Value-based health care, health care consumerism and technological advances are redefining the health care value chain. The new value chain places an emphasis on innovative consumer engagement strategies that deliver on new value drivers. From a provider perspective these new value drivers – patient satisfaction, consumer loyalty, share of the wallet, behavioral change, population health and real-time knowledge – drive a new business model that enables physicians and hospital to thrive in the new competitive, risk-based, consumer-focused market.
Innovative healthcare consumer engagement models that make it easy for an individual to navigate the system and access care; and deliver personalize patient-centered care increases patient satisfaction. Research has shown consumers place a high value on the patient experience and ease of system use, but satisfaction is measured differently for each individual. Consumer satisfaction is imperative for providers from two perspectives – branding and revenue. First it creates brand stickiness with the consumer; secondly high patient satisfaction scores are fundamental quality measurements that are linked to government reimbursement, shared savings and incentive programs.
When individuals are satisfied it drives consumer loyalty to the provider brand. Consumers that have a high level of level of brand loyalty become lifetime consumers, where the individual and their family seek services from cradle to grave from your organization. And when consumers are loyal it increases the provider’s share of the wallet. As consumers think of your organization, top of mind, for their entire health care needs you increase your share of the wallet, individuals flow into your organization not to your competitors.
Driving individual behavior change is a key value driver for any provider. Studies illustrate that 50% of health care costs are associated with an individual’s lifestyle choices from what they eat, how active they are and how they manage chronic conditions. Behavioral change strategies that drive an individual’s commitment, motivation and action to change can improve the overall health of the individual and population resulting in lower health care costs and improved quality of life.
Creating population health programs that empower and engage individuals in their own health and health care delivers both short-term and long-term value to the provider. The wellness, prevention and care management programs must be anchored in the individual’s needs that focus on awareness, skill building and ongoing maintenance. Population health programs need to engage the individual to identify his/her activation level – knowledge, skill and confidence for managing one’s health – and then develop targeted approaches to educate, track and support an individual’s effort in self-management.
Finally, using information about the consumer supports real-time knowledge that can inform the provider. It helps providers understand who are target consumers, what are the consumer segments and how does the provider deliver personalized information . The knowledge supports the ability to measure the outcomes and determine if the strategies implemented are delivering the expected value and ROI.
Focusing on these key drivers’ results in the creation of measurable value including increased market share, improved quality and improved population health ultimately supporting the provider’s long-term viability in the new health care market.