Five Critical Predictive Modeling Questions to Ask a Prospective HCRM Partner

This is the second post in a two-part series that discusses healthcare predictive and propensity modeling and selecting the optimal analytics partner to support your growth and engagement efforts. The first post in this series shares five best practices in healthcare propensity modeling.

Big Data for HealthcareIn our last post, we talked about big data, healthcare, and predictive modeling: How can you leverage your data, analytics, and modeling to get the “biggest bang” for your marketing dollars?

However, as we mentioned, the million-dollar question is: With so many variables (and so much data) at play, how can healthcare marketers ensure they are effectively leveraging propensity and other predictive modeling?

We provided five guidelines for consideration when you commence predictive modeling: 

  • Define target/goal
  • Use best data
  • Use multiple data sources and most appropriate analytics
  • Ensure data are vetted/validated
  • Deploy validated analytics and employ follow-up testing

If you decide to use predictive modeling, you must ensure you are engaging with a HCRM partner that can support best-in-class analytics. There are several components to consider when doing your due diligence on a potential partner. For example, some provide in-house modeling and analytics; sometimes as a menu of options, other times as custom services for a fee. Others outsource their modeling and analytics to (usually) industry agnostic companies; however, there are also many smaller, boutique/niche analytics companies that provide some specialization. More

Dr. William Disch

Dr. William Disch

As Director of Analytics at Evariant, Bill’s focus is on design, execution, and implementation of optimal analytics. Maximizing ROI as a result of multivariate predictive modeling is a primary goal. Bill has been a presenter at major marketing, analytics, and academic conferences including the DMA, AMA, APA, APHA, and GSA. His background as an experimental and health psychologist has included teaching as well as several years of clinical work. His specialty areas include older adults, community-based research, HIV/AIDS, sexual behavior and risk, environmental stress, influenza and pneumonia vaccination, depression and mental health, medication and health literacy. Dr. Disch earned his Ph.D. in experimental psychology from the University of Rhode Island, with a specialty in quality of life and well-being, and mixed-methods (quant, qual, mixed).

Five Best Practices in Healthcare Propensity Modeling

This is the first post in a two-part series that discusses healthcare predictive and propensity modeling and selecting the optimal analytics partner to support your growth and engagement efforts. The second post in this series shares five critical predictive modeling questions to ask a prospective HCRM vendor.

When we talk about big data, the numbers can get overwhelming – and fast. The 4.4 zettabytes of data that exists today is expected to grow to 44 zettabytes by the year 2020. This means that, in just three years’ time, roughly 1.7 megabytes of new information will be created, every second, for every human being on the planet.

The healthcare industry greatly impacts the growth of big data but many healthcare systems find themselves lagging behind as data-rich yet analytics-poor. Big data offers opportunities for hospitals and health systems to better understand patient populations and behavior, ultimately leading to improved health outcomes.

But, as we’ve written about previously, it’s not enough to simply have the information. What’s critical for healthcare marketers is figuring out what they’re going to do with the information – and how to make data actionable.

Enter propensity modeling. More

Dr. William Disch

Dr. William Disch

As Director of Analytics at Evariant, Bill’s focus is on design, execution, and implementation of optimal analytics. Maximizing ROI as a result of multivariate predictive modeling is a primary goal. Bill has been a presenter at major marketing, analytics, and academic conferences including the DMA, AMA, APA, APHA, and GSA. His background as an experimental and health psychologist has included teaching as well as several years of clinical work. His specialty areas include older adults, community-based research, HIV/AIDS, sexual behavior and risk, environmental stress, influenza and pneumonia vaccination, depression and mental health, medication and health literacy. Dr. Disch earned his Ph.D. in experimental psychology from the University of Rhode Island, with a specialty in quality of life and well-being, and mixed-methods (quant, qual, mixed).

Infographic: 4 Pillars to a 360-Degree Physician View

In today’s competitive healthcare environment, it’s critical for hospitals and health systems to attract and retain physicians who will drive patient volumes, increase referrals, and enhance the patient experience.

Coupled with an anticipated physician shortfall and the need to vet physicians differently due to evolving value-based models, healthcare organizations must differentiate themselves to remain competitive in the market.

So how can hospitals and health systems increase physician satisfaction and loyalty while improving the perception of quality within their organization?

The best recruitment efforts start with knowing as much as possible about a physician and using that information to build relationships that engage and inspire physician confidence with the health system. More

Emilio Ruocco

Emilio Ruocco

Emilio serves as Evariant’s Vice President, Physician Practice leader, ensuring the company’s Healthcare CRM/PRM, business intelligence and marketing solutions deliver maximum strategic value to clients; with particular emphasis on physician market analytics and business development. Prior to joining Evariant, Emilio was Senior Director, Performance Technologies at The Advisory Board Company, helping hospitals yield operational insight from internal systems and external data sets. He has also served as Leader of Customer Value and Insights at Healthways, a leading disease management and wellness firm; and Vice President, Strategic Communications for pharmacy benefits management company CaremarkRx, prior to its merger with CVS Pharmacy. Before entering the healthcare sector, Emilio held business development, investor relations and communications leadership roles for several public companies in a variety of industries.
Emilio Ruocco

How to Use Predictive Modeling in Healthcare

Predictive modeling is a subset of concurrent analytics, which uses two or more types of statistical analysis simultaneously. The goal of predictive modeling is to anticipate an event, behavior, or outcome using a multivariate set of predictors. Ultimately, predictive analytics can help marketers refine their list of target prospects to ensure highly relevant communication reaches the right audience. The best way to implement predictive modeling in healthcare marketing is to use a healthcare CRM.

The video below – a clip from a predictive analytics-focused webinar – explains predictive modeling further:

More

Sherrie Mersdorf

Sherrie Mersdorf

Sherrie is responsible for the demand center at Evariant. Her main focus is creating integrated cross-channel marketing campaigns, testing new marketing approaches, and closing the loop through effectiveness measurement. Prior to joining Evariant, Sherrie lead marketing at NewBrand (acquired by Sprinklr) and Cvent (NYSE:CVT) where her team executed tens of thousands of campaigns a year. She has a Bachelor of Science in Marketing Management from the Pamplin School of Business at Virginia Tech.
Sherrie Mersdorf

Spotlight on the Data Analyst in Healthcare

SpotlightDataAnalyst

As we’ve written about previously, the key to harnessing the power of big data in healthcare is effectively analyzing, interpreting, and applying the data to create more successful healthcare marketing campaigns that ultimately result in improved patient outcomes.

But the obvious question is: Who in the healthcare organization is responsible for analyzing data sets and determining which data points will lend themselves to actionable insights?

The truth is that it’s no one person’s role – it’s the responsibility of the entire health system as a whole. In order to improve the patient experience, all moving parts of a hospital must be on the same page, especially the marketing and clinical departments.

That said, if there’s one role that’s emerging as critical to making effective use of big data, it’s that of the data analyst (or data scientist).

Let’s put a spotlight on the role of the data analyst in healthcare and explore why it’s so important:

More

Sherrie Mersdorf

Sherrie Mersdorf

Sherrie is responsible for the demand center at Evariant. Her main focus is creating integrated cross-channel marketing campaigns, testing new marketing approaches, and closing the loop through effectiveness measurement. Prior to joining Evariant, Sherrie lead marketing at NewBrand (acquired by Sprinklr) and Cvent (NYSE:CVT) where her team executed tens of thousands of campaigns a year. She has a Bachelor of Science in Marketing Management from the Pamplin School of Business at Virginia Tech.
Sherrie Mersdorf