Conclusions on the state of healthcare consumerism were among the key takeaways from The Health Management Academy + Cedar Consumer Co-Lab, which convened executives from 26 Leading Health Systems
There has been a permanent shift in how consumers communicate with—and assess—their providers; nearly six in 10 consumers are more likely to recommend a provider with a great digital experience, and 35% of consumers have actually switched providers because of a poor digital experience. In response, Leading Health Systems (LHS) have made it an imperative to ensure patients have access to affordable, high-quality, personalized healthcare.
To help LHS execute on their long-term consumer visions and address evolving consumer demands, Cedar, an enterprise financial engagement platform that improves the end-to-end journey for consumers, and The Health Management Academy (THMA), the definitive trusted source for peer-to-peer knowledge exchange for the largest U.S. integrated health systems, recently hosted The Health Management Academy + Cedar Consumer Co-Lab.
The Health Management Academy + Cedar Consumer Co-Lab is an ongoing collaborative for key health system executives to share strategies, challenges and opportunities to improve the consumer journey and experience in healthcare. The inaugural collaborative took place in October 2022 and will be followed by bi-annual events throughout 2023-2024. During the Spring 2023 event, providers shared how they are embracing bold strategies to cultivate consumer loyalty, developing sophisticated data and analytics strategies and creating comprehensive digital engagement and care delivery models. Key takeaways include:
Access (or lack thereof) is a roadblock to executing a consumer-first strategy
Access to healthcare—whether it is limited access to information, barriers to digital engagement or accessing quality care—is a critical factor that significantly influences the success of consumer strategies for LHS. Not only does it hinder progress, but it also contributes to industry-wide problems in healthcare, including care delays and high costs plaguing the healthcare industry.
Leveraging data and consumer insights is crucial for LHS to improve care delivery
Continuous monitoring and analysis of consumer feedback enables providers to enhance the patient experience and drive iterative improvements, but also requires leaders to use data analysis to communicate ROI effectively and understand consumer preferences.
Striking the right balance between systems of record and systems of engagement is key to driving transformation
LHS face the complex challenge of finding the right balance between maximizing their current systems of record and implementing new systems of engagement, requiring healthcare leaders to consider various factors such as ROI, the scope of potential vendors and the unmet needs within their own systems.
Measuring consumer initiatives in healthcare remains a top priority
The measurement of consumer experiences is vital in healthcare to ensure that even the most innovative solutions have a meaningful impact. However, the industry has been lacking actionable metrics specifically tailored to consumer experiences; what truly matters is understanding the underlying factors that drive consumer decision-making by using data-driven insights to assess the key aspects of the consumer experience.
“Addressing consumerism in healthcare is not a one-time initiative. To address new competitive threats, health systems must inspire loyalty and drive advocacy by continuously upleveling the consumer experience,” said Seth Cohen, President of Cedar. “With the Co-Lab, we are regularly bringing together an experiential learning community that allows healthcare executives to share bold strategies, challenges and opportunities for a better consumer journey.”
Download the executive summary here for the complete insights on advancing the consumer experience from The Health Management Academy + Cedar Consumer Co-Lab.
Cedar is committed to improving the healthcare financial experience for all. With an innovative platform that connects providers and payers, Cedar empowers healthcare consumers with an optimized journey—all powered by data science and interactive design. For Cedar clients, this leads to increased payments, more efficient operations and greater consumer loyalty. To learn more about why leading U.S. healthcare organizations trust Cedar to manage the end-to-end consumer experience from pre-registration to post-visit billing, visit www.cedar.com and join us on LinkedIn, Twitter, Facebook and YouTube.