HIStalk Interview with Justin Dearborn, CEO of PatientBond
On July 28, 2021, HIStalk published an interview with Justin Dearborn, the CEO of PatientBond. This interview covered PatientBond's value proposition and key differentiators in the patient engagement technology market, the power of psychographic segmentation, and the company's strategy for future growth.
HIStalk is an independent health IT publication reaching a loyal, executive-level, decision-making audience of 50,000 readers. An independently commissioned survey of C-level health system executives found that HIStalk ranks #1 among health technology websites in readership, influence and generating interest in companies.
Key Discussion Points
Mr. Dearborn started with his background, explaining that he was the CEO of Merge Healthcare from 2008 until 2015, when Merge was acquired by IBM and formed the basis for Watson Health. Since that time, Mr. Dearborn has been involved with several industries, including as Chairman and CEO of Tribune Publishing. He took over as CEO for PatientBond in January 2021.
PatientBond is a platform for patient engagement, using a proprietary psychographic segmentation model and dynamic, digital communications to motivate and activate desired patient behaviors. PatientBond helps its customers grow market share and revenue while reducing costs through automation, improve health outcomes and increase patient payments as an enhancement to RCM efforts.
Psychographics pertain to people's attitudes, values and personalities and are core to their motivations and communication preferences. Psychographic segmentation targets and helps engage healthcare consumers according to these shared characteristics.
Using psychographic insights to personalize messaging, channel mix (e.g., email, SMS/text messaging, automated calls, in-app/portal messaging) and message frequency/cadence, healthcare organizations can overcome the "one size fits all" approach to patient engagement that results in suboptimal performance. This is a true differentiator for PatientBond in the patient engagement technology space and it has delivered significant improvement over other technology options in the market.
PatientBond conducts nationally representative market research studies every year to build upon its knowledge of healthcare consumers and the psychographic segments, specifically. PatientBond uses machine learning and AI to continually improve and evolve the platform.
Psychographic segmentation is a consumer science that has been used for decades by leading consumer goods companies and retailers but is relatively new to healthcare. In fact, PatientBond's psychographic model was developed by healthcare consumer experts who led such work at Procter & Gamble before joining PatientBond.
One of PatientBond's biggest challenges is awareness of psychographic segmentation among client prospects. Because this consumer science is new to healthcare, several meetings with a client prospect may be necessary to facilitate understanding among various stakeholders. Usually lightbulbs start popping on and the health system or payer will start coming up many use cases in which PatientBond can be applied.
The Next Few Years
PatientBond will focus on marketing awareness as it has tripled its go-to-market team following its series C funding round this past January and will grow the company 100% by year-end. The company will remain private and largely self-funded for the next couple of years but will eventually face the decision of IPO or other direction, which is the natural evolution of a highly successful, early-stage growth company.
The PatientBond platform is very flexible and proven across various verticals, such as hospitals & health systems, payers, urgent care, specialty pharmacy and biotech. PatientBond also works with vendor partners on joint or white-labeled solutions. PatientBond has about 100 clients and is deployed in more than 1,200 provider locations.
PatientBond is well-positioned for rapid growth and can help healthcare stakeholders motivate and activate healthcare consumer behaviors across many business and clinical applications.
Download the KLAS Spotlight Report to learn more about how PatientBond improves healthcare organization's patient engagement execution with personalization for improved health and financial outcomes.