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PEM Patient Equity Management

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I am a partner Healthcare IT Strategy and in addition to driving our EHR practice, I run our firm's Patient Relationship Management/Patient Equity Management PRM/PEM practice. Most of the leading CRM …

I am a partner Healthcare IT Strategy and in addition to driving our EHR practice, I run our firm's Patient Relationship Management/Patient Equity Management PRM/PEM practice. Most of the leading CRM vendors have been my personal clients, and for 20 years I've helped clients with the entire CRM life cycle; defining requirements, software selection and implementation, and process re-engineering. Most of my clients had approached CRM from the perspective of making the customer interaction more efficient--Quicker. I help them make it more effective--Better.

Moving from PRM to PEM doesn't require additional technology, it requires a better understanding of your customer facing business processes.

To discuss, you can reach me at paulroemer@healthcareitstrategy.com

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  • Reduce call volumes Reduce hold times Reduce dropped calls Reduce Average Handle Time (AHT) Reduce average talk time (ATT) Reduce delay time Improve service levels Reduce churn Reduce downgrades & returns
  • attack artificial satisfaction barometers , enterprise-wide Key Performance Indicators (KPIs), ignoring actual levels of satisfaction of individual patients; Campaign management Sales force automation Data warehousing Data mining

Transcript

  • 1. Got patients? Healthcare IT Strategy
  • 2. It’s called VRM, Vendor Relationship Management
  • 3.
    • “ 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)
  • 4. PRM – A Matter of Perspective
    • Is your hospital looking from the inside-out or from the outside-in?
  • 5. Are your patients coming or going?
  • 6. 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.”
  • 7. It’s not your father’s PRM…or is it?
  • 8. 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
  • 9. It’s time to color outside the box C O L O R
  • 10. It’s time to break a few coconuts
  • 11.
    • 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
  • 12. 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
  • 13. PRM is technology employed for user convenience…
  • 14. PRM is a shotgun approach
  • 15. PRM is Multiple channels, patients in a box. STORE (FACE TO FACE) WEB (COMPUTER TO COMPUTER) PHONE (PHONE TO PHONE)
  • 16. Is there a Better Way?
  • 17. 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
  • 18. 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)
  • 19. How are your patients connected to each other? To you?
  • 20. Patients have many channel choices
  • 21. 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.
  • 22.
    • The patient is channel agnostic, and how the patient is cared for must be infrastructure agnostic.
    Patient Equity/Experience Management is the New Marketing
  • 23. To decommodify, become the patient… …Reengineer
  • 24. From what to what?
  • 25. 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.
  • 26. Patients vs. Hospitals– who is winning? How many hits does Google Reader display for your hospital? How many for FaceBook? MySpace? YouTube?
  • 27. How many of those interactions are you managing?
  • 28. Managing patients is like herding cats…not much bang for your buck. (of course I’ve heard of cats)
  • 29. While you manage patients, they are managing you It’s not a fair fight…
  • 30. Still with me?
  • 31. Two worlds have collided, patients and hospitals Did either survive intact?
  • 32. It’s not easy… but important ventures rarely are.
  • 33. Where do you need to go? How do you get there?
  • 34. Need Help?
  • 35. (EASY button not included}
  • 36. Healthcare IT Strategy can lead the way
  • 37. It’s called VRM, Vendor Relationship Management
  • 38. First, write the playbook…
    • PRM to PEM:
    • Define goals/objectives
    • Evaluate the situation
    • Define expectations
    • Develop a plan
      • PRM
      • PEM
      • Social networking
    • Implement
  • 39. Define Goals & Objectives
  • 40. Evaluate your situation
  • 41. Develop a plan
  • 42. Social Networking
  • 43. 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]