Accelerating growth is now a strategic imperative for every healthcare enterprise.
The days when health plans, TPAs, providers of all types, and healthcare industry product, technology, and services vendors could operate comfortably with static or slowly growing market share – often making comfortable margins – is over. The traditional stability of the healthcare industry has given way to volatile and accelerating change.
Extensive disruption has come from the combined effects of:
- The devolution of providers, care settings, and health technology
- Industry transition to value based care & reimbursement (VBCR)
- Increasing price sensitivity
All three combine to threaten business and revenue models designed for sustainability or deliberately paced growth. Increasing price sensitivity and demand for value for healthcare products and services requires increasingly higher volumes to maintain revenue and margins. Even if your ultimate objective is individual consumers, the B2B component of B2B2C marketing is the fastest avenue to volume.
Health Plans can access more member revenue more quickly selling to employers than to individuals. Hospital centric integrated delivery systems or large physician group practices can access more patients more quickly by contracting with employers or other channel partners. Product, technology, and services vendors all can achieve more marketing leverage by emphasizing B2B strategies.
The entire healthcare market is rapidly converging around value, and any enterprise that hasn’t yet accelerated their value focused B2B growth plan will soon be left behind wondering what went wrong.
But the overall potential market for healthcare products and services is large and complex. You can’t afford to waste resources pursuing any but the highest value opportunities. Specifically, you need to address:
- Are your products and/or services as currently defined, positioned, packaged, priced, sold, and delivered aligned with what and how your prospective customers want to buy?
- Which specific market segments should you target with which product and service portfolio subsets – existing or new – and in what priority with what precise marketing and sales tactics?
- How do you define and execute micro-targeted growth strategies that optimize ROI through increased deal flow, revenue, and market share?
So, how do you best address these 3 key questions?
Every situation is, of course, different as every enterprise is defined by the specific products and services they offer. Your organization may offer general or specialty clinical provider services. Your health plan may offer both insurance coverage and health management services. You may provide medical devices, bio-pharma products, information technology solutions, population health, disease management, laboratory, administrative processing or other services. But even organizations offering very similar services can vary significantly by:
- Number, type, and integration of services offered
- Methods and approaches to delivering particular services
- Target markets
- Current footprint
- Brand equity
- Delivery capabilities & capacity
- Operational efficiency
As a result, every enterprise needs a customized accelerated growth strategy.
To learn more about the 8 Steps to Practical and Actionable Healthcare Marketing and how your enterprise can benefit from this strategic market planning, check out the free eBook: