Post image for [NEW ICF WHITE PAPER] The Three “E’s” of Healthcare Consumerism

[NEW ICF WHITE PAPER] The Three “E’s” of Healthcare Consumerism

Download this ICF white paper to learn how successful healthcare companies are adopting new approaches to consumer interaction. Discover how three elements—Empathy, Engagement, and Empowerment—are critical ingredients to your success. This white paper delves into these critical success factors and gives providers, insurers, and life sciences companies a framework for evaluating and adjusting to an increasingly consumer-centric business model.

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 Although consumerism is not a new concept, it still makes headlines today with the addition of healthcare. Why? Because many industry stakeholders are still in the early stages of implementing a consumer-oriented business model. From boardrooms to break rooms, consumerism has gained significant momentum, but many executives still ask what to do first and how to change. This paper outlines a simple framework for understanding and applying consumerism concepts to the business of healthcare. Several drivers contribute to the accelerating shift to consumerism.

Evolving Consumer Expectations. Expectations are shaped by experiences. Consumers’ expectations have been shaped by their experiences with brands such as Apple, which have found effective ways of moving mass production to individual-level customization. Due to advances in communication through digital channels, consumers are accustomed to having access to information at their fingertips—from mobile devices to user-friendly Web applications. This is especially true for emerging generations of consumers who have grown up using mobile technology as an integral part of their personal and professional lives.

Shifting Cost Structures. Most Americans believe healthcare costs are too high but not all understand their own part in the rising cost equation. Total U.S. healthcare-related spending is estimated to be more than $2.5 trillion annually1. Health insurers and large employers are attempting to control healthcare costs by modifying benefit offerings, instituting new reimbursement models, and creating incentives for healthy lifestyles. The impact is on the consumer—the person taking on an ever-increasing portion of healthcare costs and decision making.

Healthcare Reform. Though consumerism was a topic of discussion well before healthcare reform passed, the Patient Protection and Affordable Care Act (ACA) accelerated the need for stakeholders to revisit their go-to-market approaches. The core tenets of the law are to create consumer choice and increase affordability, but few consumers understand how ACA will impact them. Consumers will soon shop for health insurance through online marketplaces which must make information transparent and understandable. This is, by definition, consumerism.

Successful companies apply the three E’s of healthcare consumerism as they evolve in response to these industry dynamics: empathy, engagement, and empowerment.

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