CHICAGO, July 18, 2018 (GLOBE NEWSWIRE) -- Industry research just released by global brand and marketing consultancy Prophet (www.prophet.com) finds that healthcare providers, payers and pharma companies are not making significant strides toward consumer centricity despite increasing demands and competition for healthcare dollars. Further, researchers uncovered three strong opportunities for improvement across each sector: partnering with digital, bringing in external perspective and measuring what matters.
“Consumers want to be treated as powerful participants in their own health. Increasingly healthcare organizations’ own bottom lines require meeting consumers halfway or more. So, it is increasingly in everyone’s best interests to make sure consumers are empowered, engaged, equipped and enabled so they become what we call the ‘e-consumer,’” explained Jeff Gourdji, partner at Prophet.
Consumer centricity is required to win in today’s era of active consumers. Consolidating health systems and commoditized plans and medicines means greater consumer engagement is required so that consumers select their system, their plan and their drug. Additionally, funders of healthcare are demanding greater value of systems and drug manufacturers, requiring consumer centricity to get consumers to change their behavior and, in turn, drive down healthcare costs.
And winning that empowered, engaged, equipped and enabled consumer has become more critical at a time when healthcare consumers are demanding more from providers in response to rising costs; when consumers need to play a more active role in personal health management; and when startups are finding more agile ways to meet the needs of this increasingly educated and proactive group of consumers.
Analyzing the data and commentary for key themes, researchers uncovered five shifts that organizations must prioritize to reshape into more consumer-centric businesses:
Across the healthcare industry, researchers did not find a notable amount of progress on any of the five shifts. The most advancement appears to be on shift five, moving from insights as a function to a consumer-captivated culture.
“Particularly in the U.S., many healthcare companies are feeling squeezed by new value-based metrics and by pushes from financiers of healthcare – such as governments and employers – toward a more cost-efficient consumer system. Yet adaption to the consumer is stunted and digital naïveté is pervasive,” noted Prophet Chief Growth Officer Scott Davis.
Pharmaceutical companies surveyed report the most progress moving toward consumer obsession – or empathy for what is important in their customers’ whole lives – but still lag significantly when it comes to developing holistic strategies spanning the entire healthcare journey and expanding beyond purchase and administration of their products.
Payers have also made some progress on the consumer obsession front, using available data from wearable technology, claims and clinical forms to analyze and distribute data across the business. However, this segment of the industry struggles with the challenge of fundamentally changing the relationship with consumers from transaction manager to personalized health partner.
Providers have made some advancements in translating data into insights. Where they struggle most is moving from tactical fixes within the confines of a doctor’s office to a healthcare journey spanning periods of wellness and illness.
Additional research highlights include:
The research, a qualitative and quantitative deep dive into the strategies of senior leaders at healthcare payers, providers and pharma companies conducted over two months, explores the state of progress toward becoming consumer-centric. Companies providing their candid commentary as part of the study include some of the most prominent names in healthcare – from the Mayo Clinic to Aetna to Pfizer. To view the full results, case studies and industry segment highlights visit: https://www.prophet.com/report/healthcare-transformation-to-consumer-centricity/
Prophet is a consultancy that helps clients find better ways to grow by focusing on three important areas: creating relevant brand and customer experiences, driving accelerated growth strategies and leveraging digital as a transformative force in their business. We operate differently than other consultancies, blending insight, strategy and creativity with an optimistic yet pragmatic approach. We have partnered with some of the world’s most successful companies, including Electrolux, T-Mobile, UBS and GE. With ten global offices and more than 350 experts in marketing, innovation, digital and design, we are able to bring together the right people with the right experience to solve our clients’ business challenges. Prophet.com
Director of Marketing, Prophet