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Healthcare : Emotions Drive Economic Value
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Healthcare : Emotions Drive Economic Value

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What determines value?

What determines value?

Published in: Business, Health & Medicine

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  • 1. Healthcare Emotions Drive Economic Value Namrata Rana The Customer Experience Company
  • 2. How much will you pay for life threatening surgery? Compare this to - How much will you pay for a cola? Just asking these questions in the same breath sounds absurd, the perception benefit in case of the surgery is so high that you will pay almost anything were you to get better after the surgery, while you may be willing to forego the soft-drink were it to get too expensive. The perception of value in most product categories is either driven by cost of comparable products or perceived benefits from ownership. In healthcare our perception of value is largely colored by our emotions. So will you pay more to be treated by a doctor who is perceived to be the best ? – probably. However if you do get the surgery done at a hospital where this doctor is available and you are treated badly – the value perception will be the reverse. Suddenly, as you start getting better expensive private hospitals, bad doctors, uncaring nurses and wrong billing begin to take prominence. In healthcare just as in hospitality business service drives customer perception. As service is prone to be non standard and variable, any slip up – perceived or genuine is viewed by the customer with trepidation. More so in healthcare where the customer perceives his / her well-being at risk. Emotions run high not just of the patients but attendants as well and you can easily have a surfeit of dissatisfied customers. Customer Restless Agitated Worried Highest Perception of value Happy Comfortable Relaxed Lowest Perception of value Dull Lethargic Low energy High Perception of value
  • 3. What determines value? What does this mean for hospitals? Should product pricing be high, low, medium? What will determine the emotional state of the customer? Is there any way to gauge what customer are willing to pay?
  • 4. transparency Consumers increasingly want to know more about their bodies and things that impact them. Many times customers read up on their diseases and can have intelligent conversations on how a course of treatment will impact them. Respect your patients concern. Your fee – high or low – will then be inconsequential as your patients will build up trust in you and the hospital / nursing home you represent. Areas that drive perception of Value Healthcare Value
  • 5. personalisation Consumers are increasingly looking for products and services that align with their specific personal needs and preferences— whether in the decision that involves a health check-up or a hospital room. Going the extra mile to make sure your customers have the right meal, attendants are taken care of – may not be part of hospital practices – but this extra personal attention is never wasted. Areas that drive perception of Value Healthcare Value
  • 6. simplicity Healthcare Value Simplicity will have growing value for consumers confronted with information overload, time stress, and technological complexity. Simple processes of admission and discharge, customer pathways and billing are always well appreciated and drive up customer perception of caring and trust. Areas that drive perception of Value
  • 7. assistance Healthcare Value As consumers are bombarded with more tasks, choices, and information, the stress of illness can make a hospital stay truly traumatic. At this stage customers need a human interface to assist and communicate with. Helpful signage and caring staff can make all the difference. Areas that drive perception of Value
  • 8. Healthcare Value appropriateness Health products and services will need to embrace the principle of appropriateness to ensure that they are suitably communicated. The same communication may need to be tailored to users with varying physical needs, resources, cultural characteristics, literacy levels, etc. Example - Suggesting a baby care program to a new mother is both appropriate and welcomed. Areas that drive perception of Value
  • 9. Healthcare Value connectedness If you are well connected with your customers you can give them what they want, when they want it, and will help your healthcare business grow exponentially if you have the right customer information infrastructure. Consumers are increasingly looking for products and services that seamlessly integrate with their network and are personalised to their needs. Areas that drive perception of Value
  • 10. Healthcare Value protection Protection is being sought by consumers in a world that feels increasingly insecure. Consumers are looking for products and services that strengthen their sense of personal security and protect their families, homes, wealth, and privacy. Linkages with Insurance providers that make your customers transactions easier will be welcomed. Areas that drive perception of Value
  • 11. transparency Healthcare Value simplicity personalisation assistance connectedness appropriateness protection Areas that drive perception of Value
  • 12. Futurescape, Delhi Level 4, Rectangle 1, Commercial Complex D4 Saket, Behind Sheraton, Delhi New Delhi – 110017, INDIA Futurescape, Mumbai Level 2, Raheja Centre Point 294 CST Road Near Mumbai University Off Bandra–Kurla Complex, Santacruz (E) Mumbai – 400098, INDIA Telephone: +91 9910201783 +91 (11) 6654 4196 Email: innovate@futurescape.in Web: www.futurescape.in Twitter: @futurescape