Leveraging the power of MarTech in response to today’s imperatives in the healthcare industry

Healthcare organizations are grappling with a unique set of challenging imperatives: grow revenue, focus on outcomes, and deliver exceptional patient experiences. These asks are not new, but in today’s healthcare business environment, these goals can feel insurmountable. Learn how MarTech can support healthcare organizations in their strategic response to these complex asks.

Across the healthcare landscape, payer and provider healthcare organizations are experiencing common pain points, including evolving regulatory mandates, provider burnout, claims or payment inefficiencies, data inoperability, and more. More than ever, organizations are pressed to respond strategically with initiatives that deliver value across a diverse set of challenges.

Marketing technology (MarTech) strategy plays a vital role in achieving such imperatives. As part of a broader digital strategy, MarTech enables healthcare organizations to accelerate their response to today’s challenges through technology that can effectively engage patients and providers across the healthcare journey. Let’s explore a few imperatives facing today’s healthcare leaders and MarTech’s role in a holistic response.

Imperative 1: Grow revenue while reducing the cost to deliver care

U.S. healthcare costs are rising faster than the annual gross domestic product (GDP). By 2028, healthcare spending is projected to reach $6.2 trillion, comprising nearly 20% of the GDP. This backdrop of increased costs (and consumer sensitivity to costs) fuels healthcare companies to compete based on price. Furthermore, new market entrants outside the traditional healthcare arena are leveraging their scale and experience in consumer retail settings to compete aggressively.

Despite rising costs, healthcare margins remain slim, compelling organizations to acquire higher-value customers at a lower cost. As a result, companies are seeking to optimize operations through automation, strategic applications of AI, streamlined employee experiences, or internal process improvements. Concurrently, companies are exploring new ways to grow market share–whether through accelerated speed-to-market, unique partnerships, or differentiated and personalized digital experiences.

Responding to imperative 1 with MarTech: Compliantly unify and activate clinical and marketing data

MarTech can help deliver differentiated, personalized experiences that cultivate patient loyalty and engagement at a reduced cost. Customer data platforms (CDPs) enable healthcare organizations to compliantly stitch together clinical and marketing data. This allows organizations to identify key moments in the patient journey, segment patients based on data, and activate those insights via tailored marketing campaigns. Omnichannel customer journey orchestration (CJO) tools can then deliver multi-channel, multi-touch marketing campaigns across web, email, social media, display advertising, and more. When leveraged strategically, MarTech tools such as CDPs, CJO, and marketing automation platforms, can deliver personalized messages in real-time while accounting for critical guardrails associated with privacy and compliance.

Increasingly, healthcare organizations with mature applications of MarTech are developing proactive responses to impending privacy regulations and bespoke legal and compliance stances on protected health information. MarTech solutions that enable identity management, global consent, and preference management are critical in the effort to pair personalized experiences with a strong respect for privacy.

Imperative 2: Improve patient outcomes as the industry transitions from fee- to value-based care

Since the establishment of theHealth Care Payment Learning and Action Network (LAN) in 2015, the healthcare industry continues to move from fee-based care to value-based care and payment models. Seven years ago, only 25% of healthcare payments flowed through a non-fee-based model centered toward value and outcomes. As of 2021, 41% of healthcare payments now flow through such a model, representing more than 80% of the covered population.

As value-based models rise in prevalence, healthcare organizations are increasingly focused on the power of data. Companies across the industry need new ways to analyze clinical data and population health data to deliver actionable intelligence that can influence behavior toward better outcomes. Organizations also seek to harness their data to reach patients and build relationships in order to make a tangible impact in achieving healthier communities.

Responding to imperative 2 with MarTech: Leverage data to support clinical outcomes and population health objectives

MarTech tools have the power to harness data in support of value-based care and population health initiatives. For example, MarTech analytics and data clean rooms can leverage geographic, behavioral, and prevalence data to target potential patient segments with educational resources that encourage treatment for prevalent conditions within a population. By incorporating geographic, demographic, and prevalence data into an omnichannel marketing strategy, organizations can deliver compelling, outcomes-focused messages to their communities, encouraging at-risk populations to seek preventative care.

Imperative 3: Go beyond traditional care settings to empower and connect with patients in meaningful ways

Patient expectations have evolved:

· 53% of patients would switch healthcare providers for access to digital intake and registration tools

· 52% of patients acquire their health data and information via a chatbot

· 60% of consumers expect their digital healthcare experiences to mirror that of retail

As consumers shift toward digital-first or digital-only models, healthcare providers must focus on connecting with patients outside the physical waiting room and exam room. Providers continue to invest in digital self-service offerings that empower patients to drive their care on their terms. Furthermore, streamlined digital ecosystems alleviate low-value activities from high-value staff by allowing patients to complete administrative tasks like intake and registration online prior to an in-person appointment.

Responding to imperative 3 with MarTech: Building interconnected digital experience platforms (DXPs)

As digital mediums grow increasingly integral to the patient experience, organizations must consider leveraging an interconnected, interoperable suite of MarTech tools to connect online and offline patient interactions. Many healthcare organizations are moving beyond single-capability MarTech point solutions to achieve this goal. DXPs offer native integrations between core MarTech capabilities like content management, personalization, A/B testing, analytics, marketing automation, and more. Holistic DXP MarTech solutions enable organizations to reduce their vendor footprint, reduce manual data tasks, resolve data disparities, and decommission limited point solutions. This approach can lead to a streamlined, connected experience for system users and patients alike.

Just as the healthcare landscape evolves every day, so, too, does the MarTech landscape. As healthcare organizations continue to adapt, MarTech remains a powerful enabler of strategic imperatives. Undoubtedly, MarTech innovations will offer healthcare organizations new means of competing today, tomorrow, and beyond.