presented by: healthcare · •customer experience is the new competitive landscape •patients are...
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Consumerism in Healthcare
Preparing for a
Post-Covid-19 World
Eric Wixom
Eric WixomCEO & Co-founder
of Wixcorp
Presented By:
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Here’s the Plan.
Consumerism Across IndustriesWhat can we learn from those who’ve gone before us
The Healthcare PerspectiveWhere are we, and why now
Consumer Experience TrendsWhat can we expect over the coming years
A New Patient ExperienceWhat is today’s consumer looking for
Creating Custom ExperiencesHow to find your path forward
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3
Customer Experience
Due to the
Coronavirus and
for the safety of
our patients, no
Visitors allowed.
STOP
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Lessons from the Financial Sector
ExperimentingTest new services, platforms, and technology
RefiningImprove efficiency and ease of use
EngagingOptimized consumer experience
Banks expand
suite of financial
instruments
1985
Expansion of
off-site ATMs
1990
First online
banking website
launched
1994
Dot.com Era,
online banking
expands
2000
Multi-channel
services solidify
1999
Rise of online
only banks
2005
App Era,
mobile banking
expands
2008
2014
Launch of
mobile payment
services
Omni-channel
integrated
services
2017
De
reg
ula
tio
n
1970’s
4© Wixcorp. All Rights Reserved.
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Channel Engagement
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Why can’t we do this in healthcare?
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The Healthcare PerspectiveWhere are we, and why now?
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Rite Aid Partners With Instacart For Front-End Delivery ServiceMay 13th, 2020
In the News…
Amazon, JPMorgan, and Berkshire Hathaway's health
insurance JV is expanding to cover more employeesNovember 5th, 2019
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Walmart Opening More Healthcare ‘Super Centers’June 17th, 2020
Walgreens to open 500 to 700 in-store clinics with primary care
doctors in deal with VillageMDJuly 8th, 2020
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Insurance
95%
Traditional Model
Patient
5%
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Manual to Automatic
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Healthcare Trends: Transitioning from Wholesale to Retail
* McKinsey – Hospital Revenue Cycle Operations Created by the ACA
1980
Revenue from
Patients
Today
Revenue from
patients…and it’s 10x more expensive to collect
from a patient than from an insurer.
5% 35%
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Automatic…
…to Emotional© Wixcorp. All Rights Reserved. 12
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US ill-prepared for coronavirus-fueled mental health crisisMay 30th, 2020
Consumer debt hits new record of $14.3 trillionMay 5th, 2020
Concerns about medication adherence grow amid
COVID-19 pandemicApril 3rd, 2020
13
What is the Costumer’s Emotional State?
27 Million new uninsured from March to May 2020May 13th, 2020
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Dozens of City Governments Declare Racism a Public Health CrisisJune 1st, 2020
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* JAMA – Out-of-Pocket Spending for Hospitalizations Among Nonelderly Adults
Healthcare Trends: Patient is the New Payor
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Consumer Experience TrendsWhat can we expect over the coming years?
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4 focuses of Experience Management (XM)
Customer Experience Turning customers into fanatics
Employee Experience Turning employees into ambassadors
Product Experience Turning products into obsessions
Brand Experience Turning brands into religions
CX EX
PX BX
Bruce Temkin / Qualtrics
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Customer Experience Outlook
Micro-moments will grow in importanceThe Point: Consumer touchpoints must offer the
right information at the right time.
Bring Human Authenticity to
digital channelsThe Point: Don’t assume technology
makes customers happy. Always
provide human experiences
(supported by technology) when
customers need them.
Customers expect increasing
personalizationThe Point: Customers want to see
what’s important to them with less
tolerance for one-size-fits-all solutions.
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Telehealth and Remote CareThe Point: Don’t get comfortable with
current channels.
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CX Trends: Price and Quality are so 1990’s
Experience has over taken Price and
Quality as the key differentiating
factor for consumers today.P
rice
Quality© Wixcorp. All Rights Reserved. 18
Pri
ce
Quality
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68% of healthcare leaders
say self-servicing is a
revenue-generating
and cost cutting
initiative for them. ƒ
CX Trends: Self-Service is their first choice…
* Aspect Software – “Poor customer service pushes consumers away”
ƒ HFMA – Technology and data-driven decisions are driving best practices for patient collections
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CX Trends: …but you need multiple channels.
* Nice inContact
~ Qualtrics – “Forrester Study: Economic Impact of Qualtrics CustomerXM” © Wixcorp. All Rights Reserved. 20
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CX Trends: Response to COVID-19
Telehealth Impact
• Spike in Telehealth Visits KFF found patient’s who used
telehealth went from 2.3% in 2018, to 23% in response to
the pandemic. ~
• Short-term IT Solutions 92% of Providers with a current
Telehealth solution do not plan to stay with that platform
long term. *
Workforce Impact
• Moving Non-clinical Teams to Remote Trying to provide
safe, secure, compliant remote functionality is stretching IT
teams.
• Remote Employees Engaging Patients Institutions are
struggling to provide platforms for remote teams to
engage directly with patients. Phone, email, and text
capabilities are not universally available to remote teams.
Payment Shift
• Reduced One-time Payments We are seeing a reduction
in one-time patient payments across all channels. ƒ
• Rising Payment Plans We are seeing a corresponding rise
in patient payment plans. ƒ
Market Impact
• Increased Competition to Attracting Patients With
healthcare providers reeling from the impact of COVID-19,
there is an increased focus on attracting patients who
have deferred a service during the pandemic.
• Patient Engagement is a Growing Concern COVID-19
has highlighted healthcare’s maligned engagement and
self-service functionality. Expect heavy investment in this
area going forward.
* SR Health survey May 2020
~ KFF – “Opportunities and Barriers for Telemedicine in the U.S.
During the COVID-19 Emergency and Beyond”
ƒ Redde Outcome data May 2020 © Wixcorp. All Rights Reserved.
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A New Patient ExperienceWhat is today’s consumer looking for
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Why Aren’t Patients Engaged?
ƒ Apex – 7 Insights: Patient Financial Experience Preferences
ß Transunion 2016 Survey
Pay Plan
32%Discount
23%
Reminders
19%
Pay Online
13%
Knowing
Price Sooner
13%
Not
Enough
Money
Didn't
Remember
What Would Make You More Likely To Pay Next Time? ƒ
Why Didn’t You Pay? ƒ
3 in 4 Didn't
Understand
Millennials ß
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The Communication Gap
The way it is. The way patients expect it.
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How Do Your Patients Want to Engage?
10% Print
Preferred Payment Method*
* Instamed Trends in Healthcare Payments Annual Report 2016
Pie chart from REDDE patient use data
90% Online
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90% - 106% Bounce rate *
Let’s Talk Mobile
ƒ Google Research, 2017
* Google/SOASTA Research, 2017 © Wixcorp. All Rights Reserved. 26
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Mobile Experience
* Google Research, 2017 © Wixcorp. All Rights Reserved. 27
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Creating Custom ExperiencesHow to find your path forward
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Functional Limitations vs. Design Mistakes
Functional Engaging
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Technology is Not a Silver Bullet
Traditional Approach Consultative Solutions
Business Process Software Tools Business Process Software Tools
Engaging ExperienceFragmented Experience
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Patients want to pay their medical bills online.
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Traditional Approach
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Patients expect an engaging mobile experience to understand
and pay their medical bills.
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Consultative Solutions
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Omni-channel Integrated Experience
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• Customer Experience is the new competitive landscape
• Patients are demanding more transparency and self-service options
• Market relevance requires improved engagement
• Mobile is (still) king
• Investment in Omni-Channel solutions is key
• COVID-19 will hopefully be that galvanizing experience to move
healthcare into a more consumer-centric model
Key Takeaways
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© Wixcorp. All Rights Reserved. CONFIDENTIAL
Thank You
Eric Wixom
Eric Wixom
Questions?
35