5. Chronic Care
10. Big Data
5. Chronic Care
10. Big Data
Medicare Advantage (MA) is on pace to top 17 million beneficiaries this year, and another 5 million over the next 5-years. Opportunity abounds to grow in the Medicare marketplace — particularly MA. In addition to a booming age-in market and constant flow of switchers, Medicare Supplement products remain vulnerable to MA’s value proposition.
A structured approach to Medicare marketing has never been more important: well-articulated value proposition, data-based targeting, robust B2C tactics, multi-channel selling, and a beneficiary customer experience built around superior service.
In Medicare, addressing consumers’ long list of pain points is essential: economic woes, too many choices, pre-existing conditions, and complexities of Medicare (admit it, on a good day it’s a bureaucratic nightmare tied together with red tape). From a buyer’s perspective, a commoditized set of products and multiple distribution outlets translates into a tricky buy/sell marketplace.
Here are 10 keys to any Medicare marketing strategy —
For a more in-depth review, download: Medicare Marketing 2016
Hello everyone, Captain Obvious here…Americans have moved to a lifestyle of digital focus. High engagement socialized online media that keeps pace with today’s “always-on” perpetually connected consumer cuts across every market and every customer segment:
This continued shift in consumer medium means that now more than ever it’s essential for marketers to produce highly engaging content that keeps pace with the perpetually connected. This capacity is now digital table stakes.
In 2015, successful marketers must concentrate on addressing customer needs in real time with digital assets that speak to consumers in the medium they prefer. Concurrently, marketers must also incorporate robust analytics to learn from these interactions — every visit, click and call.
The rapid expansion and continued evolution of the digital landscape makes managing a marketing budget a moving target. To maintain success and stay on track, it means constantly re-evaluating every aspect of an integrated digital marketing strategy. Here’s a few guiding principles:
Taking a “right customer, right message, right time and right channel” approach means each digital placement — paid search, SEO, microsites, landing pages, registrations and email — requires individual data-driven optimization focused on marketing ROI. Its table stakes!
Power To The People
The consumerization of healthcare has the customer in control: budgeting benefits, choosing providers, and navigating care. Perpetually connected consumers are comparing prices, quality, convenience, and outcomes. And, technology innovations have become the great equalizer, making it easier and faster for consumers to access information, comparison shop, and make purchases in a healthcare marketplace.
With the rapid growth trajectory of High Deductible Health Plans, Health Savings Accounts, public/private health exchanges, and Accountable Care Organizations, a patient-centric future demands engaged, enlightened and empowered consumers. Power to the people!
This Infographic, Healthcare Consumerism, looks across the health care landscape at the forces pushing and pulling the most important stakeholders.
Smart health care companies are responding by creating communities for connection, collaboration and communication. They get it…if we ask customers to take personal responsibility for their health care decisions the onus is on the industry to help consumers make value-based individual choices.
Healthcare consumerism is not a fad. In fact it’s the “bombogenesis” for marketplace change:
Health care brands are now inseparable from their ability to engage and empower the customer. They need to provide customers a reason to engage by guiding them through healthcare’s maze of choices and reward them with interactions that do the right thing for their healthcare. Relevant engagement yields customer empowerment…and empowered patients have lower costs and better outcomes.
Lastly, as put forth in the recent article, 2015: Healthcare’s Year of Trustability, both payers and providers need to reestablish a “relationship of trust” with today’s consumer. This means building and maintaining a personalized dialog with each customer throughout their healthcare journey. The payoff is a superior user experience, higher satisfaction ratings, and better customer retention. They will promote you, refer you and most importantly, they will become customers for life.
The linkage of health and technology has innovators racing toward the next best consumer engagement solution. Market leaders are leveraging Social, Mobile, Big Data, Hyper-Segmentation, Cloud and Wearables. In its report Healthcare IT: Digital Disruption is Knocking, Accenture Health forecasts funding of digital startups in the U.S. healthcare market will double over the next three years, reaching $6.5 billion. And, a leading health-tech accelerator, Rock Health reports consumer engagement and telemedicine in its Top Six Trends in Digital Health Funding.
Consumers will use healthcare innovations that make it easier and more convenient for them to:
Disruptive innovation will affect every aspect of healthcare consumerism and be guided by a simple philosophy: first movers may sometimes fail, but last movers don't survive.
With the accelerated growth trajectory seen by Accountable Care Organizations (ACOs), fewer than 100 in mid-2011 to over 550 in 2014, market adjustments are bound to happen. It’s all part of a natural evolution where strategic shifts, reengineering, and entrants/exits are commonplace – corporate healthcare survival of the fittest. Smaller, less organized ACOs with weak infrastructure, inconsistent stakeholder buy-in, and a silo operating mentality will fade away. ACOs successfully juggling triple aim’s Holy Grail – care, health & cost – are thriving.
ACOs have changed care delivery and have redirected health policy forever. They’ve brought a national focus on improving patient outcomes and are moving away from misaligned fee-for-service payment models. A study released this past July estimates that $1 out of every $5 in reimbursements is now paid under an arrangement in which providers are rewarded for improving care and lowering costs. That’s not going away.
Providers of care are accepting the concept of putting skin in the game. Pay-for-performance (P4P) reimbursement, from basic risk sharing to episode of care or bundled payments, are rapidly moving healthcare toward a financing system grounded in outcomes and value based purchasing. We’re seeing the leverage of incentives and disincentives based on quality of care and patient clinical results take center stage. For Medicare, embracing principals of P4P meant ACOs generated over $372 million in total program savings, with ACOs qualifying for shared savings payments of $445 million. They must be doing something right.
The successful ACOs, particularly those owned by large health systems, have a new mantra: forget shared risk, let’s take it all and become a health insurance plan!
As mega-hospital systems continue to acquire physician practices (42% of doctors are practicing as salaried employees of hospitals) more will become licensed insurers to take control of the complete patient lifecycle. Coast-to-coast we’ve seen multiple examples of hospital system ACOs enter the fully insured markets by introducing Medicare Advantage and/or ACA Marketplace individual medical plans ready to sell directly to consumers.
Learning from ACO successes (and failures) is where a discussion about the future needs to turn. It means widening the circle of influence among providers to be “accountable” to patients for the quality, appropriateness, and efficiency of health care provided. This renewed commitment to more effective interactions with patients will inspire higher levels of engagement that invites consumers to be an active, confident participant on their care team. The result is a healthcare customer experience that serves to both attract new patients and retain them long enough to improve care, improve health outcomes, and lower costs.
For a deeper dive into the future of ACOs download ACO SUCCESS FACTORS
“Curiosity is the spark behind every great idea. The future belongs to the curious.”
How do you grow the next generation of talent inside your company? How do you instill a culture of curiosity?How do you make sure bench players are ready to get in the game?
Sound like a big investment…it is, but it’s doesn’t have to be an expensive one. Starting a Change Agent Team (CAT) can be an effective, low cost–high return proposition. More importantly, it’s a way to invest in and elevate your human resources development.
Simple steps can help establish this value-added program:
Change Agent Team results work for everyone:
Change Agent Teams can emerge as a training and development tool, project management resource and focal point for innovation all rolled into one. It’s a driver for change that has long-lasting effects as team participants grow within the organization. CAT is a low cost, high visibility investment with big payoff for the company and your employees. Curiosity may have killed the cat; lack of it may kill your chances of developing the next generation of talent.
For direct-to-consumer businesses the ability to gather, store, analyze and interpret big data is now table stakes…where to put it, what to do with it and how to turn it into value. Ingesting big data, structuring information and creating actionable insights to inform strategy and drive in-market tactics is a huge differentiator in today’s intensely competitive landscape.
In the last 10-years, global Internet traffic grew from 8.6 million Gigabytes of data to 1 billion Gigabytes. We send 183 billion emails every day and search Google 4 million times every minute. We’re transmitting, exchanging and integrating big data 24/7. Now bring on the Internet of Things (IoT), connectivity of devices and systems that go beyond machine-to-machine communications and cover a vast array of protocols, domains and applications. It’s estimated that more than 30 billion devices will be wirelessly connected to the Internet of Things by 2020.
For many, big data is a big mystery. Gartner reports that 56% of companies are struggling to know how to get value from their data. The volume of data is so large it’s now measured in Zettabytes. IBM says about 80% of the information created and used by an enterprise is unstructured data. Dan Ariely Professor, Duke University sums it up best…
Big Data is like teenage sex:
Realizing big data’s value, while wadding through the all-important maze of data security and privacy, is no easy task. Like most business disciplines it takes an enterprise data strategy and sequenced action plan.
Tackling big data is often put in the context of the “Four Vs” –
Volume – ingesting vast amounts of data generated inside and outside the organization.
Velocity – managing speed at which data is produced and flows across business functions.
Veracity – determining trustworthiness and messiness of data being handled and processed.
Variety – juggling different types of data being generated, communicated and distributed.
Getting your act together around big data breeds a better understanding of your customer segments. It helps construct a complete snapshot or “unified view” of the customer to attract, acquire and retain the best customers for your business. It also enables sophisticated approaches to product development and customer outreach by linking data to core business strategies and in-market tactics. The ROI of business analytics solutions that incorporate data-driven predictive analytics is said to approach 250%.
Finally a practical, integrated approach to big data enhances a company’s ability to influence customer behavior. With enriched data-driven insights–core demographics, purchasing habits, lifestyle or lifestage attributes, and attitudinal indicators–you create tighter, better orchestrated customer engagement by knowing where they go, what’s important to them, who’s at risk of leaving, who they’re talking to…and what they’re saying.
An integrated big data enterprise strategy enables a cross-functional approach to engagement. It fosters a more personalized, lower-cost customer relationship that improves bottom-line performance and optimizes customer LifeTime Value.
The opportunities around mHealth, both connected devices and consumer applications, are set to change healthcare delivery as we know it today. From prescription-ready online eye exams to GoogleGlass operating rooms to consumer financial decision support tools, over the next 12-24 months mobile will take us places we could never imagine just two years ago.
Personal health technology means more informed, smarter consumers who will push payers and providers toward delivering better outcomes.
Let’s put mobile in context. There are approximately 6 billion mobile phone subscribers across the world. Over 40% of U.S. household has already gotten rid of their landline. The average smartphone user checks their phone 150x every day and most have their phone with them 22 hours per day. By 2015 an estimated 1 billion consumers will use mobile payment generating about $1 trillion in transaction value.
Healthcare companies get it! They recognize that today’s always addressable consumer has a mobile mindset…an expectation that any desired information or service is available on any device at a person’s moment of need. Almost a quarter of Facebook’s 1 billion users are "mobile only", it’s almost 3x for Twitter. Mobile is rapidly growing as the most important channel throughout the customer journey. For Millennials, who send an average 88 texts per day, mobile isn’t an activity it’s a lifestyle…it’s their way of connecting.
From a care delivery perspective mHealth is an exploding category. It includes both connected medical devices (monitors and trackers across a range of specific conditions or metrics (e.g., wellness wearables; weight loos or medication trackers; diabetes, sleep apnea or cardiac monitors) and mobile healthcare applications that perform a number of functions: inform, instruct, record, display, guide, remind, communicate. For example, over the next five years it’s expected that 13 million wearable connected devices will be integrated into wellness plans…a $6 billion industry. And. roughly 1/3 of patients use their mobile device or tablet on a daily basis for health research and/or to book appointments.
mHealth means communication between patient and provider is no longer a one-way monologue, but rather a data-driven, personalized interactive dialogue–that’s portable. Here’s an Infographic looking at the impact trends surrounding the Mobile Mindset.
“If things seem under control, you’re just not going fast enough.” -M. Andretti
Polar vortex, Putinpalooza, Facebook’s $19 Billion acquisition of a mobile messaging company with 55 employees, and the World Wide Web had its 25th birthday…KABOOM…2014 is off to a fast start.
In healthcare, Obamacare enrollment is set to surpass 5 million, Accountable Care Organizations continue to see unprecedented growth, Medicare is being squeezed, and technological innovation is changing care delivery from patient engagement to wearable wellness monitors to mind-controlled exoskeletons.
On the marketing front, vast shifts in consumer expectations for how, when and where they receive information are turning communication and sales channels upside-down. At the same time socialnomics continues to extend its reach connecting consumer communities through broad-based sharing and two-way conversations.
Sign-up here for KBM Group: Health Services’ free Webinar Obamacare 2.0: Roadmap for 2015
Marketing has changed forever. Competitive rivalry is intense and corporate America is feeling the pressure. Companies are rethinking the balance between localization/globalization, product focus/customer focus, online/offline and growth/profitability.
At the same time, consumer impatience is at an all time high as they are attacked from every angle. Stop, look, listen, even smell – marketers are everywhere and hitting hard. Unfortunately, too much “throw it up against the wall” marketing has created disenfranchised, disengaged customers rapidly becoming savvy cynics.
Brand and direct response marketing have long been cornerstones of successful advertising. On their own, each contributes an important piece of the marketing puzzle. Brand is every aspect of the relationship a company has with its customers. A strong brand is a long-term asset that drives mind share and influences decisions to try, repeat and remain loyal to a product or service. Direct response is a data-driven discipline that encourages immediate consumer interaction through a creative call to action. It gets personal, generates leads and produces sales. Both are intimately tied to growth and margin.
More and more the line between these two disciplines is blurred. Marketing no longer depends on traditional silos such as branding, direct response, advertising and communications. The pace of change – technological advances, demographic values, regulatory oversight and product commodization – demands an integrated approach that achieves integrated goals.
Brand direct is a way of combining brand messaging with the tools and techniques of direct response. It means opening up a dialogue with consumers and carefully tracking the conversation. The result is consistent, branded communications that encourage interaction from prospects and ultimately increases sales and creates a better customer experience. Here, the tools and techniques of direct response marketing (data-driven, measurable consumer outreach) converge with brand advertising (unique point of distinction that commands preference and shifts demand).
Forward thinking marketers recognize the importance of a brand direct approach. To get there, it takes an understanding of six critical success factors:
Direct response can continue to stand alone to generate leads and, brand advertising can continue down a path of building awareness. However, marry the two and the result turns more prospects into customers by having a productive, one-on-one relationship with consumers across the customer lifecycle.
For more information see TOP 10 HEALTHCARE TRENDS: 2014