Many health systems understand that they are lagging behind in terms of adopting new technology –particularly when it comes to self-service options and tools which provide a higher level of convenience to patients. Considering the ongoing shift in patient attitudes and demographics, as well as rising premiums and out-of-pocket costs, providers may benefit from taking a few pages from the retail playbook in order to keep pace with the consumerization of healthcare.
1. Omni-channel
Retailers recognized early on the importance of offering an omnichannel experience. Providing consumers greater access, through the channels of their choice, results in greater engagement, and a more personalized consumer experience. Retailers may be the first to have recognized the power of a good consumer experience; identifying it as a key factor to increased sales and brand loyalty. 73% identify the consumer experience as having the biggest influence over their purchasing decisions. In a healthcare climate that is now heavily reliant on patients funding their own care, the patient experience should yield similar results. A health system’s omnichannel strategy depends on self-service tools like online patient portals where patients can view test results, manage their appointments, message for their providers, and settle or make payments on their accounts. In order to borrow from the most effective parts of retail strategies, these tools should be made accessible from patients’ mobile devices. Providing mobile access not only offers patients the convenience they demand but also results in better engagement; push notifications concerning health or finance topics actually outperform retail in terms of open rates.
2. Analytics
As an extension of their omnichannel strategy, retailers apply analytics to the data collected through their platforms in order to better understand consumer behaviors and create an experience that is not only more user-friendly for consumers but helps to align consumers to their engagement goals. Analytics are used to identify areas for improvement, recognize buying patterns, and reshape customer service strategies. Behavioral analytics assist retailers in targeted marketing, a practice that is not only more effective but also conserves resources. According to a McKinsey study, companies that utilize analytics are 6.5 times more likely to retain customers. Healthcare systems can leverage patient data for the same benefit. Applying analytics can help providers identify areas for improvement in the patient journey, assisting in creating a better patient experience, and minimizing costly behaviors like appointment no-shows. Additionally, deep analysis of patient data can reveal health risks assisting doctors in providing preventative care, which helps to save lives and establish patient trust.
3. Personalization
Retailers are harnessing omnichannel and analytics technologies to provide consumers with a more personalized experience. By using data collected about a consumer’s behavior and their engagement with the brand’s offerings, retailers are tailoring content to consumers’ geographical locations, making purchase suggestions, and anticipating the consumer’s needs. For example, Amazon others utilize predictive analytics as a part of the shopping experience. That’s why when you choose a coffee maker you are immediately served up buying options for other coffee accessories. Research indicates that 80% are more likely to purchase a product or service from a brand that personalizes their experience. Health systems have a lot to gain from adopting this strategy, many health systems have already begun to develop new ways to personalize the patient experience from simple actions such as messaging patients with visit follow-up information and care reminders to more complex applications like providing patients with AI-driven chatbots to assist in identifying potential conditions based on symptoms and connecting patients with doctors or specialists.
Want to bring omnichannel engagement, analytics, and personalization into your revenue cycle? Professional credit utilizes these strategies to deliver a superior patient experience while collecting critical revenue for its health system partners. Learn more.