How to increase patient lifetime value through a best-in-class healthcare CX

Why is it that healthcare organizations have suddenly started to prioritize their consumer experience (CX) strategy? Right now, healthcare has some of the lowest satisfaction and engagement rates across all industries. On top of that is the fact that interoperability and price transparency policies are eroding traditional barriers to patient mobility. Now is the time for healthcare organizations to prioritize their patient and member loyalty by investing in a CX strategy.

For payers and providers, an engaging and effective healthcare CX can lead to increased loyalty, improved revenue and ultimately increased patient or member lifetime value (LTV). And this isn’t just about retention. Consumer choice in healthcare is now at a premium, and consumers are choosing companies that offer an engaging and seamless CX.

Healthcare organizations need to focus on retaining and attracting customers by putting the patient or member at the center of the healthcare experience. When healthcare organizations prioritize their CX, they can greatly improve their business metrics.

Increased consumer engagement and satisfaction

A best-in-class healthcare CX creates relevant and valuable touchpoints for consumers that result in engagement 365 days of the year—not just during episodes of care. Personalization powers this engagement. At League, we enable healthcare organizations to deliver data-driven Health Journeys™ that are hyper-personalized and relevant to the individual, seamlessly connecting consumers with the right care at the right time. It’s not just about communicating with consumers more frequently, it’s about delivering personalized content and touchpoints that resonate with them and are unique to their specific health journey. By harnessing data from electronic health records (EHRs), wearables, claims and third-party partners, healthcare organizations ensure that every interaction is relevant and meaningful. This is why the League’s Health OS™ sees engagement rates that are 12 times the industry average.

Another critical element of an effective CX is that it proactively recommends the appropriate “next best action.” By leveraging machine learning (ML) and artificial intelligence (AI), organizations can better anticipate the needs of consumers and encourage regular interactions. Not only does this create value for the user, but it also dramatically increases the number of interactions consumers have with your company. Healthcare organizations can use this to not only create touchpoints that matter to the patient or member but also pair this with relevant recommendations on revenue-generating services. CX transformation partners like League enable healthcare companies to deploy vibrant interactive marketplaces that give patients and members feedback, rewards and in-app acknowledgments. When applied thoughtfully, this not only increases interactions but also improves the revenue per patient and member for the organization.

A best-in-class CX makes the experience of accessing, understanding and utilizing care seamless and engaging. Consumer expectations are catching up to payers and providers in healthcare. Accenture found that in over half of healthcare consumers, a bad digital experience with a provider would ruin the entire experience with that provider. Having a best-in-class CX isn’t just a nice to have, it’s a must-have. Healthcare organizations need a digital front door that enables consumers to easily access all of their healthcare needs without having to go through a link-farm of logins and password resets. They want a digital healthcare experience that is as easy to use as the apps they interact within their everyday lives, such as Netflix or Spotify. When companies make the experience easy and seamless for their patients or members, it leads to higher HCAHPS scores and overall higher satisfaction.

Improved consumer acquisition and market differentiation

Payers and providers have worked for decades establishing a unique brand identity that speaks to their commitment to health outcomes. As new companies enter the market with digital-first consumer mindsets, healthcare organizations need to consider how their CX can be a differentiator when it comes to acquiring new patients or members. Healthcare organizations that excel in creating a “best-in-class” CX make it easier for individuals to interact with them, widening their funnel and increasing accessibility to new customers. It also creates a “digital destination” for individuals to explore and connect with your brand and functions as a differentiator in a crowded and increasingly competitive marketplace.

The healthcare landscape is still characterized by companies cobbling together a number of disparate portals and point solutions and wondering why they aren’t gaining traction with new customers. When healthcare organizations focus on building an experience that is personalized, proactive and seamless, they create healthcare experiences that resonate with consumers.

Next steps

Creating a deeper connection with patients and members through more meaningful and frequent interactions with your brand leads to improved satisfaction and ultimately long-term loyalty. A cohesive CX strategy drives patient or member retention and acquisition all while increasing their LTV.