In March we presented our 2023 Consumer and Digital Market Outlook, providing an update on Leading Health System (LHS) consumer digital strategy, governance, budgeting, and what they seek in vendor partners. Today we are sharing with you the full report which includes added detail not shared during the webinar along with a comprehensive data appendix from our surveying effort. Below are 7 recommendations for industry companies seeking to partner with LHS on their digital and consumer strategy:
1. Expect longer sales cycles as current LHS margin pressure may temporarily hinder investment in consumerism strategy. Stay focused, as LHS are committed to the long term. Hit hard by growing labor costs in 2022, LHS executives are prioritizing cost management above all else right now, but most won’t stop moving forward on strategy (for long).
2. Align your approach to consumer leaders’ roles and responsibilities; decision-making is heavily matrixed and pulls from multiple budgets. Investment decisions for consumer digital initiatives require engaging multiple c-suite leaders– Chief Marketing Officers (CMKOs), Chief Operating Officers, Chief Digital Officers, Chief Information Officers (CIOs), and Chief Strategy Officers. While CMKOs have the greatest breadth of oversight in consumer initiatives, CIOs often contribute to or own a significant share of the budget.
3. Center your near-term ROI on the fundamentals of consumerism – access, and experience. Most likely because LHS still have a lot of work on both functionalities, their goals and key performance metrics heavily center on these capabilities. Articulate how you can quickly inflect patient-centered metrics to win support.
4. Demonstrate long-term value by showcasing how you can help LHS reach their ultimate consumerism destination- personalization. LHS see advanced analytics as their core tool to fuel personalized consumer strategy. Industry partners that can offer technology and implementation support to deliver this outcome for LHS will have an edge.
5. Don't expect to dethrone Epic as the go-to consumer-facing patient portal. LHS are deeply invested in their EHR. Rather than try to “sell against,” convey how you can help them get more out of their EHR.
6. Emphasize flexibility in managing and integrating multiple data sources to support personalization. Interoperability is the number one challenge health systems face in achieving their digital and consumer strategy, and they require partners who can demonstrate fundamental interoperability with their EHR. Long-term, they need partners to go even further, and help them standardize, manage, and streamline data across multiple sources (e.g., EHR, CRM, RPM devices).
7. Continually invest in showing value after contract signing. While LHS express high satisfaction with a few consumer digital solutions, they feel only modestly satisfied with most others and are looking to replace them soon. Stay on top of evolving customer needs and their changing tech stack to get ahead of possible disruption.