The Call for Change in Healthcare is Resounding
The call for change and innovation in healthcare is everywhere – articles, reports, events, and more. A recent trip to AHIP Institute 2015 continued to confirm that healthcare must become the “new retail,” as we are experiencing an age in which consumers have transformed from passive recipients to active participants.
Analysis by McKinsey supports this sentiment and looks at the change (or as they say disruption) in healthcare, particularly in the existing payer model. According to McKinsey, the traditional model of employer-sponsored insurance is shifting toward individual offerings in an exchange setting. They go on to say that payers “need to build a new set of consumer- and retail-focused capabilities.”
Coming Out a Winner
The key is identifying the approaches that will help payers and other healthcare organizations embrace the disruption and come out on the other side a winner. We believe that technology plays a critical role in this transformation.
A report by the National Partnership for Women and Families looked more closely at how well the marketplaces, composed of the Federally-facilitated marketplace (Healthcare.gov) and 13 state-run marketplaces (at the time of this writing), specifically are providing consumers with information. They also looked at the new tools and practices that the marketplaces are employing to enhance the consumer browsing experience. The study found some marketplace websites are using highly effective tools to help consumers choose the plans that best meet their families’ health care needs and financial circumstances, they also found that those tools are not yet available to all consumers shopping for plans in the marketplace.
Results That Matter
One digital strategy that is getting a lot of attention is the Intelligent Virtual Assistant (IVA). We have seen first hand the benefit of using this advanced technology in building a better consumer experiences. The private health insurance exchanges we have worked with gained up to 18 times more enrollment conversions in the first year, and public health insurance exchanges nine times higher conversion rates. Even more impressive is 30% reduction in call center costs with an IVA versus without. The return on investment is tangible and immediate. It’s obvious IVA technology drives both top and bottom line results for any website that is working to convey complex, and at times, intimidating information to consumers.
We are not the only ones that believe that IVA technology can help. According to Transparency Market Research the global IVA market is expanding at an impressive CAGR of 30.6% from 2013 to 2019, and is projected to be worth US $2,126.4 million in 2019. This coming from about eight to ten businesses developing IVA technology for the healthcare sector, among other industries.
So, the words most used to describe the keys to future of healthcare organizations: change and innovation will continue to be used. But we need to start shifting the conversation from the abstract and start talking about the results of new, innovative approaches, like the application of IVA, that are helping companies lead during this time of disruption.
About the Author
Katherine has 25 years in high-tech marketing, product management and corporate communications. She is a gadget-girl, which is one of the reasons she is passionate about connecting people with innovative solutions and technology that solve real problems. Her objective at CodeBaby is to help businesses increase conversions and build lasting loyalty by putting their customer/consumer in control of their user experience. Connect with Katherine on LinkedIn and Twitter!Follow on Google Plus Follow on Twitter More Content by Katherine Wells