PatientBond Launches Insights Accelerator™ and Files for Patent Protection
PatientBond is excited to announce the launch of its Insights Accelerator™ solution, which provides access to unique and extensive market research and psychographic data on healthcare consumers. In a press release dated March 11, 2021, Justin Dearborn, CEO of PatientBond, stated, "We have significant market research and psychographic insights on positively influencing healthcare consumer decisions and activating patient behaviors."
PatientBond conducts annual national market research on healthcare consumer attitudes and behaviors to inform and strengthen its platform for digital patient engagement. For example, PatientBond just completed a study on COVID-19 vaccinations to address anticipated barriers to consumer uptake of the vaccine so that PatientBond can help providers drive vaccinations through digital outreach (e.g., email, text/SMS).
PatientBond has been conducting national market research since 2013, soon after the company was founded. These healthcare consumer insights help PatientBond deliver outstanding results for hospitals, health systems, payers, urgent care providers and other healthcare stakeholders. The market research focuses on psychographics, but the data can be analyzed by demographic and socioeconomic variables, as well as by health condition, health insurance coverage and many other characteristics.
Because of the challenges healthcare providers face in marketing their services, differentiating in the marketplace and hyper-targeting patients with specific messaging, PatientBond decided to package the millions of data points from its market research and make it available to the healthcare industry.
The Insights Accelerator™
The Insights Accelerator™ is an easy-to-use, online dashboard for navigating the extensive research PatientBond has conducted on healthcare consumers. It allows the user to define the patient type (age, gender, psychographic segment, health condition, etc.) and analyze a comprehensive list of attitudes and behaviors to deeply understand the needs of that patient type. Then the user can determine the consumer-preferred channels and marketing mix to engage patients more effectively. The Insights Accelerator™ also includes geographic heatmaps by designated market area (DMA) down to the block level, by psychographics, demographics and health insurance type. It includes a codebook for motivating the psychographic segments and operationalizing the insights across marketing channels.
The Insights Accelerator™ will help providers develop the right messaging and marketing mix to drive patient acquisition and loyalty through improved targeting, branding and service line marketing.
For example, if a provider wants to accelerate COVID-19 vaccinations, the Insights Accelerator™ would pinpoint the psychographic segment(s) most likely to want the vaccination, where they are located in the marketplace, what needs to be said to motivate getting the vaccination and how to deliver that message.
Psychographics pertain to people's attitudes, values, beliefs and personalities and are core to their motivations, priorities and communication preferences. PatientBond's proven and proprietary psychographic segmentation model is an evolution of the work led by healthcare consumer experts from Procter & Gamble. These experts led psychographic modeling for P&G Healthcare since the early 2000's and improved psychographic models through three generations to improve accuracy and practical application. PatientBond's psychographic segmentation model is 91.1% accurate and the model's insights have been used to drive PatientBond customers' market share, patient health outcomes and patient financial responsibility payments.
Each of the model's five psychographic segments is motivated by different priorities and each segment requires specific messaging and marketing channel mix to maximize results. While the PatientBond digital patient engagement platform can manage the significant amount of data that go into creating and executing a segment-specific campaign, it would be challenging for a marketer or clinician to juggle all the insights to manage patient engagement on a going basis. The Insights Accelerator™ facilitates the application of consumer insights to any marketing strategy or campaign.
The next stage of innovation involves the automated production of psychographic content for advertising and patient education. While the Insights Accelerator™ can help a marketing team develop the right messaging, the ability to automate the process of content creation, including words, phraseology and images, will drive game-changing efficiencies and effectiveness of marketing.
PatientBond is using machine learning and artificial intelligence to find patterns in past successful psychographic marketing campaigns and health interventions to instantly produce content on behalf of the users of Insights Accelerator™. This powerful capability will provide significant benefits and a competitive advantage for PatientBond's customers. Recognizing the value of this offering, PatientBond filed for patent protection on the Insights Accelerator™ solution and looks forward to continuously investing in innovation behind the platform.
PatientBond mission is to leverage Healthcare Consumer Insights and Innovative Technology Solutions to help its clients better navigate the rise of consumerism in healthcare and evolving reimbursement models. PatientBond's highly configurable communications platform leverages a proven psychographic segmentation model and a diverse set of digital workflows to help our clients build a tighter bond with their patients to improve health outcomes, grow their market share and improve patient payment collections. PatientBond is currently used by more than 1,200 healthcare provider locations across the United States. PatientBond is a portfolio company of First Health Capital Partners, LLC. Information about PatientBond is available at www.patientbond.com.