How to Drive Healthcare Revenue & Market Share| PatientBond
The healthcare marketplace is highly competitive with different provider types - hospitals, urgent care, medical groups, healthcare insurance companies - vying for the same healthcare consumers to boost market share and repeat business. The keys to winning with healthcare consumers include:
- Understanding healthcare consumers' motivations, priorities, needs and wants
- Differentiating versus competitors with meaningful services, benefits and positioning
- Communicating these differentiating benefits in a way that healthcare consumers believe their needs will be uniquely met
These are Marketing 101 principles to be sure, but they are not often followed in healthcare. It's almost as if one can mix and match every hospital mission statement or billboard advertisement ("#1 in Patient Satisfaction!") and end up with the same approach.
Healthcare organizations should lift a page from the consumer products and retail industries and use consumer science to more effectively communicate their brand proposition in the marketplace. This includes leveraging valuable market research among current and prospective patients or health insurance members to determine what they are truly looking for how they make their decisions in healthcare services.
Such research should include psychographic insights, which focus on people's attitudes, beliefs, values and personalities, which are core to their motivations and communication preferences. Unfortunately, such research can be costly and resource-intensive, making it infeasible for many healthcare providers.
Recognizing this issue, PatientBond conducts annual market research on healthcare consumer attitudes, behaviors, priorities and decision drivers to make available to healthcare providers. PatientBond's psychographic segmentation model is based on this extensive research and evolved from models developed by healthcare consumer experts from Procter & Gamble. PatientBond uses these insights to inform its own patient engagement platform to drive unmatched results in growing its customers' market share, improving health outcomes and increasing patient financial responsibility payments.
Healthcare providers can access all of these psychographic insights and market research data to inform their own marketing efforts using the PatientBond Insights AcceleratorTM.
The PatientBond Insights AcceleratorTM
The Insights AcceleratorTM is an online interface that allows the user to easily access extensive healthcare consumer research and psychographic insights to develop the right messaging and use the best channels for engaging consumers based on their motivations and communication preferences.
The dashboard allows one to quickly navigate millions of data points by categorizing the information according to:
WHO: Healthcare consumer demographics, socioeconomics, insurance coverage, health condition and other variables describing the target audience
WHAT: Healthcare consumer attitudes, behaviors and services desired
HOW: Healthcare consumer preferred channels, frequency of communication and sources of information for making decisions about provider services
PatientBond has also significant market research on healthcare consumers' attitudes and behaviors regarding COVID-19 and vaccinations, conducted in 2020 and 2021.
The data from this research helps answer such questions as:
- How do I attract new patients to my hospital or urgent care clinic?
- What are the best channels to communicate my marketing message?
- What are the most desired services from a health insurance company?
- How do I increase the rate of COVID-19 vaccinations in my service area?
- How do I improve patient loyalty and repeat visits?
One can find answers in the data using the search function and framing inquiries like a business question or using key words or phrases (e.g., "how often visit urgent care"). The data are presented in bar chart and tabular formats for easy analysis.
A powerful tool in the Insights AcceleratorTM is its heatmapping function, in which users can identify the distribution and headcount of patient types (e.g., psychographic segments, ages, gender, income range) within a defined geography, including:
- DMA (Designated Marketing Area, or media market)
- Zip Code
- US Census block level
This allows a healthcare organization to hyper-target and promote to prospective patients for geo-fenced digital advertising, direct mail, outdoor advertising, community events and many other marketing tactics.
Urgent care clinics have begun using it for site selection and M&A activities, because one psychographic segment, known as Willful Endurers, account for 70% of frequent urgent care visits (at least once per quarter) and over half of patients who visit urgent care at least once per year. Multivariate analysis has shown that urgent care clinics situated in geographies with large concentrations of Willful Endurers tend to be much more successful in terms of patient traffic and revenue. This was discussed in detail in PatientBond's August 26, 2021 Urgent Care Association webinar, "Targeting Patients Who Bring the Most Revenue," which can be viewed On-Demand by clicking the following button:
Psychographic Segment Codebooks
The Insights AcceleratorTM also includes "Codebooks" for effectively engaging each psychographic segment, including segment-specific words, phrases and images. While PatientBond is happy to train and consult customers on its psychographic segmentation model, the Insights AcceleratorTM facilitates self-sufficiency for operationalizing the insights.
The PatientBond Insights AcceleratorTM is a valuable resource for any healthcare organization to develop and execute effective marketing campaigns. To learn more about the Insights AcceleratorTM and how it can help you achieve your marketing goals, please contact PatientBond for a demo.