The Rise of Consumerism in the Healthcare Industry
The era of consumerism in healthcare has finally arrived. The availability of healthcare newsletters from healthcare industry players, direct-to-consumer advertising of pharmaceuticals, and most importantly, the ubiquity of the Internet has made it easier for consumers to obtain information about their medical conditions and possible treatments at their fingertips. As customer satisfaction becomes an increasingly important metric, consumerism presents healthcare industry players with both challenges and opportunities.
A detailed healthcare industry analysis reveals that this sector is different from other customer-facing sectors and there isn’t a clean one-to-one transition between what works for other consumer-facing industries and what works in the healthcare industry. The growing focus toward consumerism has been manifested through payment options such as- the growing importance of big data, technological adaptations, and tax-advantaged healthcare accounts. This has resulted in a more competitive marketplace and this competition is expected to bring about major improvements in business practices and, potentially, health outcomes.
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About the Client
Headquartered in California, the client is a Fortune 500 healthcare organization. The healthcare industry player employs nearly 9,000+ employees globally and is well-known for venturing into digital healthcare domain.
The healthcare industry player was facing several customer-centric challenges that prevented them from retaining their market position in the healthcare space. With healthcare increasingly becoming consumer-focused the healthcare industry player faced challenges in leveraging their big data to personalize care and services rendered. The client believed that improving patient experience was all about embracing consumerism to transform themselves into a consumer-centric healthcare brand. This prompted them to collaborate with Quantzig to leverage its expertise in big data analytics to understand who their patients are as consumers and where current and potential patients are located.
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Quantzig’s big data analytics solution aided the healthcare industry player to sort through their internal as well as external data points to validate several assumptions and discover new ones that they were unaware of. Big data analytics along with the consultative support from our experts offered a unique solution to overcome their big data challenges. Embracing big data analytics as a lifeline not only guided the healthcare industry player to a more stable ground but also enhanced data transparency to build new financial structures and patient care models.