PEM Patient Equity Management

Got patients? Healthcare IT Strategy

It’s called VRM, Vendor Relationship Management

“ Retention is for wimps. We measure the percentage of patients who have our name tattooed on their body.”
(Harley Davidson Annual Report)
“ 80% of CEOs believe their brand provides a superior patient experience… 8 % of their customers agree“
(Bain & Company)

PRM – A Matter of Perspective
Is your hospital looking from the inside-out or from the outside-in?

Are your patients coming or going?

Does Your Hospital Stand Out?
“ We retail electronics”
“ We’re in pharmaceuticals”
“ We offer professional services”
“ We manufacture dry goods”
“ You are not in the healthcare business. You are in the decommodification business.”

It’s not your father’s PRM…or is it?

PRM Alone Won’t Grow Revenues
98% of Coupons Get Thrown Away
It is 10x More Expensive to Generate Revenue from a New Patient
A 5% Increase in Retention Can Increase Profits by 60% – 100%
It is 6x More Expensive to Service Patients Through a Call Center than it is via the Internet and Website
Patients Who Refer Another Patient Generate Revenue at No Cost
Loyal and Referred Patients Stay Longer, and More Services

It’s time to color outside the box C O L O R

It’s time to break a few coconuts

PRM
Logical Left Brain
Patient’s Value to Enterprise
Systems and Transactions
Functional Value
PEM
Emotional Right Brain
Enterprise’s Value to
Patient
People and
Interactions
Emotional Value

PRM is an “inside-out” view
Standard PRM involves heavy applications of technology:
PRM applications
Enhanced IVR and ACD applications
Outsourcing call center operations
Off-shoring
Sales force automation

PRM is technology employed for user convenience…

PRM is a shotgun approach

PRM is Multiple channels, patients in a box. STORE (FACE TO FACE) WEB (COMPUTER TO COMPUTER) PHONE (PHONE TO PHONE)

Is there a Better Way?

Fixing PRM
Patient Management should focus on value creation, not cost reduction, effectiveness, not efficiency. PRM should have revenue targets.
Value creation through PRM initiatives comes from:
Growing the patient base
Maintaining the patient base – retention, cross-sell & up-sell
Servicing patient segments
Maximizing channel effectiveness

Change of Focus
The focus is changing from enterprise to single patient, from technology to process, to…
Patient Acquisition (number of new "quality" patients)
Patient Retention (percent of existing patient retained)
Patient Satisfaction (question results from survey and/or focus groups)
Patient Segmentation (percent of profit by patient demographics)
Patient Profitability (average profit per patient/per household)
Patient Servicing (average response time for patient complaint/inquiry resolution, first call resolution)
Patient Referrals (Net)

How are your patients connected to each other? To you?

Patients have many channel choices

Patients Solicit Bids I want to notify the whole market that I want to buy a SONY plasma TV. In effect, I want to issue a personal RFP that goes out to every retailer of SONY plasma TVs.

The patient is channel agnostic, and how the patient is cared for must be infrastructure agnostic.
Patient Equity/Experience Management is the New Marketing

To decommodify, become the patient… …Reengineer

From what to what?

Patient Management Evolution
PRM evolves to PEM
Patient Experience = Hospital Performance – Patient Expectations
The value add is transforming PEM to Patient Equity Management – the total lifetime discounted value of all the hospital’s patients.

Patients vs. Hospitals– who is winning? How many hits does Google Reader display for your hospital? How many for FaceBook? MySpace? YouTube?

How many of those interactions are you managing?

Managing patients is like herding cats…not much bang for your buck. (of course I’ve heard of cats)

While you manage patients, they are managing you It’s not a fair fight…

Still with me?

Two worlds have collided, patients and hospitals Did either survive intact?

It’s not easy… but important ventures rarely are.

Where do you need to go? How do you get there?

Need Help?

(EASY button not included}

Healthcare IT Strategy can lead the way

It’s called VRM, Vendor Relationship Management

First, write the playbook…
PRM to PEM:
Define goals/objectives
Evaluate the situation
Define expectations
Develop a plan
PRM
PEM
Social networking
Implement

Define Goals & Objectives

Evaluate your situation

Develop a plan

Social Networking

Contact: Paul Roemer, Partner, Clinton Rubin LLC [email_address] (484) 885-6942 Paul Roemer, Managing Partner Healthcare IT Strategy, LLC +1 (484) 885-6942 +1 (610) 384-1811 [email_address]

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PEM Patient Equity Management

by The HCI Group, CHief Patient Experience Officer

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