As healthcare organizations shift their sights towards clinical integration, it is important that their efforts address the ever-growing trend of price comparison in healthcare consumerism. Although technology integration and convenience of delivery are huge issues dominating the consumerism landscape, an often over-looked aspect of consumerism is the need for pricing transparency and competition.
In our most recent whitepaper, “A New Meeting Place: The Impact of Increasing Healthcare Consumerism on Clinical Integration,” we discuss how the need for pricing transparency and competition will impact organizations’ clinical integration efforts:
- The Rise of Research: 56% of Americans have researched prices for healthcare services. Of that 56%, 21% believe that researching healthcare prices helped them save money and 7% say their findings influenced their choice of provider. And despite the fact that not all of that 56% say they believe researching saved them money, 82% say they will compareprices again.
- Consumers and Quality: How do the issues of quality of care and price of care affect one another? They’re mostly on par, but it’s important for healthcare organizations to note that f a hospital’s quality is within one quality grade of another and there is a $1,000 price difference or more, consumers will more commonly choose one quality grade lower (but no more than one) if it will save them $1,000 or more.
- More Than Millennials: It’s not just Millennials who are researching prices for healthcare services; as the adoption of HDHPs continues to rise year after year, many healthy 35+ year-old Americans with full-time employment have coverage through only an HDHP, which means the first $4,000 to $10,000 comes directly out of their pocket. Their goal is to not have to invoke that plan to pay—unless they have a “catastrophic healthcare event” in their lives.
Pricing competition and transparency is just one of the three major issues affecting the healthcare consumerism environment. For more about the other issues—and pricing competition and transparency—download the whitepaper today.
As technology integration, convenience of delivery, and pricing competition and transparency become bigger players in the healthcare world, healthcare consumers are not just becoming savvy—they’re becoming demanding. Many healthcare organizations—and particularly primary care physicians—now find it difficult to compete for these consumers against big box competitors like Walgreens or CVS MinuteClinic®, which offer walk-in, same-day appointments. As a result of these new and more convenient options, there is less patient-physician loyalty.
Although this trend is affecting all generations, it is particularly strong among Millennials, who often value convenience and price above all else. In our latest whitepaper, “A New Meeting Place: The Impact of Increasing Healthcare Consumerism on Clinical Integration,” we interviewed a Millennial about why they choose not to have a primary care physician. Here are a few insights gleaned from the interview:
- On patient loyalty: “My healthcare decisions are based on convenience and quality, not loyalty. And that’s in part because I don’t feel like the healthcare industry has caught up with what every other business has had to learn—that to get loyalty, you have to earn it.
- On how PCPs can earn Millennials’ business: “…being tech- friendly, convenient, and responsive are important to people in my generation. And people my age have nearly countless options available when it comes to their medical care. If you want to know how to get my business, start by thinking of me as a customer just as much as a patient, because as far as I’m concerned, I am.”
These are just a few of the insights. For access to the full interview, plus even more information about consumerism and clinical integration, download the free whitepaper.
The era of healthcare consumerism is now in its second decade—and all signs seem to indicate that consumerism will only continue to dominate the healthcare landscape. With the knowledge that consumerism is here to stay, the question becomes: what can organizations do to stay competitive in this changing healthcare environment?
Across the country, healthcare organizations are shifting their sights towards clinical integration. It is becoming increasingly clear that consumerism must not be overlooked when it comes to any organization’s clinical integration efforts. In our most recent whitepaper, “A New Meeting Place: The Impact of Increasing Healthcare Consumerism on Clinical Integration,” we outline three strategic areas for healthcare organizations to focus on:
- Convenience of Delivery: Patients are giving up physician loyalty in droves, and they’re giving it up for one simple reason—convenience. Healthcare organizations now must compete with big-box healthcare options like Walgreens and CVS. Not only is this true for future patients, but also for current ones, who may utilize a MinuteClinic if their primary care physician can’t fit them in for an appointment as quickly as they would like.
- Pricing Competition and Transparency: As the rate of HDHP adoption continues to rise every year, Americans are beginning to spend more out-of-pocket on their own healthcare. This means that they are shopping, or price-comparing, their personal healthcare and looking for the best value. They want greater access to pricing (including online), and as these prices become more transparent, healthcare organizations will have to find ways to compete against one another for that business.
- Technology Integration: Consumers are more digital and mobile than ever. As Millennials begin taking a more active role not only in their own healthcare, but also their parents’ and grandparents’, healthcare organizations will need to provide new services in the digital and mobile space.
It’s easy to identify the three biggest factors in healthcare consumerism today, but it’s even more critical to identify actionable insights that healthcare organizations can utilize in order to affect important changes that will position them for profitable futures. Download the whitepaper today to learn more about the these three issues dominating the consumerism landscape and how healthcare organizations can use them in their clinical integration efforts.
When a senior-, director-, or manger-level leader unexpectedly vacates their position (whether by termination, resignation, or incapacitation) unprepared healthcare organizations are often stuck in the “In-Between”—the uncomfortable time when a healthcare organization is between permanent leaders, and between where they were and where they need to be.
Many organizations are unprepared to handle this In-Between time in a way that can truly benefit them. Recently, our Interim Leadership Services created a handy guide for healthcare organizations so they can begin planning for the unexpected, with helpful information to answer tough interim questions.
The free interim leadership guide, The In-Between Plan: Your Guide to Interim Leadership, offers articles, checklists, timelines, and more so organizations can better develop a plan of action and minimize the In-Between time (but maximize its benefits) to get to where they need to be faster.
Click here to download the interim guide!