The Amazonification of Healthcare

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The Amazonification of Healthcare

The Amazonification of Healthcare

The digital age is no longer about just the product – it’s equally about the customer experience.

In turn, businesses are competing on their ability to deliver quantifiable results to empowered consumers, who are:

  • Informed
  • Proactive
  • Demanding
  • Discerning
  • Cost-conscious

Naturally, empowered consumers have high expectations of the services and brands they choose to integrate into their lives – and Amazon’s buying experience, which is ultra-fast, convenient, innovative, and driven by user reviews, is the perfect example of this trend in action.

This “Amazonification effect” is transforming every industry from retail to finance – and the healthcare industry is now set to change forever for both consumers and businesses.

DREAMS OF AMAZONIFICATION

Today’s infographic comes to us from Publicis Health, and it shows the shift occurring in the healthcare space to a new outcome-based economy that is powered by an increasingly digital and data-driven experience.

It’s also led by the millennial generation, a group that is seeing buying power finally line up with their influence. These digital natives see no reason for the healthcare experience to be stuck in its old ways – they demand a fast, digital, convenient, and quantified version of healthcare along with ongoing relationships.

The ideal healthcare experience for this group looks something like this:

Convenient access
59% of U.S. healthcare consumers want their digital healthcare experience to mirror retail.

Digital channels
74% of millennial patients value the ability to book appointments and pay bills online.

Ongoing relationship
48% of healthcare consumers want to partner with their healthcare providers for personalized treatment.

Treating patients more like retail consumers will be a paradigm shift for healthcare – and it will require companies to invest in areas like big data to complete the patient experience.

AN ONGOING RELATIONSHIP

The patient-healthcare provider relationship is ever-changing.

As consumer demands grow, there is also an increased pressure on healthcare providers and pharma businesses to deliver. Patients no longer accept being told what they need, instead wanting to take more control of their health.

A more connected relationship with their healthcare provider can help achieve this goal. It’s made up of four components:

  1. Identify patient needs
  2. Uncover evolving needs by employing self-reporting to understand patterns of change
  3. Meet patient needs by enabling connected services for predictive interventions
  4. Match real life experience to treatment decisions, by using data to get a 360-degree of the patient

This can lead not only to a better patient care experience, but also better outcomes.

THE SUPPORTIVE CARE TRIFECTA

An effective supportive care platform simplifies the many moving pieces that must come together in the patient care process. It leverages the following trifecta:

1. Service design
Connects services and workflows for optimal end-to-end experience, while also giving patients with the resources to engage with their own healthcare.

2. Technology activation
Backbone for delivering patient care to each stakeholder that is supported by artificial intelligence (AI) technology for a seamless experience.

3. Data intelligence
Right dashboards contribute to unearth analytic insights, revealing unique patient stories for strategic, tailored treatment.

Connecting humans with health systems, a supportive care platform links all players and workflows involved. The result? Quantifiable outcomes, and a clear return on investment.

Adopting big data in healthcare can yield:

  • 20%-30% in cost savings
  • 35% rise in patient access
  • 20% improvement in outcomes
  • 30% growth in revenue

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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