Presented By: Healthcare · •Customer Experience is the new competitive landscape •Patients are...

Consumerism in Healthcare

Preparing for a

Post-Covid-19 World

[email protected]

Eric Wixom

Eric WixomCEO & Co-founder

of Wixcorp

Presented By:

Here’s the Plan.

Consumerism Across IndustriesWhat can we learn from those who’ve gone before us

The Healthcare PerspectiveWhere are we, and why now

Consumer Experience TrendsWhat can we expect over the coming years

A New Patient ExperienceWhat is today’s consumer looking for

Creating Custom ExperiencesHow to find your path forward

© Wixcorp. All Rights Reserved.

3

Customer Experience

Due to the

Coronavirus and

for the safety of

our patients, no

Visitors allowed.

STOP


Lessons from the Financial Sector

ExperimentingTest new services, platforms, and technology

RefiningImprove efficiency and ease of use

EngagingOptimized consumer experience

Banks expand

suite of financial

instruments

1985

Expansion of

off-site ATMs

1990

First online

banking website

launched

1994

Dot.com Era,

online banking

expands

2000

Multi-channel

services solidify

1999

Rise of online

only banks

2005

App Era,

mobile banking

expands

2008

2014

Launch of

mobile payment

services

Omni-channel

integrated

services

2017

De

reg

ula

tio

n

1970’s

4© Wixcorp. All Rights Reserved.

Channel Engagement

© Wixcorp. All Rights Reserved. 5

Why can’t we do this in healthcare?


The Healthcare PerspectiveWhere are we, and why now?


Rite Aid Partners With Instacart For Front-End Delivery ServiceMay 13th, 2020

In the News…

Amazon, JPMorgan, and Berkshire Hathaway's health

insurance JV is expanding to cover more employeesNovember 5th, 2019


Walmart Opening More Healthcare ‘Super Centers’June 17th, 2020

Walgreens to open 500 to 700 in-store clinics with primary care

doctors in deal with VillageMDJuly 8th, 2020

Insurance

95%

Traditional Model

Patient

5%


Manual to Automatic


Healthcare Trends: Transitioning from Wholesale to Retail

* McKinsey – Hospital Revenue Cycle Operations Created by the ACA

1980

Revenue from

Patients

Today

Revenue from

patients…and it’s 10x more expensive to collect

from a patient than from an insurer.

5% 35%


Automatic…

…to Emotional© Wixcorp. All Rights Reserved. 12

US ill-prepared for coronavirus-fueled mental health crisisMay 30th, 2020

Consumer debt hits new record of $14.3 trillionMay 5th, 2020

Concerns about medication adherence grow amid

COVID-19 pandemicApril 3rd, 2020

13

What is the Costumer’s Emotional State?

27 Million new uninsured from March to May 2020May 13th, 2020


Dozens of City Governments Declare Racism a Public Health CrisisJune 1st, 2020

* JAMA – Out-of-Pocket Spending for Hospitalizations Among Nonelderly Adults

Healthcare Trends: Patient is the New Payor


Consumer Experience TrendsWhat can we expect over the coming years?


4 focuses of Experience Management (XM)

Customer Experience Turning customers into fanatics

Employee Experience Turning employees into ambassadors

Product Experience Turning products into obsessions

Brand Experience Turning brands into religions

CX EX

PX BX

Bruce Temkin / Qualtrics


Customer Experience Outlook

Micro-moments will grow in importanceThe Point: Consumer touchpoints must offer the

right information at the right time.

Bring Human Authenticity to

digital channelsThe Point: Don’t assume technology

makes customers happy. Always

provide human experiences

(supported by technology) when

customers need them.

Customers expect increasing

personalizationThe Point: Customers want to see

what’s important to them with less

tolerance for one-size-fits-all solutions.


Telehealth and Remote CareThe Point: Don’t get comfortable with

current channels.

CX Trends: Price and Quality are so 1990’s

Experience has over taken Price and

Quality as the key differentiating

factor for consumers today.P

rice

Quality© Wixcorp. All Rights Reserved. 18

Pri

ce

Quality

68% of healthcare leaders

say self-servicing is a

revenue-generating

and cost cutting

initiative for them. ƒ

CX Trends: Self-Service is their first choice…

* Aspect Software – “Poor customer service pushes consumers away”

ƒ HFMA – Technology and data-driven decisions are driving best practices for patient collections


CX Trends: …but you need multiple channels.

* Nice inContact

~ Qualtrics – “Forrester Study: Economic Impact of Qualtrics CustomerXM” © Wixcorp. All Rights Reserved. 20

21

CX Trends: Response to COVID-19

Telehealth Impact

• Spike in Telehealth Visits KFF found patient’s who used

telehealth went from 2.3% in 2018, to 23% in response to

the pandemic. ~

• Short-term IT Solutions 92% of Providers with a current

Telehealth solution do not plan to stay with that platform

long term. *

Workforce Impact

• Moving Non-clinical Teams to Remote Trying to provide

safe, secure, compliant remote functionality is stretching IT

teams.

• Remote Employees Engaging Patients Institutions are

struggling to provide platforms for remote teams to

engage directly with patients. Phone, email, and text

capabilities are not universally available to remote teams.

Payment Shift

• Reduced One-time Payments We are seeing a reduction

in one-time patient payments across all channels. ƒ

• Rising Payment Plans We are seeing a corresponding rise

in patient payment plans. ƒ

Market Impact

• Increased Competition to Attracting Patients With

healthcare providers reeling from the impact of COVID-19,

there is an increased focus on attracting patients who

have deferred a service during the pandemic.

• Patient Engagement is a Growing Concern COVID-19

has highlighted healthcare’s maligned engagement and

self-service functionality. Expect heavy investment in this

area going forward.

* SR Health survey May 2020

~ KFF – “Opportunities and Barriers for Telemedicine in the U.S.

During the COVID-19 Emergency and Beyond”

ƒ Redde Outcome data May 2020 © Wixcorp. All Rights Reserved.

A New Patient ExperienceWhat is today’s consumer looking for


Why Aren’t Patients Engaged?

ƒ Apex – 7 Insights: Patient Financial Experience Preferences

ß Transunion 2016 Survey

Pay Plan

32%Discount

23%

Reminders

19%

Pay Online

13%

Knowing

Price Sooner

13%

Not

Enough

Money

Didn't

Remember

What Would Make You More Likely To Pay Next Time? ƒ

Why Didn’t You Pay? ƒ

3 in 4 Didn't

Understand

Millennials ß


The Communication Gap

The way it is. The way patients expect it.


How Do Your Patients Want to Engage?

10% Print

Preferred Payment Method*

* Instamed Trends in Healthcare Payments Annual Report 2016

Pie chart from REDDE patient use data

90% Online


Creating Custom ExperiencesHow to find your path forward


Functional Limitations vs. Design Mistakes

Functional Engaging


Technology is Not a Silver Bullet

Traditional Approach Consultative Solutions

Business Process Software Tools Business Process Software Tools

Engaging ExperienceFragmented Experience


Patients want to pay their medical bills online.


Traditional Approach

Patients expect an engaging mobile experience to understand

and pay their medical bills.


Consultative Solutions

Omni-channel Integrated Experience


• Customer Experience is the new competitive landscape

• Patients are demanding more transparency and self-service options

• Market relevance requires improved engagement

• Mobile is (still) king

• Investment in Omni-Channel solutions is key

• COVID-19 will hopefully be that galvanizing experience to move

healthcare into a more consumer-centric model

Key Takeaways


Presented By: Healthcare · •Customer Experience is the new competitive landscape •Patients are...

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