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Got patients? Healthcare IT Strategy
| Date post: | 02-Dec-2014 |
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Business |
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Got patients?
Healthcare IT Strategy
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It’s called VRM, Vendor Relationship Management
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“Retention is for wimps. We measure the percentage of patients who have our name tattooed on their body.” (Harley Davidson Annual Report)
“80% of CEOs believe their brand provides a superior patient experience…8 % of their customers agree“(Bain & Company)
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PRM – A Matter of Perspective
Is your hospital looking from the inside-out or from the outside-in?
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Are your patients coming or going?
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Does Your Hospital Stand Out?“We retail electronics”“We’re in pharmaceuticals”“We offer professional services”“We manufacture dry goods”
“You are not in the healthcare business. You are in the decommodification business.”
7It’s not your father’s PRM…or is it?
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PRM Alone Won’t Grow Revenues
98% of Coupons Get Thrown Away It is 10x More Expensive to Generate Revenue from a New
Patient A 5% Increase in Retention Can Increase Profits by 60% – 100% It is 6x More Expensive to Service Patients Through a Call
Center than it is via the Internet and Website Patients Who Refer Another Patient Generate Revenue at No
Cost Loyal and Referred Patients Stay Longer, and More Services
9It’s time to color outside the box
COLOR
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It’s time to break a few coconuts
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PRM
Logical Left Brain
•Patient’s Value to
Enterprise•Systems and Transactions•Functional
Value
PEM
Emotional Right Brain
•Enterprise’s Value toPatient
•People andInteractions
•Emotional Value
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PRM is an “inside-out” view
Standard PRM involves heavy applications of technology:
PRM applications Enhanced IVR and ACD applications Outsourcing call center operations Off-shoring Sales force automation
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PRM is technology employed for user convenience…
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PRM is a shotgun approach
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PRM is Multiple channels, patients in a box.
STORE
(FACE TOFACE)
WEB
(COMPUTERTOCOMPUTER)
PHONE
(PHONETO
PHONE)
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Is there a Better Way?
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Fixing PRM
Patient Management should focus on value creation, not cost reduction, effectiveness, not efficiency. PRM should have revenue targets.
Value creation through PRM initiatives comes from:
Growing the patient base Maintaining the patient base – retention, cross-sell & up-sell Servicing patient segments Maximizing channel effectiveness
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Change of Focus
The focus is changing from enterprise to single patient, from technology to process, to…
Patient Acquisition (number of new "quality" patients) Patient Retention (percent of existing patient retained) Patient Satisfaction (question results from survey and/or focus groups) Patient Segmentation (percent of profit by patient demographics) Patient Profitability (average profit per patient/per household) Patient Servicing (average response time for patient complaint/inquiry
resolution, first call resolution) Patient Referrals (Net)
How are your patients connected to each other? To you?
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Patients have many channel choices
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Patients Solicit Bids
I want to notify the whole market that I want to buy a SONY plasma TV. In effect, I want to issue a personal RFP that goes out to every retailer of SONY plasma TVs.
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The patient is channel agnostic, and how the patient is cared for must be infrastructure agnostic.
Patient Equity/Experience Management is the New Marketing
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To decommodify, become the patient…
…Reengineer
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From what to what?
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Patient Management Evolution
PRM evolves to PEM Patient Experience = Hospital Performance – Patient
Expectations The value add is transforming PEM to Patient Equity
Management – the total lifetime discounted value of all the hospital’s patients.
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Patients vs. Hospitals– who is winning?
How many hits does Google Reader display for your hospital?
How many for FaceBook?
MySpace?
YouTube?
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How many of those interactions are you managing?
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Managing patients is like herding cats…not much bang for your buck.
(of course I’ve heard of cats)
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While you manage patients, they are managing you
It’s not a fair fight…
30Still with me?
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Two worlds have collided, patients and hospitals
Did either survive intact?
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It’s not easy…
but important ventures rarely are.
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Where do you need to go?
How do you get there?
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Need Help?
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(EASY button not included}
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Healthcare IT Strategy can lead the way
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It’s called VRM, Vendor Relationship Management
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First, write the playbook…
PRM to PEM:•Define goals/objectives•Evaluate the situation•Define expectations•Develop a plan
•PRM•PEM•Social networking
•Implement
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Define Goals & Objectives
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Evaluate your situation
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Develop a plan
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Social Networking
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Contact: Paul Roemer, Partner, Clinton Rubin LLC [email protected] (484) 885-6942
Paul Roemer, Managing PartnerHealthcare IT Strategy, LLC
+1 (484) 885-6942+1 (610) 384-1811
