better health-care performance."
Robert Musslewhite, CEO at OptumInsight
Frequently Asked Questions
How is AI used in healthcare?
AI in healthcare automates and predicts processes by analyzing data throughout. It is used to predict potential customers, improve business management workflows, and manufacture medical products.
How does AI drive growth in the healthcare industry?
AI drives business growth by improving the ability to understand better day-to-day customer patterns and needs based on services and products.
How is AI changing the Healthcare industry?
AI applications in healthcare have demonstrated their potential to improve analytics and data management and assist service providers in making timely medical decisions.
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Healthtech Security
Article | August 31, 2023
With data security becoming a pressing issue in the healthcare industry, having a robust security operations center is the cybersecurity solution. Over the past few years, US Department of Health and Human Services (HHS) data breaches have been at an all-time high. Moreover, in the United States alone, cyber-attacks on the healthcare systems result in a loss of US$6.2 billion every year. Thus, making the use of SOC in healthcare very crucial.
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Health Technology, AI
Article | July 18, 2023
The healthcare industry is witnessing an unparalleled phase of expansion and vitality. It is a phase of radical revolution due to the wake of digital transformation. Digital transformation has opened up enormous unique opportunities that were unimaginable until a few years back.
These digital trends are bringing companies and individuals together. Data is the starting point of the digital revolution. These data are then transformed into relationships. Today, including healthcare companies, the success of every company is at stake. In other words, it is how you communicate with customers that matters.
This blog is all about healthcare digital communication, especially healthcare video marketing.
We’ll start by looking at data that demonstrates the power and effectiveness of the video marketing medium. There is nothing equal to the power and efficacy of video marketing in our world today. Then, we’ll look at the video marketing best strategies, healthcare video marketing best practices, and successful examples for healthcare video marketing.
There’s Nothing More Effective than Video Marketing
Here are some numbers that alone demonstrate why video is the most effective marketing medium in the digital age:
More than 5 billion videos are viewed on Youtube every day;
78% of online users watch at least one video every week. And 55% watch one every day;
According to estimates by Cisco, by 2022, 82% of all internet traffic will be generated by video. This percentage was already 72.3% in 2017;
When it comes to video, 55% of people pay more attention than any other type of content;
when viewing a video, the average user retains 95% of the message it contains; this percentage goes down to 10% when we talk about the text;
about 100 million hours of video watched every day on Facebook;
82% of registered Twitter users consume video content constantly;
on Instagram, posts containing video record 38% higher engagement on average than posts containing images;
54% of consumers say they want to see more videos from the brands they follow and support.
Such statistics are compelling for brands, and brands are taking notice. As a result, brands are moving to implement videos as much as possible in their marketing strategies, with excellent results. Two statistics below offer additional proof:
87% of marketing professionals use video in their strategy.
88% of marketers are satisfied with the ROI generated by video marketing campaigns.
This collection of data proves one thing: video is the most effective tool for healthcare digital marketing. And this also applies to the Healthcare sector. It’s even more accurate for this sector, which is intimately involved with consumers as part of their daily lives. Thus, healthcare video marketing is much effective and should be included in your healthcare marketing plan.
Strategies and Best Practices of Healthcare Video Marketing
So, let’s take a closer look at how we can build a video marketing strategy in the Healthcare sector, the fundamental points that must be included, the best practices, and some examples of success.
Start from education
It is often said that we live in the information age. Today, as never before, we have access to all the information we could need in just a few seconds, maybe with just a few taps on our smartphone during a coffee break. Health information is undoubtedly among the most sought-after online. In Italy alone, web searches made on this topic are 4 billion per year, a constantly growing trend.
The downside of all of this is the difficulty of finding your way around this mass of information, which is sometimes complex, misleading, or even untrue. That is why the first task of a company in the Healthcare sector is education. Education is not just a responsibility; and it’s also an opportunity.
In this sense, healthcare videos marketing prove to be the best ally. Healthcare video marketing is a way to provide the consumer with an effortless way to have access to transparent, precise, and authoritative information from your brand. That can be the first step toward establishing a relationship of trust with your brand.
Be clear, but also calm
In this case, let’s start immediately with an exciting and practical example. Targeted toward their younger patients, Miami Children’s Hospital created a healthcare video marketing campaign that explains what happens before, during, and after heart surgery. Understandably, this is a sensitive topic. With this effort of healthcare video marketing, the Miami Children’s Hospital manages to achieve the complex objective of providing clear and authoritative information while at the same time reassuring the viewer.
How?
They make the healthcare video marketing campaign compelling, authoritative, and reassuring by showing the faces of its staff members, demonstrating their professionalism, the environment, the healthcare technologies used, and everything related to the surgery. In this way, the high level of preparation and humanity of the people involved stand out to the viewer.
Learn to be engaging
As we saw above, you have to know how to correctly inform and educate your audience using influential healthcare video marketing trends, all with a calm demeanor. However, it’s also true that success also depends on your ability to excite and involve the viewer for healthcare video marketing in the sector. In short, the keyword is ‘storytelling.
An excellent example is the healthcare video marketing campaign carried out by the dental health department of Bupa UK and addressed to children (but applicable and reachable to adults as well). Through a great use of animations and storytelling, the brand uses the well-known story of the tooth fairy and associates it with childhood memories. This healthcare video marketing campaign has proven to be an excellent vehicle for establishing a truly intimate relationship with the viewer (and, not surprisingly, the video has exceeded 1.3 million views on YouTube).
Another effective way to be direct and engaging is to use influencers in your healthcare video marketing campaigns. An exciting example is the Australian pole vaulter, Amanda Bisk, diagnosed with chronic fatigue syndrome. On her Instagram channel, Bisk talks about her path to fight the disease through fitness, and she has quickly become one of the most famous figures in Healthcare on the platform.
It’s important to note that today, more and more brands target top influencers and micro-influencers. Micro-influencers have a much smaller yet targeted and loyal following of fans. Therefore, their healthcare video marketing messages are perceived by the public as more authentic and personal.
Personalization
94% of marketers believe that personalization is crucial for the future of the business in which it moves. But what do we mean when we talk about personalization?
First of all, it’s not something new: knowing your audience has always been the best way to make a profit, calibrate your communication and your “tone of voice,” and increase engagement and loyalty. But what is the turning point of personalization today?
It is a digital turning point. Today, we all leave traces online at every moment: geolocation, Google searches, preferences on social networks, apps (which in Healthcare are increasingly widespread), and so on. We are talking about a vast amount of data that benefits both companies and consumers from a win-win perspective.
Therefore, it’s a matter of utilizing efficient systems to collect this data, dynamic systems designed with an omnichannel approach in mind. From the collection, the next step is to analyze and interpret this information. Then, you will want to divide your audience into many micro-targets with homogeneous and consistent characteristics to target with tailored communications and offers.
In conclusion, these facts are all the more true in a sector like healthcare that impacts people’s daily lives. The best healthcare video marketing strategy for brands can only be to get closer and closer to customers. That is precisely where specialized companies like us, Media7, come into play. Through compelling B2B healthcare video marketing efforts, we create opportunities for interaction and the possibility to insert custom calls to action.
FREQUENTLY ASKED QUESTIONS
What is a video marketing strategy?
Video marketing strategy is creating, curating, and utilizing videos for marketing products and services of companies to the targeted audience. Marketing teams design the strategy. The idea behind the strategy is to keep the audience engaged with the brand.
Are videos effective for health tech marketing?
Videos are much effective for health tech marketing as people prefer to watch things than reading. Also, people are likely to trust what they see than reading. Videos are the highly impactful medium of marketing for any domain of business, including healthcare.
How to start with healthcare video marketing?
The first step to healthcare video marketing is to define your video marketing strategy. Fix and analyze the target audience to understand the online behavior trends to get an idea about their video engagements and clicks on various social media channels.
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Future of Healthcare
Article | December 8, 2020
Let’s face it. It’s been one tough year with too many of us sitting idle and indulging in calorie-laden foods for way too long as the coronavirus pandemic continues to sweep the globe. For all too many, sheltering in place has prompted unwelcome weight gain—a troublesome truth as we head into the holiday season where gluttony oft reigns supreme.
That said, many individuals did have foresight and motivation back in March and the months that followed, wisely leveraging that extreme downtime to “diet for dollars” with HealthyWage—a pioneer of money-driven weight loss contests and challenges for individuals, teams and business groups. In fact, those who started a 6-month HealthyWager challenge during the pandemic (late March through May) broke company records, spurring a dramatic increase in pound shedding success rates—and in-kind cash payouts—against the norm. So motivated became America to drop, or avoid, the so-called ‘quarantine 15’ and score some cold hard cash in the process, HealthyWage reports that this past May it logged a substantial year-over-year increase in challenge participants at large. This is not surprising given Google search trends indicates the portion of people searching for weight loss hit a 5-year high in May of 2020—a level even exceeding the quintessential New Year’s diet resolution season.
Beyond the fact that people who started weight loss wagers during the pandemic achieved much greater success as compared to participant results the prior year, and earning hundreds and even thousands of dollars for their efforts, it is women and individuals under 30 years of age primarily accounting for the sustained increases. For example, among the litany of pandemic era success stories, Lisa S. won over $1,900 for losing 50 pounds in 6 months while Hayden T. won over $1,200 for losing over 62 pounds in 6 months—both during the COVID-19 pandemic.
As the coronavirus rages on well into the fourth quarter, we collectively find ourselves again having to shelter-in-place. Those trying to reconcile how they will survive this next round of being home bound, and the holiday season at large, with mitigated waistline and budgetary wreckage—and who are even planning their New Year resolution approach just beyond—would be wise to consider the gamified dieting approach. “Loss Aversion is a powerful dynamic and the reality of having ‘skin in the game’ can propel the results of a gamified weight loss initiative,” notes HealthyWage co-founder David Roddenberry.
The efficacy of diet gamification is well-proven. For one, according to study findings published by JAMA Internal Medicine, behavioral economics-based gamification led to “significantly” increased physical activity among overweight and obese Americans. In this particular study, pairing a step tracking device with social incentives led to sustained, long-term behavior change—prompting participants to take more steps then with a step tracking device, alone. While the report explains that “gamification interventions significantly increased physical activity during the 24-week intervention,” with competition being the “most effective.”
That’s something HealthyWage has seen play out since launching its weight-loss gamification platform in 2009. HealthyWage is, in fact, founded on earlier substantive research and "double-incentivization" methodology that proves competition and rewards—especially the cash variety—can as much as triple the effectiveness of weight loss programs.
“A key element for the success of a gamification program is giving participants something to lose if they fail to meet their goal—whether tangible or intangible,” notes Roddenberry. “In this particular study, it was just points at stake but even this effected behavior change. There are actually throngs of studies demonstrated that the threat of losing something of value is much more effective than the opportunity to win something of equal value. That’s precisely why we advocate that program participants ‘pay to play’ and make an investment out of their own pocket in order to win rewards—in our case large cash prizes—for losing weight and getting more active in the program.”
A few other notable HealthyWager success stories (both female and male) are case-in-point. These include Jean N. who lost 71 lbs. and won $3,357.99 for her efforts, and Jeremy M. who also lost 71 lbs. and won $1,886.32 for his own slimdown success. From its website, HealthyWage.com shares yet more inspirational success stories of both women and men who gained financially for their pound-shedding achievements using the company’s unique gamification approach. This includes Kristin W. who lost a staggering 114 pounds and won $4,000 for her efforts, Anastasia W. who lost 41 pounds and won a whopping $10,000 in kind, and Blake S. who lost an impressive 151 pounds and won $4,670 for his own slimdown success. Figures that are tasty, indeed.
These and other such HealthyWage payouts are proof positive. For their weight-loss achievements that collectively exceeds an astounding 1,050,000 pounds for this year, alone—269 of which losing in excess of 100 pounds (and nearly 7.5 million pounds lost since the company’s launch), HealthyWage has reportedly paid more than xx30,000 dieters over $13 million cash in 2020, specifically, and over $55 million cash since its inception in 2009.
HealthyWage programs apply these principles:
HealthyWager Challenge: participants commit to a weight loss goal and an upfront financial payment and get their money back plus a financial return if they accomplish their weight loss goal. The average participant loses 40.7 pounds and gets paid $1,245.
HealthyWage Step Challenge: participants commit money and agree to increase their steps by 25% over 60-days. If they achieve their goal they get their money back plus the money from those who don't hit their goal.
Upholding the new findings while also further validating HealthyWage’s well-honed approach, an additional study published in the journal Social Science and Medicine continue to prove that money is an effective motivator to “increase both the magnitude and duration of weight loss.” The same hold true in business for staff wellness initiatives. Results from one study published in the Annals of Internal Medicine indicated that “Loss Incentive’ Motivates Employees to Take More Steps ,” finding that financial incentives framed as a loss were most effective for achieving physical activity goals.
As a prolific corporate and group wellness purveyor, since 2009 HealthyWage has worked with an array of hi-caliber participants on workplace and staff wellness initiatives, including Halliburton, ConocoPhillips and more than 25% of the largest school districts in the country. HealthyWage has, in fact, formally created competitive, money-motivated programs for more than 1000 Fortune 500 and other public and private companies, hospitals, health systems, insurers, school systems, municipal governments and other organizations throughout the U.S., and their program has been more informally run at more than 7,000 companies and organizations seeking to bolster staff health and well-being, and boost bottom lines in kind.
“Throngs of studies reiterate the importance of the 'stick' in the design of a wellness incentive program, whether for individuals at home or for employee groups,” Roddenberry says. “Many studies have demonstrated that the threat of losing something of value is much more effective than the opportunity to win something of equal value. That’s precisely why we advocate that program participants ‘pay to play’ and make an investment out of their own pocket in order to win rewards—in our case large cash prizes—for losing weight and getting more active in the program.”
Studies do consistently show that monetary incentives serve to enhance the effectiveness of, and duly complement, weight-loss programs of any and all sorts, especially when paid out quickly like HealthyWage’s various programs. For its part, HealthyWage reports that the average participant more than doubles their investment if they are successful at achieving their goal. The financial upside potential is impressive.
So, if this is the season when you would like to not only resolve to lose those extra lbs. but also actually achieve that worthy goal, consider a cash-fueled approach. It just might give you that extra dose of motivation that’ll truly help you stay the course, shed weight and make some extra money in the process. There’s no better time than right now to bank on yourself.
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