Psychographic Segmentation: Using Consumer Industry Methods to Enhance Revenue and Patient Collections Brent Walker, SVP Marketing & Analytics Mike Schiller, SVP Sales
Psychographic Segmentation – The Foundation http://admin.patientbond.com/segments 2
Patient Responsibility – The Changing Landscape Patient Balances Are and Increasing Portion of Healthcare Provider Revenue Patient Out-Of-Pocket Healthcare Costs – Increased 30% since 2015 • 2016 – 68% Failed to pay of Medical Balances • 2020 – Estimated 95% will fail to pay Medical Balances • 2018 - > 30% of the average healthcare bill comes from the patient pocket! • It costs 4x more to collect from a patient than an insurance company • 3
Patient Responsibility – Have We Changed? How Patients Feel About Paying Their Balances 70% of Patients are frustrated with the self pay billing process • 65% of Patients would consider switching providers if payment experience was • Thank you for visiting Priority Medical on 7/10. easier AND more convenient! We have submitted your claim to insurance. Please call us with any questions @ 312-445-8750. 79% of Patients STILL receive a paper bill Reply X to opt out. • 80% of Patients would prefer to pay their bill via their own secure mobile device • 4
PFR – The Dilemma Facing Healthcare Providers Providers need to meet the Healthcare Consumer how THEY Patient Responsibility prefer, when they want Increasing every year and how they want (>30%) with options and convenience aligned to what motivates them in order for them to act. Hint: It is not a paper Patient Aggressiveness of statement! Satisfaction and Collection Effort Loyalty Balance 5
WHAT’S THE PROBLEM? WHILE HEALTHCARE CONSUMERS AND PROVIDERS SEE VALUE, PATIENT ENGAGEMENT TECHNOLOGY SIMPLY ISN’T VERY ENGAGING C O N T E N T R E S I S TA N C E “ Digital Health is not a computer “One message fits all” Lack of compelling content and science or an engineering science. It approach doesn’t resonate is a … behavioral science. delivery causes patients to ignore or procrastinate Creating the tech isn’t the hard part. The hard part is using the tech to change patient behavior”. U N D E R P E R F O R M A N C E D E L I V E R Y Dr. Brennan Spiegel Cedars-Sinai Medical Center Patient outcomes and practice “One channel fits all” Fortune – April, 2018 operations miss expectations doesn’t engage or activate 6
INFLUENCING BEHAVIOR WITH DIGITAL RELATIONSHIPS CLOUD MANAGED SERVICES PLATFORM FOR HEALTHCARE CONSUMER ENGAGEMENT E N G A G E U N D E R S TA N D A D J U S T G R O W M A R K E T S H A R E C o n s u m e r D i g i t a l N e x t B e s t I n s i g h t s O u t r e a c h A c t i o n Self Achievers October Campaign Balance Seekers O P T I M I Z E C A R E Priority Jugglers Two way SMS Texts Email Messaging OK OK OK Direction Takers Phone with IVR/Live Transfer Send next Alert care Smartphone Apps email in 2 days team Third Party Web Portals Willful Endurers + text in 5 days Print Server for Mailings I M P R O V E PAT I E N T CLASSIFY INTO FIVE DISTINCT DELIVER FIVE VARIATIONS OF THE ANALYZE PATIENT RESPONSES AND C O L L E C T I O N S PYSCHOGRAPHIC SEGMENTS SAME CORE MESSAGE BY CHANNEL DETERMINE NEXT ENGAGEMENT 7
Psychographics and The Healthcare Consumer 8
Healthcare Consumer Segmentation SURFACE Demographics Age Race Income Gender I N S I G Behavioral H Website Visits Search History Buying habits T S Psychographics Values Attitudes Interests Motivations DEEP *Advantages – More effective in resonating with a consumer’s motivations and unarticulated needs 9
PSYCHOGRAPHIC SEGMENTATION APPLYING A CONSUMER MARKETING APPROACH TO HEALTHCARE SERVICES AND COLLECTIONS • Attitudes, values, lifestyles and personalities and are the key to understanding healthcare consumers’ motivations. • Segmenting people by these characteristics allows you to target and deliver communications that resonate more effectively and increase the likelihood of behavior change. 10
Segmentation In Action 15 minutes could save you 15% or more on insurance! 11
The Five PatientBond Psychographic Segments
EXTENS I V E RES EA RC H OUTCOM E : ONE S I ZE FI TS ONE PATIENTBOND COMBINES PROPRIETARY BEHAVIORAL SCIENCE WITH MULTI-CHANNEL COMMUNICATIONS TO AMPLIFY DIGITAL RELATIONSHIPS DIRECTION TAKERS BALANCE SEEKERS Deeply trust healthcare providers Proactive and wellness-oriented Visit doctor at first sign of issue Open to ideas and options May not follow advice due to other Self-defined success responsibilities Providers are resources 31% 19% 18% 15% 17% WILLFUL ENDURERS SELF ACHIEVERS PRIORITY JUGGLERS Busy with things other than health Live in the here and now Proactive, driven by appearance Do what they like, when they like Reactive to personal health Treatment and screening diligence Self-reliant and resilient Proactive with family health Task oriented, challenge driven Only visit doctor when necessary 13
Self Achievers • The most proactive when it comes to their wellness, investing what is necessary toward their health and appearance • Task oriented, and will tackle a challenge if they are given measurable goals 14 14
Balance Seekers • Generally proactive in their health and are wellness- oriented • Open to many ideas, sources of information, and treatment options when it comes to their healthcare • Physicians are just one of many sources of healthcare information 15 15
Priority Jugglers • Very busy with many responsibilities • May not take the time to invest in their own wellbeing • However, very proactive when it comes to their family’s health 16 16
Direction Takers • Believe their physician is the most credible resource • Look to healthcare professionals for direction and guidance because of their expertise and credentials 17 17
Willful Endurers • Live in the “here and now” • Self-reliant; go to the doctor only when they must • Focuses on the first/next step 18 18
LIKELIHOOD to Pay Medical Bills If facing financial hardship, how likely would you pay your bills on time for the following healthcare providers Self Achievers and Priority Jugglers are the likeliest segments to pay their medical bills Willful Endurers and Balance Seekers are the least likely to pay their medical bills (however, Balance Seekers are generally healthy and do not utilize the healthcare system frequently) 19
ATTITUDES Around Paying Medical Bills Why the segments are likely (or unlikely) to pay their medical bills Willful Endurers are the most likely to believe that financial hardships challenge their ability to pay their medical bills HOWEVER: There is no statistical difference among the segments in annual household income below $80K (median U.S. household income is $59K) This is a matter of priorities and choices and the ability to motivate positive health (and payment) behaviors 20
Preferred Method of Balance Due Notification – Our Data Secret Sauce! PatientBond knows, and can execute, the right segment-specific messaging and channel mix to make each segment aware of Balances Due… 21
Paying Healthcare Bills – Preferred Method – Our Data Self Balance Priority Direction Willful Preferred Method for Making an Out-of-Pocket Payment for a Balance Due Achievers Seekers Jugglers Takers Endurers a b c d e Online payment via credit card (Digital) 44% 45% 44% 40% 6% Online payment via Paypal 8% 3% 5% c 8% Secret Sauce! Online payment via HAS (Health Savings Account) card 7% 6% 5% d Payment by phone (call provider with payment information) 5% 4% 4% 4% Payment by smartphone app (fill out form on phone with payment 1% > > > information) 17% 22% 22% Mail in payment (e.g., U.S. Postal Service) 18% e be be Pay in person at the provider’s facility 13% 15% 15% 15% 2% 3% Other 1% 2% a ae 6% None of these 3% 3% 3% ab … AND PatientBond knows each segment’s preferred Method of Payment and can steer them there to maximize the likelihood of paying Balances Due 22
Every Segment Has a Different Engagement Strategy Self Achievers Achieve the Goal; Improvement 19% Balance Seekers Choices, Options; Knowledge; Context 17% Priority Jugglers How the Family/Others Benefit; Commitment, Duty 18% Direction Takers Expert, Credentialed Physician Says So 15% Willful Endurers Here & Now; Live For Today; First Step 31% 23 23
How Patients View Things “We are looking at healthcare choices through the eyes of the healthcare consumer NOT how we think the consumer sees healthcare choices!” 25
COMMUNICATIONS PREFERENCES BY SEGMENT CLINICAL PFR MARKETING SURVEYS Self Achiever Every 2 weeks Every 2 weeks Every 2 weeks Every 2 weeks Balance Seeker Every month Every 2 months Every month Every 2 months Priority Juggler Every month Every month Every 2 months Every 2 months Direction Taker Every month Every 2 months Every 3 weeks Every 2 months Willful Endurer Every 3 weeks Every 3 weeks Every 2 weeks Every 3 weeks 26
A Digital Patient Financial Responsibility (PFR) Solution – How To Do It!
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