Price Transparency: Bringing Providers to the Table March ... · consumers to review Use...
Transcript of Price Transparency: Bringing Providers to the Table March ... · consumers to review Use...
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Price Transparency: Bringing Providers to the Table
March 3rd, 2016 Jonathan Kaplan, Founder/CEO, BuildMyBod Health
@BuildMyBod
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Conflict of Interest
Jonathan Kaplan MD
Intellectual property rights/patent/trademark holder
Ownership interest, Founder/CEO, BuildMyBod Health
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Todays Agenda
INTRODUCTION
AUDIENCE PARTICIPATION
BACKGROUND
BENEFITS
METHODS
OUTCOME MEASURES
ADDITIONAL BENEFITS OF PRICE TRANSPARENCY THROUGHOUT HEALTHCARE
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Learning Objectives
Explain why providers have avoided the publication of pricing for
consumers to review
Use statistical evidence that shows how providing pricing information prior
to a clinic visit or consultation leads to a more efficient delivery of
healthcare
Analyze how the use of price transparency as a lead generation tool will
incentivize more providers to offer their pricing online
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STEPS: Treatment/Clinical
Increased
conversion
rate for
price- aware
patients:
41%
$144,000
decrease in
potential
revenue with
price-
unaware
patients
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AUDIENCE
PARTICIPATION
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Does your organization provide pricing
on the company website?
Yes or No
AUDIENCE PARTICIPATION
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If you don’t, which statement best explains
why not?
a) Worried consumers will price shop
b) Cost structures are too complicated
c) Worried competitors will check pricing
AUDIENCE PARTICIPATION
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AUDIENCE PARTICIPATION
Why do we make such a
big deal about pricing?!
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AUDIENCE PARTICIPATION
My story.
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Does this video describe
your frustration?
AUDIENCE PARTICIPATION
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AUDIENCE PARTICIPATION
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Healthcare providers have traditionally hesitated
to provide pricing information online due to three
major concerns
BACKGROUND
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Patients might price shop instead of
focusing on provider relationship
1
BACKGROUND
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Patients might price shop instead of focusing on provider relationship
Patients might not understand
prices are estimates and subject
to negotiated rates
2
1
BACKGROUND
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Patients might price shop instead of focusing on provider relationship
Competitors could be comparing
prices
3
1
Patients may not understand prices are estimates subject to negotiated rates 2
BACKGROUND
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Patients might price shop instead of focusing on provider relationship 1
Patients may not understand prices are estimates subject to negotiated rates 2
Competitors could be comparing prices 3
BACKGROUND
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Using online price transparency as a
tool for generating qualified leads
BENEFITS
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Patients receive pricing
information they’re searching for
A
BENEFITS
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Patients receive pricing information they’re searching for A
Healthcare providers receive
contact information for follow up,
patient capture
B
BENEFITS
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Patients receive pricing information they’re searching for A
Providers receive contact information for follow up, patient capture B
Patients schedule appointments
only after having realistic price
expectations
C
BENEFITS
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Patients receive pricing information they’re searching for A
Providers receive contact information for follow up, patient capture B
Patients schedule appointments only after having realistic price expectations C
D
Compliance with price transparency
legislation throughout the country
BENEFITS
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Patients receive pricing information they’re searching for A
Providers receive contact information for follow up, patient capture B
Patients schedule appointments only after having realistic price expectations C
Compliance with price transparency legislation throughout the country D
BENEFITS
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A procedure pricing ‘widget’ containing a list of
offered services was embedded in the author’s
private practice website
METHODS
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METHODS
=
(What’s a widget?!)
=
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METHODS
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“ESTIMATED”
METHODS The Lead
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This case study follows a private practice for one
year after it disclosed 104 procedure prices, over
the course of the physician’s 1st year in a new
practice in San Francisco
RESULTS
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0
17
34
51
68
85
102
119
136
153
170
187
208
0
34
68
102
136
170
204
238
272
306
340
374
412
0 125 250 375 500
ONE YEAR
FEBRUARY
APRIL
JUNE
AUGUST
OCTOBER
DECEMBER
ONE YEAR Prospective
RESULTS
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This shows that of the 208 prospects…
RESULTS: Figure 1
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82.2%
17.8%
Submitted Contact Info
RESULTS FIGURE 1
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82.2%
17.8%
Submitted Contact Info Scheduled Consultations
RESULTS FIGURE 1
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82.2%
6.7%
11.1%
Submitted Contact Info Scheduled Consultations Untitled 1
23 (62.2%) booked procedures
RESULTS FIGURE 1
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The average price per booked
procedure was
$4,018.16
RESULTS
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$92,417.57
RESULTS
with a total gross of
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The “Halo” Effect
RESULTS: Figure 2
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79.4%
2.8% 6.7%
11.1%
Submitted Contact Info
Consultations in the Subsequent Year
2.8% of consumers that submitted a wishlist in the first
year of practice, came in after that first year
RESULTS FIGURE 2
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79.4%
2.8%
6.7% 11.1%
Submitted Contact Info Untitled 2 Scheduled Consultations asdf
6 (100%) booked procedures
for a total value of
$26,702
RESULTS FIGURE 2
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This compares ‘price-aware’ patients with
patients who were not aware of pricing
information prior to a consultation
RESULTS: Figure 3
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0
44
100
0.0
62.2
100
0
25
50
75
100
125
RESULTS FIGURE 3
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‘Price-aware’ patients were 41% more
likely to book a procedure than ‘non-
price-aware’ patients
*a revenue difference of $144,000 in a practice seeing at least 200 consults
per year!
RESULTS
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I know what you’re thinking!
(This may work for plastic surgery, but not for the rest of healthcare)
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From a financial perspective, there’s no difference between a
breast augmentation patient and a patient getting an expensive
diagnostic study!
They’re both paying up to $6000 out-of-pocket!
=
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Radiology
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Bariatric Surger
y
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Hospital
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Lab
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Dermatology
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MedSpa
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Dentistry
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Concierge/
Urgent Care
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Gynecological
Surgery
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Surgery
Center
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ADDITIONAL
BENEFITS
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1 • Capture contact info with incoming calls
• Sync leads with your email database
• build a database from 200 to over 4,100 email addresses in 2.5 years
• Monthly email newsletters with 23% open rate, 18% click rate
• Integrate financing options
ADDITIONAL BENEFITS
Improve your front office processes
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Alphaeon
Credit CareCredit
ADDITIONAL BENEFITS Integrate financing options
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1
2
3
• Capture contact info with incoming calls
• Sync leads with your email database
• Integrate financing options
• Do all of your website contact submission forms ask about price?!
ADDITIONAL BENEFITS
Improve your front office processes
Reduce “sticker shock” when receiving the bill
Educate the patient
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1
2
Don’t just drive traffic to your website, give them a
reason to leave their contact info (patient capture)
“You can’t follow a click”
ADDITIONAL BENEFITS Capturing patient information
Mention that online pricing is available in all your
advertising
Better than buying an email list
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3
Don’t just drive traffic to your website, give them a
reason to leave their contact info (patient capture)
“You can’t follow a click”
4 Improved metrics - Visitors from search engines who
arrive on the embedded Pricing Page vs the rest of the
doctor’s site:
• Are twice as likely to stay and browse the site (61% vs 36%)
• Browse the site twice as long (3.43 min vs 1.63 min)
• Browse 33% more pages across the site (3.18 pages vs 2.40 pages)
ADDITIONAL BENEFITS Capturing patient information
SEO “truth serum”
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5 Improved patient capture by encouraging online
purchases
ADDITIONAL BENEFITS Capturing patient information
PROMOS & BuyNow
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ADDITIONAL BENEFITS PROMOS & BuyNow
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292 Online Purchases
TOTAL = $70,487
ADDITIONAL BENEFITS PROMOS & BuyNow
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TOTAL = $13,600
ADDITIONAL BENEFITS PROMOS & BuyNow
Cyber Monday 2015
For 24 Hours, Various Specials Made
Available for Purchase Online
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• Every piece of advertisement/marketing should mention
that pricing is available on your website
• Blog posts
• Social media
• TV
• Home page of website
Marketing Your Price Transparency
ADDITIONAL BENEFITS PROMOS & BuyNow
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ADDITIONAL BENEFITS Marketing Your Price Transparency
Blog Posts
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Social Media
ADDITIONAL BENEFITS Marketing Your Price Transparency
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TV Advertising
ADDITIONAL BENEFITS Marketing Your Price Transparency
![Page 68: Price Transparency: Bringing Providers to the Table March ... · consumers to review Use statistical evidence that shows how providing pricing information prior to a clinic visit](https://reader034.fdocuments.in/reader034/viewer/2022051604/600460f9af19b20cf875f4aa/html5/thumbnails/68.jpg)
• Add a “Get a quote” button within your website
Home Page of Website
ADDITIONAL BENEFITS Marketing Your Price Transparency
![Page 69: Price Transparency: Bringing Providers to the Table March ... · consumers to review Use statistical evidence that shows how providing pricing information prior to a clinic visit](https://reader034.fdocuments.in/reader034/viewer/2022051604/600460f9af19b20cf875f4aa/html5/thumbnails/69.jpg)
• Add a “Get a quote” button within your website
Home Page of Website
ADDITIONAL BENEFITS Marketing Your Price Transparency
![Page 70: Price Transparency: Bringing Providers to the Table March ... · consumers to review Use statistical evidence that shows how providing pricing information prior to a clinic visit](https://reader034.fdocuments.in/reader034/viewer/2022051604/600460f9af19b20cf875f4aa/html5/thumbnails/70.jpg)
CONCLUSION
![Page 71: Price Transparency: Bringing Providers to the Table March ... · consumers to review Use statistical evidence that shows how providing pricing information prior to a clinic visit](https://reader034.fdocuments.in/reader034/viewer/2022051604/600460f9af19b20cf875f4aa/html5/thumbnails/71.jpg)
Interactive lead generation platform using price as the
“carrot” to collect complete contact info 1
2
3
Build your email database for future email marketing
(200 to over 4,100 in 2.5 years!)
The patient with a HDHP is really a cosmetic patient
purchasing medically necessary services
4
CONCLUSION
Don’t “give away the milk for free,” get something in
return and get more serious patients
![Page 72: Price Transparency: Bringing Providers to the Table March ... · consumers to review Use statistical evidence that shows how providing pricing information prior to a clinic visit](https://reader034.fdocuments.in/reader034/viewer/2022051604/600460f9af19b20cf875f4aa/html5/thumbnails/72.jpg)
Based on this presentation, are you more
likely to encourage your facility to offer
pricing online in exchange for consumer
contact info?
Yes or no
AUDIENCE PARTICIPATION
![Page 73: Price Transparency: Bringing Providers to the Table March ... · consumers to review Use statistical evidence that shows how providing pricing information prior to a clinic visit](https://reader034.fdocuments.in/reader034/viewer/2022051604/600460f9af19b20cf875f4aa/html5/thumbnails/73.jpg)
STEPS: Patient Engagement & Population Management
Reduce
consultations
that end in
sticker shock
by up to
82.2%
Increase
lead
generation
by 20x with
pricing as
the “carrot”