If you were to guess which generation is more likely to choose a health insurance plan because it offers better pricing, would you answer, “Baby Boomers” or “Millennials”? The answer might surprise you.Read More
Insights on Today's Healthcare Consumer
Although 66 percent of healthcare organizations agree that consumerism is vital in healthcare, according to the Kaufman Hall Healthcare Consumerism Index, only 16 percent integrate feedback on patient preferences into their practices. Why do healthcare organizations struggle to deliver the patient-centric care that healthcare consumers want?Read More
In 1998, Patch Adams debuted in theaters across the country. Based on a true story, the movie featured Robin Williams in the role of unorthodox physician and founder of the Gesundheit! Institute, Hunter “Patch” Adams. Almost 20 years later, a speech near the end of the movie still resonates, albeit for a different reason, when Adams says: “You treat a disease, you win, you lose. You treat a person, I guarantee you, you’ll win, no matter what the outcome.”
In the face of growing healthcare consumerism, it’s not just the clinical experiences that count. Every interaction in a consumer’s healthcare journey—from the first “doctors near me” Google search and call for an appointment to post-visit follow-up and bill payment—need to meet (or surpass) expectations. The question is: How can you understand what each patient expects?
Hospital leaders know how important it has become to meet healthcare consumer expectations. Whether an organization relies on the traditional fee-for-service payments or is transitioning to value-based reimbursements, attracting consumers, and delivering personalized experiences is critical. As H&HN Daily notes, “Regardless of the form of reimbursement, assisting people in making good choices improves the quality, efficiency and safety of care.”
And, of course, leaders in delivering on—and beyond—consumer expectations also gain a competitive advantage in the marketplace. But despite the fact that hospitals and health systems consider healthcare consumerism a top priority, many aren’t developing the capabilities and capturing the data needed to address healthcare consumerism effectively. In fact, according to a report from Kaufman, Hall & Associates, fewer than one in 10 healthcare organizations are consistently delivering the experiences healthcare consumers crave.Read More
Are you getting frustrated with comparisons that pit healthcare organizations against companies like Amazon and Disney? After all, retail therapy or a vacation to the Magic Kingdom is a far cry from the stress of weighing options for a knee replacement surgery or an unexpected visit to an emergency room.
Yet increasingly, consumers want experiences that compare well to consumer-oriented businesses. And according to research by Oliver Wyman, “more personalized health and wellness can deliver up to 40 percent better value and a 100 times improvement in the consumer experience.”Read More
Healthcare consumerism is here to stay. Healthcare reform kindled the fire as market conditions shifted costs to the consumer. Omnipresent smartphones, wearable fitness devices, advanced healthcare analytics engines and the steady influx of new technologies further fanned the flames.
With consumer expectations changing, hospitals and health systems must adapt to a more consumer-centric approach—like perennial consumer favorite Amazon—or risk losing out to more innovative competitors in the market. Staying on top of the hottest healthcare consumerism trends can help you reach and engage your consumers wherever they are.Read More
The mandate to bring down healthcare costs in America is not driven by any single factor. Public and private payors are steadily moving toward value-based reimbursements. Consumers have more invested in their health insurance and have become more cost-conscious as a result.Read More
(Image via Tomi Um / NYT The Upshot)
Abraham Verghese, MD, professor of medicine at the Stanford School of Medicine and recipient of a 2016 National Humanities Medal, has said, “The bottom line: healthcare reform is about the patient, not about the physician.”Read More
While having more financial “skin in the game” has been a catalyst for healthcare consumerism, it isn’t the only factor to have sparked change. The digital revolution that has driven change in retail, entertainment and financial services industries also influences healthcare.Read More
The healthcare landscape is changing, and healthcare consumerism represents one of the most significant forces behind that change. According to the Annual Healthcare CEO Survey conducted by The Advisory Board Company, 47 percent of the respondents said that meeting rising consumer expectations for service is a top priority and 31 percent indicated that developing consumer-focused pricing strategies is also a main concern.
Lisa Bielamowicz, M.D., The Advisory Board Company’s chief medical officer and executive director, notes, “Health systems are facing a push toward consumerization, fueled by more patient financial accountability, as well as the push to population heath and managing the total cost of care.” As a result, she continues, “Health systems are seeking strategies that bring together these potentially conflicting market forces.” The question is, “How?”Read More