If the constantly changing state of the healthcare industry has left you reeling, you’re not alone. There’s no doubt about it: The pandemic has been a major stressor for the healthcare community. But, in many ways, it has only accelerated shifts that were already inevitable.
In 2020, evolving consumer behaviors and increased COVID-19 safety protocols significantly lowered patient volumes, drying up the revenue streams hospitals rely on to stay open. You’ve likely felt the pinch from the estimated $323 billion in hospital financial losses. The truth is, this unforeseeable shortage makes it difficult for even the largest healthcare organizations to maintain levels of care—let alone improve them. With limited cash flow, healthcare organizations need to be very careful about where they invest time and resources.
Now, more than ever, you can’t afford to make the wrong move. But patients won’t wait for your rebound—and thanks to consumerization, they expect more from providers than ever before. It’s time to take a hard look at your future prospects: Do you want to close down, survive, or thrive? And to thrive, are you prepared to put healthcare consumers first?
We’re here to show you why listening to your patients matters—and how, by making patients part of the conversation, you can build trust, connect with hard-to-reach audiences, and give patients the healthcare experiences they deserve. This eBook puts patient listening and patient experience in the context of the current state of the healthcare industry, through the lens of care providers large and small.
Regardless of your organization’s size, you’re likely facing significant hurdles. But with the right patient insight framework, you can revitalize your healthcare organization and set yourself up for sustained growth in the future.
Healthcare Consumerization Means Patients Are More Closely Scrutinizing Care Providers
When we talk about the consumerization of healthcare, changes are happening on both sides. From the patient’s perspective, consumerization involves “individuals asserting more influence and control over their medical and wellness care.” But from the standpoint of healthcare providers, it’s “a shift in focus on the individual consumer rather than the market as a whole.”
For a while now, patients have expected more from the healthcare industry. Thanks to the rising cost of care, and greater access to healthcare resources and information, your patients are becoming more opinionated about their healthcare choices and raising their expectations of service.
The average health plan deductible quadrupled between 2006 and 2016 (ballooning from $303 to $1,221), galvanizing patients to scrutinize what they’re getting for their money and demand more from providers. Your patients who were once passive care recipients now treat healthcare with a retail consumer mindset.
They’re using self-service offerings to monitor their health and challenging advice from health professionals. Plus, they’re shopping around for the best price on healthcare services and demanding more personalized experiences across the board. More than 4 in 5 of your patients do their own diagnosis research online, and three quarters desire the same level of convenience from healthcare providers they get from other businesses.
Patient Loyalty Can’t Be Taken for Granted; It Must Be Earned
With all of the choices out there, your patients aren’t afraid to switch care providers at the drop of a hat. Even your most long-standing patient may be one of the 80% of patients who say they would switch providers if it was more convenient.
Download the ebook to learn more about prioritizing patient experience to keep up with the consumerization of healthcare.