How Can Predictive Analytics Help Marketers Address the Changing Healthcare Landscape?
Ask the Expert with Kyra Hagan
The healthcare market is changing profoundly. With masses of baby boomers entering retirement, the United States faces one of the most dramatic demographic shifts in its history. The burdens associated with caring for a large and aging population are increasing both the complexity and cost of care delivery. In addition, public and private payers alike are adjusting payment models to reward or penalize hospitals based on their ability to deliver coordinated, quality care and ensure patient wellness.
Additionally, various federal government programs now require providers to more fully engage patients and families in their care in an attempt to effect behavioral change that will improve long-term outcomes.
At the same time, hospitals are dealing with a dramatically increasing set of patient expectations. Consumers are accustomed to unlimited choices and 24-hour convenience, so it takes a lot for a hospital to impress them. According to the Deloitte 2011 Survey of Health Care Consumers, people want healthcare organizations “to treat them as consumers rather than patients and to address access, convenience, and wait times, which they universally grade as ‘failing.’” There is competition, even for saving lives, and organizations need to acknowledge that patients and potential patients are living in a consumers’ world.
This sea change is driving a transformation and expansion of the role of healthcare marketers, who are rapidly turning to predictive analytics technology for help. Management consultant Peter Drucker once said, “The best way to predict the future is to create it.” That is the premise on which predictive analytics software was created and why it has long been embraced by leading retail, banking, and travel companies.