What the Client Wanted
The home health care client wanted to determine the potential value of their customers in order to identify the right marketing mix model and strengthen their customer retention strategies.
Leveraging customer lifetime value solutions enabled the client to devise effective strategies to enhance their relationship with patients. This customer lifetime value engagement entailed the implementation of a detailed analysis of the patient groups to identify strategies that are best suitable to retain and drive profits in specific user groups.
Overview of the Home Health Care Industry
The healthcare industry is booming at an accelerating rate and is expected to do so in the coming years. This has resulted in the development of a new segment that focuses on offering value based home healthcare services. The growth of this segment is also being influenced by the rise in adoption of healthcare technologies along with the dynamic nature of patient needs.
However, a widely accepted trend in the healthcare industry is the implementation of analytics-based solutions. Analytics has transformed many industries globally, and the healthcare industry is no exception. Also, healthcare analytics not only acts as a tool to cut down costs and enhance customer experience but also helps drive business growth. Though the majority of players in the healthcare industry are unable to leverage analytics to its full potential it is definitely worth investing in. The various benefits of implementing such solutions have prompted home health care service providers to the to seek expert assistance in leveraging healthcare analytics in order to be a part of an evolving healthcare industry.
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Healthcare Industry Challenges
- The effort required to hire and train the right staff: Providing high-quality home health care services start with hiring the right staff and training them with the necessary skills required to offer enhanced services. For a new market player, this may pose several challenges due to their inability to identify the right candidate. However, with the right processes and protocols in place home health care service providers can enhance the entire training and staffing process.
- Increase in adoption of healthcare technologies: With the proliferation of cutting-edge healthcare technologies such as wearables and portable health monitoring systems, players in the home healthcare services segment are increasingly being challenged to devise new ways to enhance the patient’s experience and drive value.
To improve focus, profitability, and efficiency of services, the client – a leading home health care services provider – approached Quantzig. The client wanted to leverage our vast experience in healthcare analytics to embrace new partnerships with healthcare service providers and realize new opportunities to serve a wider end-user base. The home health care service provider wanted to make the most of customer lifetime value analysis and devise suitable strategies to enhance their workflow.
The customer lifetime value solution offered by our analytics experts enabled the client to categorize the end-users into two segments namely- the most profitable client segment and the least profitable client segment. The engagement also assisted them to leverage the use of healthcare analytics to enhance customer retention strategies. Additionally, the consolidation of patient data offered an in-depth understanding that enabled the home health care services provider to devise specific marketing strategies to suit their needs.
To know more about how our customer lifetime value solution helped a leading healthcare industry player request a free demo today!
Customer Lifetime Value Solution Insights
To make the most of new opportunities in the healthcare industry, players in the home health care services segment should focus on devising end-to-end operating models that enhance the customer experience as well as drive organizational value. This includes the development of effective customer retention strategies, technology implementation, and the use of analytics to ensure that they possess the ability to integrate customer data and understand the appropriate resources necessary for leveraging analytics, as well as tactical issues surrounding the use of patient data.