By Devin Carty, As published in Payers & Providers
The Demographic Data Suggests They Have no Choice
For the foreseeable future, the strength and sustainability of healthcare providers will depend on their capacity to capture and maximize revenue from commercially insured patients. But this imperative brings with it significant challenges given that the number of these would-be patients shrinks every day, and the direction the demographic pendulum is swinging is not kind: 10,000 citizens are aging into Medicare every day, while at the same time 57% of the roughly 10,900 babies born daily are funded through government reimbursement. This creates a negative sum game for commercial market share.
The answer to this conundrum lies in healthcare systems learning to do what few, until now, have been able to do: Engage with individuals with the same rigor and data-driven insight that the nation’s most adept retailers routinely use to speak with their customers. If Amazon can send shoppers tailored messages about products they bought previously or recommendations about new products that may be of interest, why can’t healthcare providers do the same? No longer can or should healthcare lag behind the rest of the economy in customer relationship management.