A Real Retail Strategy for Healthcare
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With a focus on providing high-quality, lower-cost care, the healthcare industry has been looking to the retail industry for strategies used to engage and empower consumers. Lessons learned include how to use the retail setting as a medium for providing care and how to engage consumers outside of the care setting by using technology. What is often neglected when assessing retail industry tactics is their core competency of using data insights to motivate and incentivize changes in consumer behavior. Connected Health solutions provide streams of valuable information that can be mined and analyzed to achieve business objectives. Perficient's healthcare and retail experts demonstrated how data can be leveraged to: -Transform passive recipients of care into active participants in care -Mass customize messaging aligned with population health initiatives -Achieve outreach objectives that convert unknown consumers into patients/members -Improve care and lower healthcare costs
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A Real Retail Strategy for Healthcare
- 1. A REAL RETAIL STRATEGY FOR HEALTHCARE March 31, 2015
- 2. ABOUT PERFICIENT Perficient is a leading information technology consulting firm serving clients throughout North America. We help clients implement business-driven technology solutions that integrate business processes, improve worker productivity, increase customer loyalty and create a more agile enterprise to better respond to new business opportunities.
- 3. 3 PERFICIENT PROFILE Founded in 1997 Public, NASDAQ: PRFT 2014 revenue $456.7 million Major market locations: Allentown, Atlanta, Ann Arbor, Boston, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Denver, Detroit, Fairfax, Houston, Indianapolis, Lafayette, Milwaukee, Minneapolis, New York City, Northern California, Oxford (UK), Southern California, St. Louis, Toronto Global delivery centers in China and India >2,600 colleagues Dedicated solution practices ~90% repeat business rate Alliance partnerships with major technology vendors Multiple vendor/industry technology and growth awards
- 4. 4 INDUSTRIES Healthcare Financial Services Life Sciences Retail & Consumer Goods Automotive & Transportation High Tech Telecom Energy & Utilities Manufacturing Media & Entertainment PORTAL Portal Frameworks Search Security Web Analytics Web Content Management Social & Collaboration Mobility Experience Design INTEGRATION Integration Frameworks Cloud Architecture Reference Architecture Application Integration Enterprise Application Integration Service Oriented Architecture Process & Content Integration Business Process Management Complex Event Processing Rules Engines DATA & CONTENT Business Analytics Business Intelligence Predictive Analytics Reporting Structured Data Management Data Integration, Quality & Governance Enterprise Data Warehouse Master Data Management Product & Information Management Unstructured Data Management Big Data Content Intelligence Content Management Enterprise Search CUSTOMER EXPERIENCE Customer 360 Multi Channel Enablement Relationship Management Social Engagement Commerce Marketing Strategy Implementation Order Management Supply Chain Management Service & Support Managed Hosting Sales & Service Support Customer Service, Sales Force Automation Experience Design Strategic Roadmaps & Envision Workshops User Research & Metrics Analysis Creative & Interaction Design Custom & Responsive UI Development Digital Marketing Search Engine Marketing Online Advertising Content Strategy Conversion Optimization Management ConsultingBUSINESS OPERATIONS Corporate Performance Management Budgeting, Forecasting & Planning Business Analysis & Predictive Analytics Enterprise Business Solutions Oracle EBS Vertex Tax Solutions Human Resource Solutions Employee Portals Human Resource Management Talent Management Enterprise Social Platforms Social Strategy Lync Unified Communications Office 365 Management Consulting OUR SOLUTIONS PORTFOLIO
- 5. 5 SPEAKER INTRODUCTIONS Melody Smith Jones, MBA, Manager, Connected Health Melody leads connected health solutions for Perficient. She has more than 12 years of experience integrating technology solutions into marketing and loyalty strategies, and has specialized knowledge in the implementation of collaborative technologies, business intelligence, and CRM. Jim Hertzfeld, Consumer Markets Practice Director, Perficient Jim has more than 20 years of experience in technology strategy, architecture and delivery. He has provided client leadership to enterprise systems and strategic initiatives at companies like Target, Luxottica and Honda. His areas of focus include commerce, digital marketing and complex systems integration in the consumer markets.
- 7. 7 50% of CONSUMER INTERACTIONS ...while those that deliver poor experiences underperform by more than 45%. Companies that prioritize consumer experience generate 60% higher profits than their competitors Percent of consumers that get frustrated when presented with an inconsistent experience across channels 65% MORE THAN Increase in Consumer Retention Increase in Company Value 10% = 30% Firms that deliver superior customer experiences have outperformed the S&P 500 index by 30% over a six- year period... What the retail industry has learned⌠multi-channel journey occur during a multi-event, +60% - 45% +30% 86% Consumers who are willing to pay more to get a better experience 32% Online adults that trust ads in any channel
- 8. 8 350,000 7,000,0 00 2013 2018 âNothing would result in improving the health of the population (and decrease healthcare costs) more than having greater involvement/engagement by individuals in the healthcare process.â e-Patient petition to the ONC 52% Believe mobile health would make healthcare more convenient hospital readmissions that are preventable Patients more likely to follow treatment protocol if they received encouragement from doctors between visits Consumers willing to pay more for customized health plans 50% 75% 42% Telehealth Use Worldwide 60% Adults that track their weight, diet, or exercise routines
- 9. 99 Rising Consumer Expectations Amazon, Zappos, Facebook, Apple, et al are redefining service, speed and ease-of-use Continual Connectivity Adoption of digital channels is driving demand for choice and connectedness Organizational Velocity Wins Tech lowers barriers to entry and increases speed; slow response invites disruption Abundance of Consumer Data Requires competency in turning complex data into business insight CONSUMERS CHANGING THE HEALTHCARE LANDSCAPE
- 10. 10 Healthcare-adopted retail tactics: ⢠Using the retail setting as a medium for providing care ⢠Engaging consumers outside of the care setting with technology What is often neglected: ⢠The retail core competency of using data insights to motivate and incentivize consumer behavior RETAIL TACTICS IN HEALTHCARE
- 11. 11 Connected health solutions are, in and of themselves, streams of valuable patient information. Healthcare can use intelligence to mass customize messaging for population health and converting unknown consumers This data can help determine passive recipients of care and glean patterns that help transform passive recipients into active participants. With the use of mobile we can also tap into the data consumers already collect: ⢠1 in 3 adults track health indicators or symptoms ⢠1 in 3 caregivers track their loved ones health indicators or symptoms Health Research Institute. Social media likes healthcare: From marketing to social business.
- 13. 13 Doctor visits per year 115Shopping trips per year 4
- 14. 14 THE CONNECTED CONSUMER Relentless competition Price transparency Pervasive technology The shopperâs journey The consumer is in control 1 2 3 4 5
- 15. 15 Relentless Competition Lower barriers to entry and faster time-to-market result in more choices, more options, and more ways to shop, buy, and own than ever before.
- 16. 16 Price Transparency Price competition is forcing retailers to build ruthless efficiencies into their cost model or offer new value to make up the difference.
- 17. 17 <<all purpose technology image>> Pervasive Technology The confluence of operational and consumer technology is driving massive efficiency gains and a highly informed consumer.
- 18. 18 The Shopperâs Journey The routes that consumers take to engage with brands and retailers are increasingly nonlinear, complex, and unpredictable.
- 19. 19 The Consumer is in Control The informed, empowered, and connected consumer is setting the rules of engagement for brands and retailers.
- 20. 20 THE RETAIL RESPONSE Customer experience Omni-channel Personalization Leveraging data Digital transformation 1 2 3 4 5
- 21. 21 Customer Experience Recognize and react to every consumer touchpoint â physical and digital â as opportunity to build your brand and develop loyal customers
- 22. 22 Omni-Channel A means of simplifying the customerâs path to purchase by providing consumers with the same exact service and products, regardless of the initial contact method chosen.
- 23. 23 Personalization Possessing enough knowledge of individual consumer needs, behaviors, and preferences to provide them valuable experiences in the right context.
- 24. 24 Leveraging Data 90% of the data in the world today was created in the last two years. The problem is not how to get it â itâs what to do with it once you have it.
- 25. 25 Digital Transformation The realignment, or new investment in, technology and business models to more effectively engage digital consumers at every touchpoint in the customer experience lifecycle.
- 26. 26 RETAIL + HEALTHCARE compliance telemedicine prevention and treatment classification of diseases health plans and provider collaboration loyalty omni-channel browsing and buying categories of products manufacturer and retail collaboration
- 27. 2727 A Retail Strategy for Healthcare
- 28. 2828 Develop Products & Services Firm Value = Present Value of Cash Flows Generated from Customers Customer-Centric Strategy & Performance Company Focused Customer Focused
- 29. 2929 ⢠Transform passive recipients of care into active participants in care ⢠Use data insights to motivate and incentivize changes in consumer behavior ⢠Better insight into patient/member âconversionâ and reasons for attrition ⢠Deeper understanding of patient and population needs for tailored campaigns ⢠Visibility into patient/member behavior including digital and mobile adoption ⢠Superior patient/member satisfaction and higher loyalty ⢠Consistent customer experience across channels Patient/Member 360 Strategy = Higher Revenues by Leveraging âGrow With Meâ Opportunities
- 30. 3030
- 31. 31 Social Networks Householding Internet Avatars Business Name/Address Email Product/Services Consumer Contact Preferences Legal Contact Preferences Knowledge Based Key External Keys Psychographics Employment Census Market/ Economic Safety and Security Financing Purchases/ Ownership Income Savings and Investments Hard Assets Employment Assets and Income External Affiliations Grouping Interests Demographics Dynamic Demographics Preferences Demographics Biometrics Static Demographics Name Personal Name/Address Phone Contact Information Ratings & Reviews Subscriptions Requests/Uploads/Downloads Call Center Infotainment Observed Actions Blogging 31
- 35. 35 STEP 2: STRATEGIZE Organization Strategy Marketing Strategy IT Strategy Strategic Service Line/BU Strategy Digital Strategy Content Strategy Social Strategy Mobile Strategy Loyalty Strategy Mission & Vision
- 36. 36 STEP 3: EXECUTE Information Search ⢠Facebook ⢠Pinterest ⢠Twitter ⢠YouTube ⢠Search Engines Search Results ⢠Content Hubs ⢠Blogs Content ⢠Health Information Library ⢠Symptom Tracker ⢠Health Quizzes ⢠Blog Posts ⢠Chronic Condition Management Tools Conversion ⢠Schedule a Class ⢠Find a Provider ⢠Find a Location ⢠Make an Appointment
- 37. 37 STEP 4: MONITOR ⢠Develop a bond between your identity and the potential new patient ⢠Consumer has been successfully converted to a patient ⢠Create familiarity ⢠Create favorability ⢠Utilize conversion tools ⢠Promote your top service lines ⢠Engage consumers with content ⢠Use web content to drive awareness Identify Prospect Create Awareness Convert Relate Earn 100% 70% 40% 30% 20%
- 39. 39 HIMSS ROUNDTABLE & TWEETCHAT STOP BY AND SEE US AT BOOTH #4460 AND ENTER TO WIN AN APPLE WATCH SPORT! VISIT WWW2.PERFICIENT.COM/HIMSS15 TO DOWNLOAD OUR INDUSTRY OUTLOOK GUIDES AND SET UP A MEETING WITH US AT HIMSS
- 40. 40 Q&A