Personalization is taking hold in the world of employee benefits. It started with participants demanding more personalization in retirement plans with one-on-one financial advice and digital tools. Now the healthcare industry is following suit.
For a period, digital tools and increased personalization have helped to foster greater engagement and close the savings gap in workplace retirement plans. Other industries, including healthcare, are beginning to take a digital business approach to consumer engagement. This is a phenomenon some are calling the “Amazon experience,” according to a recent Employee Benefit News article. The main idea is to offer services that are personalized to consumers’ individual needs. A consumer-based approach to healthcare matches the value-added services we have all grown accustomed to. It is designed to improve overall health and patient satisfaction while controlling and reducing healthcare costs. This is especially important in an environment where access to healthcare is increasingly complex, and expenses continue to rise year after year.
Although healthcare providers are challenged to shift to a consumer-centric approach, it is the future of healthcare. Providers that embrace a patient-centric model are more likely to gain a competitive advantage than their counterparts who continue to operate based on the status quo. In fact, a majority (92%) of health systems are striving to create better patient experiences. This includes leveraging digital experiences to improve their interactions with consumers, according to a recent Deloitte survey. Now is the time for healthcare providers to make a shift, since consumers want more personalization and convenience in their transactions.
In the wake of the Covid-19 pandemic, consumers are more apt to use telehealth and virtual services. Providers need to be more creative and nimble in the services they offer. This requires the adoption of new technologies and updating of legacy systems. Today, providers are faced with a choice: continue to invest to upgrade existing legacy systems, or move to more modern and agile technology.
The healthcare system is fragmented, thus creating frustration for consumers, and challenges for providers. Providers need to work together to implement solutions that support a patient-centric approach. To recreate the “Amazon experience,” organizations will have to collaborate to enhance the consumer experience and figure out the best ways to achieve these goals. That collaboration and partnership will be key, either through building capabilities internally, or partnering with a modern technology solutions provider. Addressing these challenges is top of mind for health plan leaders.
Digital payer solutions play a critical role in the transition to a more patient-centric experience. Leveraging these technologies can help providers improve the patient experience and deliver more personalization. Improving operational efficiencies across the board will enable providers and patients to make more informed decisions. It will also help improve the quality of healthcare delivery, and reduce costs—contributing to a win-win for everyone. Personalization has had success in the retirement plan industry; similar practices should be able to deliver improved outcomes in healthcare as well. Personalization is quickly progressing to become the future of analyzing most employee benefits.
