2021 was the year that every healthcare brand realized the significance of a great commerce experience. Healthcare companies are building seamless commerce journeys; doubling down on omnichannel commerce, and new offerings are increasing. At the same time, health commerce platforms keep on changing as the cloud and headless architectures modernize the commerce tech stack. Healthcare commerce has a huge potential in improving the quality and cost of treatment significantly. But as organizations design new offerings, they must consider the obstacles they will encounter. For any healthcare company's commerce success depends on mixing the right commerce strategy and commerce implementation with the help of an expert and trusted service provider.
This infographic takes a closer look at the current landscape, massive opportunities, and key insights that shouldn’t be missed.
Let's dig deeper into it to know more –
Healthcare Commerce’s New Reality Is Digital—and Here to Stay
For the healthcare commerce industry, the pandemic delivered decades of transformation in the last two years, accentuating the inertia that has been a major barrier to building a better digital experience. In this changing landscape, patient expectations are rising every day and poor digital experience has left the door wide open for competitors to disrupt the industry. With many technological advancements happening rapidly, it is difficult to stay ahead or on top of the next big thing. However, successful businesses need to develop a laser focus on such advancements to make their value more prominent to the customers.
Key Reasons Behind the Dramatic Shift in Healthcare
Many unforeseen disruptions have forced healthcare professionals to have a different take on delivering an improved healthcare experience to the patients. These changes are powerful as they shape the new reality ahead. The healthcare industry is restructuring itself around such demands from patients. However, there are factors that is influential behind such powerful shifts, such as -
Increased competition and choice - ManTech and health tech companies are currently disrupting the industry with unique services while hospitals are shrinking with huge expenses. Across the globe, there has been an introduction of many market entrants such as Amazon, Apple, Samsung, and Alibaba. Many virtual care providers, who would have been rejected initially, are suddenly being popularized due to their convenience.
In such a world of greater choices, patients will be looking for 'fee for value' instead of 'fee for service'.
Consumers impacted by digital - Patient expectation is evolving fast. After receiving many benefits from digital experiences in other industries, patients are now expecting healthcare to deliver a personalized experience. Healthcare companies will see patient attrition if they're not delivering on this expectation which is why it is important to know who they're communicating with.
Shifts to continuous care - Reactive and disconnected care models need to shift to deliver a more connected and preventative care to the elderly population. It is extremely crucial as many countries have the largest elderly population. Patients are expecting more transparency over the results as well which is why providers need to be ready to explain the reasons behind any failed outcome.
The impressive healthcare statistics (as shown in the infographic above) prove that it is indeed one of the fastest growing and largest industries across the world. So, how is healthcare commerce redefining our experiences? What does the future entail for us?
Let’s run a quick health check!
How is Health Commerce Industry Doing?
Irrespective of the mission statements by health tech companies and the increased trust in virtual care and telehealth, the harsh truth is that there are still a lot of patient experiences falling short of expectations.
What's not working?
As patients increasingly become more responsible for their healthcare expenses, they have started to expect a better experience where convenience and speed are present. They want healthcare on their own terms - not the other way around.
- Healthcare journeys often consist of several specialists which can be quite impersonal for a patient.
- It is easy for patients to feel lost and undervalued in their customer journey.
- Communications means repeated filling forms and numerous calls, instead of their preferred choices.
Such experiences are disappointing due to the organization's lack of control over the content, not understanding patient journeys, profiles, and information requirements. There are no established measures around delivering an unforgettable patient experience.
This gap between the providers and patients needs to be bridged. Brands that will establish a cadence will become the most sought-after destinations for personal well-being.
What's working right?
The acceptance of digital channels amongst the consumers has been increased greatly as patients have come to know there's a better way. This major shift has put patients more in the proverbial driver’s seat which has resulted in healthcare providers to consider a more advanced digital approach.
As patients have understood that they have ownership of their care, they feel empowered.
Customers are seeking apps and wearables that will monitor their sleep patterns, manage their fitness, provide support with nutrition, and much more. But why apps are so appealing? because they're built around continual needs, helpful prompts at the right moment, and delivering important tips and information. Although these apps only aim at one area of a patient's life maximizing minimal data, the possibilities are endless if they were expanded. Major healthcare firms have tremendous opportunities to make efficient use of data and communicate with patients in a more personal way. This transformation can only happen when companies are hyper-focused on patients - and creating services that truly cater to them.
It's Time for Healthcare Commerce to Fulfill the Promise
Patients are resentful and the healthcare commerce need to have these capabilities to seize the opportunities for growth, such as -
Omnichannel experience delivery - A patient has the option to choose how they engage with their healthcare professional. Additionally, they're open to new channels of care. Depending on where they are, patients will shift between devices and channels in an approach that is convenient to them. Companies would need to take the initiative that makes this effective.
Expand through intelligence -Machine learning across testing, streamlining, and analytics can be quite useful to scale the effectiveness of the insights and finetune solutions for each patient. Furthermore, behavioral profiling can be used across channels to maximize the actions of patients to provide the right content at the right time.
Content & Personalization - It is quite important to provide the right content to each individual - from cancer patients to senior citizens, and from those new mothers to anyone with injuries. With Sitecore, companies can showcase personalized content to each individual using personalization rules.
Lead the Digital Wave
A report by Amwell has found that before the pandemic, fewer than 1% of all doctor's visits in the U.S were done via telehealth; in just a month, the number had increased to over 50%. Almost every aspect of digital care has been experiencing rapid growth. So, it is important for industry leaders to stay updated with the latest developments as they're imperative for success in the digital health care space.
Healthcare commerce needs innovative digital experience technology to connect better to meet the demands of patients. Using personalization, end-to-end content management, and centralized data, brands can create an unforgettable experience that put patients at the center of their experiences.
Selecting the right solution can be quite daunting. We can help you put these nuances into context. Schedule an inquiry to get started.