Today we are excited to share a new white paper from one of our in-house behavioral science specialists, Hayden Reece. Hayden has a rich history of experience in research, data analysis, and speech analytics technology. He uses his expertise to develop strategies, with the assistance of advanced applications of speech analytics technology, for creating more meaningful engagements with consumers.
In his recent white paper, he discusses the realm of cognitive bias (the brain’s development of decision-making shortcuts) and how habits are formed around three primary ruling categories: Attention, Choice, and Experience. Using this model, dubbed the “ACE model,” strategies can be executed more easily to improve consumer engagement and steer them towards making mutually beneficial financial decisions.
Here’s an Excerpt:
This model can also be used to solve another current consumer engagement problem. As the cost of healthcare keeps rising, so do insurance premiums and deductibles, causing consumers to pay much more out-of-pocket – up 12% last year alone according to TransUnion’s recent survey (5). As healthcare providers know, balances owed by patients were negligible in prior decades, but have now become a large enough portion of accounts receivable to merit much more attention. The challenge has been in adding a more involved financial component to pre-and point-of-service patient engagement, transforming back-end business office operations, which previously focused on insurance billing and denial management, to include more effective patient billing and follow-up processes. Due to the sheer volume of patients requiring financial correspondence versus the number of government and commercial payers involved, healthcare providers are challenged with adapting to this new “patient as payer” model.
How do providers make this transition without driving up costs or driving away patients — who now have a more significant financial stake in choosing providers? The answer, as everyone in the healthcare industry knows, is digital engagement. However, executing digital transformation effectively requires that we incorporate behavioral science and economics methodologies into how we build and manage new communication platforms. The ACE Model can make this easier, such as the example below…
Download the White Paper:
Simplify Innovation in Consumer Engagement with the ACE Model ™