Health Technology
Article | September 12, 2023
It is no doubt that the disappointment of a failed launch or campaign is one that is costly, especially in the healthcare industry. However, becoming acquainted with the possible flaws in your marketing strategy is the first way to remedy the situation and achieve your business goals.
With the new rise of post-pandemic integration of businesses into online systems, consumers have become more selective than ever when it comes to the brands they are willing to buy from and support. Healthcare businesses are re-orienting into greater awareness about their online presence and visibility.
No Marketing Strategy
The first mistake one could make is having no marketing strategy to begin with. Some healthcare businesses think that they can DIY their online content marketing strategy. I’m here to tell you that could not be farther from the truth. Putting strategy on the back burner is the equivalent of flushing money down the drain.
Having a custom marketing strategy that takes your readers through a journey on your website ending in your desired conversion is essential for success online. The same content strategy is one that needs to be implemented effectively across all your social media platforms, and used to hit your target audience at multiple touch points.
No Target Consumer
Generalising information and attempting to create content for everyone is the second most common mistake. A lack of targeted action is bound to decrease the effectiveness of your marketing campaigns. One of the most essential parts of establishing a content strategy that increases your revenue, is specifying your target group. For a brand that sells health enhancing supplements, this could be 50-70 year old African American men and women who want to live longer and healthier.
The next step after identifying your target consumer, is to create an avatar profile that includes all details about your customer’s age, gender, marital status, income, residence, their daily struggles and needs and many more. Personalising the service and products you provide, and tailoring them in this way is going to get you more engagement and clicks, which will convert into red hot leads.
Inconsistent Branding
The third most common marketing mistake you may be making is lack of consistency with branding. This one is important because your reputation as a health business is vital to your success in the industry. Logos are meant to have stories behind them that constitute the mission that brought about the creation of your brand.
But it’s not just logos, every piece of content on your website needs to be created with your strategic business objectives and aims in mind. You need to question if your brand promise aligns fully with your values and the level of service you are providing to your consumer. How is your brand contributing to their lives in unique ways? Is your brand easily recognisable to your target consumers?
Ignoring Credibility
It comes as a surprise that most health brands often neglect this strong aspect of marketing their business. If your services are not fully supported with a backbone of credible subject matter experts who are well known in their communities, your brand will not be recognised as an authority in your field, adding to the growing mistrust that consumers already feel.
One way you can improve this is to reach out to the influencers your target consumer already follows and knows, and involve them as part of your outreach. This will increase brand awareness and lead to more sales and more trust.
Another factor to never underestimate, is the power of positive reviews. Consumers trust each other more than they trust you, so enabling them to have conversations involving your service or products, including the ability to give a rating, is the optimum for increasing engagement, building trust and brand loyalty.
Lack of Healthcare Specific Approach
This is where you can assess your website to see if the content there is appealing to your patients or customers. Is it accessible and simple to understand for the average person, or is it full of medical jargon and complicated, dense information?
Many businesses forget that the core purpose of the healthcare industry as a whole, is still ‘care’. So are you caring and catering to your consumers by providing not just any information, but the information that they are specifically looking for? Are you answering their questions and tending to their concerns in a way that they understand and comprehend? Are you enabling them and empowering them to make informed decisions about their health?
These are all aspects that help build a long-lasting relationship with your customer in which they consistently turn to your services and products, because you have made your marketing strategy centered around them. You have made it easy for them to get the help they need.
By regularly providing content that is useful and full of value, search engines will begin to automatically direct more traffic to your website.
Lack of Relevant Metrics
Regularly assessing and improving on the efficiency of your marketing initiatives, is what will propel your business into new heights.
In the words of H. James Harrington, “measurement is the first step that leads to control and eventually to improvement”. You need to identify the metrics that directly correlate with your business objectives, and start actively examining them against your marketing campaign aims.
This will enable you to identify what messaging works on your consumers, leading to better outcomes for your campaigns.
The Bottom Line
Tweaking just one detail in your marketing strategy could be the key to multiplied revenue for your business. This is why it is important to work with experts in order to make sure you are aligned with your highest potential, enabling you to invest your time into the other aspects of your business that need it.If you would like to continue the conversation about how health content marketing could help your brand, feel free to reach out to me.
Read More
Digital Healthcare
Article | November 29, 2023
With consumers’ share of healthcare costs expanding, we need to do a better job making charges more transparent and more predictable
My husband recently stubbed his toe. Badly. Badly enough that I encouraged him to go see a doctor. He was reluctant. While I suspected he’d rather just garner sympathy by complaining to me while limping around the house (just kidding, honey), his stated reason was all too familiar: “I have no idea what we’ll have to pay. They’ll want to do anX-ray,it might need surgery, and I have no idea what it’ll cost.” All true. We have good health insurance; but like most Americans, when we go to the doctor or have a procedure, what we will actuallyhave topay out of pocket remains a mystery.This is something that we can and should change.
As consumers we are shouldering more and more of the cost of healthcare. And the biggest increases are for those of us with employer-sponsored plans. According to an analysis of federal data by the Commonwealth Fund,deductibles in employer plans more than doubled between 2008 and 2017, from $869 to $1,808. Especially troubling, an accompanyingCommonwealth Fund survey revealed that only 62% of adults were very or somewhat confident in their ability to afford healthcare.
This increasing burden is also evident when you look at the crushing levels of medical debt in the United States. According to a new studyby JAMA, medical debt is now the largest contributor to personal debt. And the data for this study was collectedbeforethe COVID-19 pandemic.
Some of this debt is driven by unpredictability—if the heart procedure you needed costs several thousand dollars more out of pocketthan you thought it would, you may not be prepared, emotionally or financially, to pay it. This is a bad outcome, obviously. The risk of nonpayment rises for the provider; and a recuperating patient is burdened with the stress of a large,unexpected bill.
More skin in the game
Soas consumers are paying more out of pocket, some may become reluctant to seek care (like my husband) or seek more information about what they willhaveto pay for the care they receive. Consumers are also armed with incredible levels of price transparency with other products—everything from hotel rooms to clothing to household items. With so much skin in the game, and the internet providing so much information, consumers’ expectations are changing when it comes to healthcare.
State and federal regulators are also beginning to take action, a trend that will likely accelerate. Most hospitals are now required to publicly disclose the prices they charge. This does not, however, solve the issue for consumers. While it provides a measure of visibility into pricing for insurance companies, Medicare, and Medicaid, it doesn’t show what share the patient will ultimately pay.
Making the complicated simple
The complexity of pricing in healthcare is well documented. Niall Brennan, CEO of the Health Care Cost Institute, a nonprofit that analyzes medical costs, suggests that healthcare costs are too high.As a recent Wall Street Journal article reported, a price of a C-section varied from $6,241 to$60,584 at one hospital. This all has to do with the vagaries of the agreements that hospitals sign with multiple insurance companies and government payers. In turn, each insurance company will have its own deductible and out-of-pocket schedules, which providers don’t have access to.
We are seeking to change this at Change Healthcare. We are piloting our Care Cost Estimator with a few innovative providers. With the Care Cost Estimator, weleverage our unique dataset, and the largest eligibility network in the industry, to make the unpredictable, predictable.Because we’ve managed 15 billion healthcare transactions—and our network covers 1 million physicians, 6,000 hospitals, and 2,400 payers—we have an unmatched ability to analyze what real-world patients are paying for practically any procedure, performed at almost any hospital or clinic.
With a cloud-based transaction engine, providers will now be able to tell their patients how much they will have to pay out of pocket for a given procedure.And this analysis takes place in real time.
Removing unpredictability in pricing
This gives providers the opportunity to offer added value for their patients, taking some unpredictability out of whatis often a stressful transaction. In addition, it accelerates patient payment cycles which, as the patient’s share of the cost burden increases, is becoming more and more important. We’re not talking $50 co-pays anymore; it’s thousands of dollars per transaction. If necessary, providers can also help the patient plan for the expense, offering financing options, thus reducing unpaid bills. For the patient, it allows more informed decision-making and peace of mind.
Testing the beta version of our Care Cost Estimator with our partners will allow us to receive real-world feedback and collaborate with customers on how to continuously improve the product as we scale it. We expect the ROI for providers, in addition to the payment-cycle improvements, will include greater patient satisfaction and loyalty. For the patient, it provides information necessary to help make proper decisions and plan emotionally and financially; in other words, giving the consumer the same information for vital healthcare transactions that’s available to them for practically any other purchase.
This kind of win-win solution is at the core of Change Healthcare’s mission to improve the healthcare experience for everyone—including my husband and his broken toe!
Read More
Health Technology, Digital Healthcare
Article | September 8, 2023
Introduction
Over the past couple of years, there has been a substantial rise in the burden of chronic conditions and treatment costs, along with the growing elderly population, which is transforming the healthcare sector at a rapid pace. As per a study, healthcare spending across the globe is anticipated to reach an unprecedented value to total US$ 18.3 trillion by 2030. In response to these trends, volume-based payment models are being replaced by outcome- or value-based models.
Predictive analytics helps health organizations to get in line with these new models and improve patient care and outcomes. From predicting critical conditions such as heart failure and septic shock to preventing readmissions, the recent advancements in big data analytics are boosting the adoption of new predictive analytics solutions that aid clinicians improve outcomes and cut costs.
Predictive analytics in healthcare is most helpful with clinical care, administrative tasks, and managing operations. More importantly, the technology is already making a difference in a wide range of healthcare settings, from small private doctor's offices and large academic hospitals to healthcare insurance companies.
How is Growing Healthcare Data Favoring the Penetration of Predictive Analytics?
The growing inclination toward digitalization in the healthcare industry has led to the creation of huge new data sets. These include radiology images, electronic medical record (EMR) systems, lab results, and health claims data. The amount of data is expected to reach new avenues with increasing genomics and cytogenesis research data in the near future.
New data is being generated and collected by the novel medical devices at the edge, such as monitors and patient wearables. In addition, outside the healthcare setting, patients are generating quasi-health data through the use of health monitoring applications, fitness trackers, and personal wearable devices.
By using data from these sources, health care providers can find new ways to use predictive modeling for health risks, predictive analytics for medical diagnosis, and prescriptive analytics for personalized medicine.
Predictive analytics has become a crucial component of any strategy for health analytics. Today, it's an essential tool for measuring, combining, and making sense of biometric, psychosocial, and behavioral data that wasn't available or was very hard to get a hold of until recently. Here are some of the applications of predictive analytics for healthcare
Identifying Patients at Risk
Clinical Predictions
Disease Progression and Comorbidities
Predicting Length of Stay
Speeding Treatment of Critical Conditions
Reducing Readmissions
The Future Story
With the growing prominence of innovative technologies across the healthcare industry, a number of health IT providers are focusing on developing their own analytics software and engines to assist healthcare spaces deliver optimal patient care.
For instance, in 2020, Eversana, a U.S.-based provider of innovative solutions to the life sciences industry, announced the introduction of its ACTICS predictive analytics solution, which enables clinical spaces to combine multiple data sources into a single comprehensive system.
Also, some U.S. companies are partnering with healthcare institutions to develop proprietary algorithms designed to enhance organizational performance, improve clinical care, and increase operational efficiency. Such developments are projected to increase the popularity of predictive analytics solutions in the healthcare sector in the coming years.
Read More
AI
Article | December 18, 2021
Artificial Intelligence or AI has attained continuous evolution over the years and witnessed widespread adoption across major industries of the globe. The Forbes report of December 2021mentions that the number of AI startups since 2000 has increased 14 times, and investments in AI startups have grown six times. It underlines the fact that the AI industry, powered by its path-breaking developments and innovations, has always been an attractive and trending option in the market.
Within a very few years, AI has taken over different segments of healthcare like wellness, early detection, diagnosis, decision making, treatment, research, training, public health functions (surveillance and outbreak response), virtual care etc. A study by Accenture claims that AI-enabled devices and gadgets meet 20% of the clinical demands, and this has reduced the unnecessary visits to hospitals by a great number.
Applications of AI in healthcare is broadly categorised into 3 segments, namely, Patient-oriented AI; Clinician-oriented AI; and Administrative-oriented AI. The transformative role of AI in healthcare is undeniable, as it scripts new journey for patients and practitioners, alike.
According to Healthcare IT News, 63% of the research subjects agree to the observation that the devices and machinery enabled by AI have provided excellent value to the specialty healthcare divisions like radiology, generic pharmacy, pathology, etc.
The rapid growth of AI in highly delicate domains like healthcare calls for great promise to accelerate diagnosis and treatment. At the same time, it also puts ethics, patient safety and privacy concerns at the heart of it; thereby calling for a framework of governance. Gartner report of July 2019 predicted the application of AI in more than 75% of the healthcare delivery organizations (HDOs) around the globe.
Since most of these HDOs are new to adopting and applying AI-enabled machinery and services, AI governance is crucial to prevent the actions that may lead to errors, misjudgements and further chaos. Moreover, the degree of variance in the application of AI is high, and therefore it is not advised to implement the AI mechanisms without proper guidance or governance.
From AI-enabled smart bands to pacemakers, the range of devices and gadgets offered by the AI industry is simply remarkable. The implementation of AI in the healthcare sector has proven to be highly effective in drastically reducing the scope of slipups. Moreover, AI has also facilitated early detection of illness with the help of daily use gadgets and devices in a smart way.
At this juncture, it is equally important to create data governance framework that ensure ethical principles are applied to patient, providers and payers’ data. Further, AI initiatives by healthcare providers should be created using transparent protocols, auditable methodologies and metadata. These technologies should do no harm, reduce biases and help patients make informed decisions about their care.
A significant part of AI governance also lies in change management. To build trust towards AI’s adoption across the healthcare ecosystem, there should be a dialogue between clinicians, scientists, technologist and end-users. Such discussions will address the opportunities, value and investment, including concerns across the stakeholders.
In fact, prominent think tanks suggest healthcare providers to establish an AI Governance Council to monitor the value, investment and use of strategic AI capabilities. Some of the crucial roles and responsibilities for the Council include addressing legal and regulatory compliance; clinical evaluations; ethical usage guidelines and organisational deployment of AI across the system.
AI is indeed a revolutionary technology that has huge surprises up its sleeves for the future. But exploring new frontiers comes with its fair share of challenges. Establishing appropriate governance over AI implementation and initiating a conversation around the ethical implications and regulations as well, will play a fundamental role in the introduction and scale-up of AI in healthcare.
Read More