5 Strategies to Drive Patient Retention in the Digital Age

Across industries, increasing customer retention rates by 5 percent increases profits anywhere between 25 to 95 percent. This may frame patient retention as an obvious way to increase profits, but in the current healthcare market, it’s much easier said than done.

Why? Patients have become discerning customers – they have plenty of healthcare options, and aren’t hesitant to shop around and compare healthcare networks on patient care, price, and overall experience. Furthermore, Millennial customers, who already outnumber the Baby Boomer generation, are more likely to proactively research cost information, medication coverage, and doctor quality ratings.

With the ever-changing healthcare landscape, marketers must put a focus on patient retention in order to achieve significant growth for your health system. Attracting new patients is beneficial, but keeping them within your healthcare network has the potential for greater ROI.

Let’s take a closer look at five strategies to drive patient retention in the digital age:

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Jessica Friedeman

Jessica Friedeman

Jessica Friedeman serves Evariant as VP, Presales Engineer, providing technical and industry support in the sales process. Leveraging over a decade of experience in the healthcare industry, Jessica works closely with the sales team to mold customer requirements to Evariant’s offering and acts as a key connection between Evariant’s product development and organization’s customers.

How to Optimize Payer Mix with Data and Technology

To effectively meet the healthcare needs of the community, which has traditionally been the primary mission of a healthcare system, it’s crucial that hospitals and other healthcare organizations have positive sources of income. This helps to ensure that quality healthcare services can be extended to as many patients as possible.

As the shift toward value-based healthcare and choice/consumerism continues to impact the way consumers manage their healthcare, hospitals are facing the challenge of balancing – and optimizing – their payer mix (commercial, Medicare, etc.).

This issue is coming even more into focus as new healthcare options are available, especially for commercial payers. With more discretionary income, commercial payers are opting to seek out other healthcare alternatives beyond the traditional health system, such as walk-in clinics, telehealth, and alternative care. To compound the issue, traditional consumer brands (such as Amazon) are entering the healthcare space, leaving hospitals with new competitors and a host of new challenges in patient acquisition and retention.

Healthcare marketers have the ability to step in and strategically target healthcare patients and consumers to optimize payer mix. With the right data and technology, they can bring in the door a greater percentage of commercial payers than is typical for the hospital or service line – and, as a result, generate higher ROI for specific high-value service lines.

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Jessica Friedeman

Jessica Friedeman

Jessica Friedeman serves Evariant as VP, Presales Engineer, providing technical and industry support in the sales process. Leveraging over a decade of experience in the healthcare industry, Jessica works closely with the sales team to mold customer requirements to Evariant’s offering and acts as a key connection between Evariant’s product development and organization’s customers.

How to Optimize Growth with Data-Driven Patient Engagement

effective patient engagementIn order to grow, health systems need to do two things: acquire and retain a greater number of patients. By doing so, healthcare organizations increase the numbers of patients they serve, boosting revenue in both the short- and long-term.

Effective patient engagement supports not only getting patients in the door, but also developing relationships that last a lifetime. Patient engagement is about involving patients in their own care; when done well, it’s been shown to improve health outcomes, lower care costs, and create patient loyalty.

Leveraging healthcare data and analytics is vital to a successful patient engagement strategy; this intelligence informs how marketers engage with individuals and specific groups of patients. The first step to a data-driven strategy is implementing these four key technology platforms:

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Jessica Friedeman

Jessica Friedeman

Jessica Friedeman serves Evariant as VP, Presales Engineer, providing technical and industry support in the sales process. Leveraging over a decade of experience in the healthcare industry, Jessica works closely with the sales team to mold customer requirements to Evariant’s offering and acts as a key connection between Evariant’s product development and organization’s customers.

Volume to Value-Based Healthcare: 4 Marketing Tactics to Use in the Transition

physician consultation with patientUntil recently, hospitals operated mostly on a fee-for-service approach, meaning that their goal was to deliver the greatest number of services to the greatest number of people. Now, in response to changing markets and customer preferences, hospitals are transitioning to value-based models.

In value-based healthcare models, hospitals are rewarded for helping keep people healthy and for improving the health of those who have chronic conditions in evidence-based, cost-effective ways.

In a fee-for-service model, patient treatment is often siloed — each department independently addresses the symptoms that fall under their care umbrella. Value-based care, on the other hand, focuses on 360-degree patient health, connecting departments to improve overall health long-term. Best practices in value-based care include optimizing patient time, experience, and data, as well as payer resources.

There are many potential benefits of value-based care for both providers and patients, including:

  • Decreased medical costs, especially for those with chronic conditions
  • Increased patient satisfaction and engagement
  • Bundled payments that cover full care cycles
  • Prices reflecting patient outcomes
  • Healthier overall populations

Healthcare marketing teams play an important role in helping organizations smoothly transition to a value-based care model. Let’s look at four specific tactics:

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Jessica Friedeman

Jessica Friedeman

Jessica Friedeman serves Evariant as VP, Presales Engineer, providing technical and industry support in the sales process. Leveraging over a decade of experience in the healthcare industry, Jessica works closely with the sales team to mold customer requirements to Evariant’s offering and acts as a key connection between Evariant’s product development and organization’s customers.

3 Ways Value-Based Healthcare is Improving Patient Relationships

 

As the healthcare industry transitions toward this value-based care model, hospitals and health facilities are changing their approach to patient relationships. In this post, we’ll explore how value-based models improve patient relationships and transform the way consumers interact with their providers.

1. Improve Experiences Across the Care Journey

With more options and information available, consumers are taking an increasingly active role in their health and wellness. As a result, providers and organizations are expected to offer engaging experiences that go above and beyond the traditional Value = Care ÷ Cost equation.

To this end, hospitals and insurers are adopting a more patient-centric approach and creating points of contact beyond the clinical setting. The focus has shifted toward methods that identify a patient’s unique medical situation, treat existing health issues with the right solutions, maintain patient health, and prevent further complications.

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Jessica Friedeman

Jessica Friedeman

Jessica Friedeman serves Evariant as VP, Presales Engineer, providing technical and industry support in the sales process. Leveraging over a decade of experience in the healthcare industry, Jessica works closely with the sales team to mold customer requirements to Evariant’s offering and acts as a key connection between Evariant’s product development and organization’s customers.