Vice President, Business Development

Vice President, Business Development

Insider Tips from Healthcare Leaders

We recently had the privilege of attending HLTH 2023, an event that brought together 10,000 attendees from the healthcare, pharmaceutical, and retail sectors to delve into valuable insights and key themes shaping the future of global healthcare. During the event, we explored strategies poised to revolutionize how healthcare companies connect with consumers and foster unwavering loyalty. The experience left us with a wealth of invaluable takeaways to share.

Healthcare Consumerism and Patient Experience Mindset

Consumerism in healthcare, a trend that has gained momentum since 2005, has witnessed a significant acceleration due to the transformative impact of the COVID-19 pandemic and the subsequent introduction of vaccines. This paradigm shift has not only heightened awareness but has also reshaped the expectations of the average consumer within the healthcare industry.

Today's consumers seek more than just medical care; they desire a comprehensive healthcare experience that goes beyond mere treatment. As healthcare brands strive to meet these expectations, it becomes paramount to provide not only quality medical services but also ensure convenient access, personalized treatment plans, and clear, transparent pricing information at every stage of the communication lifecycle.

To efficiently navigate this landscape, healthcare companies should adopt and emphasize a patient experience mindset as the cornerstone of all their communications and advertising endeavors. By humanizing all interactions, from initial engagement to awareness efforts, companies can establish a connection that transcends the clinical aspect of healthcare.

Policy, Retailization, and Access

Walmart made a significant impact at the conference by sharing their groundbreaking initiatives in primary care. Emphasizing their successful implementation of policies in other countries, the retail giant showcased its commitment to enhancing access to healthcare services, particularly through local pharmacies and addressing healthcare deserts.

This emerging trend of using policy as a strategic tool to improve access to healthcare services holds the potential to exert a substantial influence on various facets of the healthcare landscape. By capitalizing on their expansive retail presence and leveraging their policy influence, companies like Walmart are positioned to play a transformative role in bridging the existing gaps in healthcare access. This could have a profound impact not only on patients but also on hospitals, primary care centers, and insurers.

This potential becomes especially advantageous for patients navigating routine health concerns such as strep throat or pink eye. With the option to quickly seek a diagnosis at their local pharmacy, patients can not only receive timely medical attention but also streamline the process of picking up medications. Moreover, as these initiatives gain traction, healthcare marketers can explore partnerships with retail giants and participate in collaborative efforts to promote health and wellness. This may involve developing campaigns that educate the public about the benefits of utilizing local pharmacies for routine health concerns, thereby driving awareness and encouraging consumer adoption of these emerging healthcare models.

Policy, Retailization, and Access

The conference featured numerous start-ups and highlighted the substantial investments they are attracting from private equity firms. These enterprises are dedicated to enhancing patient experiences and tackling diverse healthcare challenges, spanning mental health, dental care, and caregiving. The escalating interest from Wall Street in this sector signifies a mounting confidence in the potential of start-ups within the healthcare industry. For smaller healthcare companies, the current landscape presents a unique opportunity to strategically focus on marketing tactics that emphasize their distinctiveness. This involves not only showcasing what sets them apart but also illustrating how their products or services contribute to an improved overall patient journey.

1. Prominent digital-first companies, such as Instacart, are going beyond conventional boundaries by providing healthier shopping lists. 

2. Simultaneously, entities like Grail are committed to streamlining doctors' tasks through cutting-edge diagnostic tools, contributing to the evolution of healthcare practices.

Digital Transformation Challenges and Consumer Education

Despite the growing interest in digital transformation, many healthcare brands are still in the early stages of adoption. It is crucial for these brands to align their tech stack with revenue generation and address foundational elements. Other industries have made more progress in this area, highlighting the need for healthcare to catch up.

Another common theme at the conference was the need to educate consumers about available healthcare tools and services. Many consumers are unaware of the innovative solutions and options beyond what insurance companies cover. It is essential to communicate these offerings in digestible formats and improve the connection between consumers and healthcare tools. Leveraging digital platforms effectively and employing targeted messaging can significantly contribute to bridging this awareness gap.

Interested in learning about how Rise is turning these industry insights into actions? Contact us today!

11/22/2023 at 03:14