With the changing climate in marketing, especially as it relates to hospitals, it was great to read a book that expresses someone's point of view that has been in the game longer than I have.
While this book is mostly targeted at hospital marcom professionals I feel many roles within the institution could benefit from much of the principles within.
Probably one of the most thought provoking portions of the book is found at the very begining. In the introduction, Current State, Chris lines out economic impact on healthcare providers:
The economic storm will pass eventually, but what if the newfound priorities of healthcare consumers stick around? The impact would be profound for healthcare providers:
- The current drop in volumes may be a permanent reduction of utilization, as consumers avoid non-essential treatment, stretch out physician visits, and find lower-cost alternatives (alternative medicine, “homemade” remedies and more). Of course, the wave of Baby Boomers and their increased need for care may cancel this out, or override it altogether.
- Price shopping will become the norm, as consumers carefully consider their alternatives and negotiate for lower costs whenever possible.
- While price will be one value driver, others such as convenience, experience and service will continue to grow in importance, relative to clinical quality, as patients demand more for their money.
- Competition in the healthcare market will become even more intense, while the resources to grow market share, increase volumes and build brands become increasingly scarce.
This book is a great jumping off point for all of us who deal with the day to day management of hospital branding and patient, physician, and employee experience.
I would encourage you to pick up a copy. Agree/Disagree… either way join us in discussions (on LinkedIn) on how we move forward in the world that is now healthcare marketing.