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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 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

Published in: Business, Technology
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PEM Patient Equity Management

  1. 1. Got patients? Healthcare IT Strategy
  2. 2. 2 It’s called VRM, Vendor Relationship Management
  3. 3. 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. 4. 4 PRM – A Matter of Perspective Is your hospital looking from the inside-out or from the outside- in?
  5. 5. 5 Are your patients coming or going?
  6. 6. 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. 7. 7It’s not your father’s PRM…or is it?
  8. 8. 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. 9. 9It’s time to color outside the box COLOR
  10. 10. 10 It’s time to break a few coconuts
  11. 11. 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. 12. 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. 13. 13 PRM is technology employed for user convenience…
  14. 14. 14 PRM is a shotgun approach
  15. 15. 15 PRM is Multiple channels, patients in a box. STORE (FACE TO FACE) WEB (COMPUTER TO COMPUTER) PHONE (PHONE TO PHONE)
  16. 16. 16 Is there a Better Way?
  17. 17. 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. 18. 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. 19. How are your patients connected to each other? To you?
  20. 20. 20 Patients have many channel choices
  21. 21. 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. 22. 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. 23. 23 To decommodify, become the patient… …Reengineer
  24. 24. 24 From what to what?
  25. 25. 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. 26. 26 Patients vs. Hospitals– who is winning? How many hits does Google Reader display for your hospital? How many for FaceBook? MySpace? YouTube?
  27. 27. 27 How many of those interactions are you managing?
  28. 28. 28 Managing patients is like herding cats…not much bang for your buck. (of course I’ve heard of cats)
  29. 29. 29 While you manage patients, they are managing you It’s not a fair fight…
  30. 30. 30 Still with me?
  31. 31. 31 Two worlds have collided, patients and hospitals Did either survive intact?
  32. 32. 32 It’s not easy… but important ventures rarely are.
  33. 33. 33 Where do you need to go? How do you get there?
  34. 34. 34 Need Help?
  35. 35. 35 (EASY button not included}
  36. 36. 36 Healthcare IT Strategy can lead the way
  37. 37. 37 It’s called VRM, Vendor Relationship Management
  38. 38. 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. 39. 39 Define Goals & Objectives
  40. 40. 40 Evaluate your situation
  41. 41. 41 Develop a plan
  42. 42. 42 Social Networking
  43. 43. 43 Contact: Paul Roemer, Partner, Clinton Rubin LLC paul.roemer@clintonrubin.com (484) 885-6942 Paul Roemer, Managing Partner Healthcare IT Strategy, LLC +1 (484) 885-6942 +1 (610) 384-1811 paulroemer@Healthcareitstrategy.com

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