Healthcare organizations are facing uncertainty as the Senate debates the American Health Care Act (ACHA), which already passed the House and looks to repeal and replace the Affordable Care Act. Companies cannot stand still during this time, but need to assess their strengths and weaknesses to be in a position to capitalize on new market opportunities that may be just around the corner. Those organizations that can adapt quickly to change will have the greatest advantage to thrive in any type of future conditions.
Perhaps the sharpest focus needs to be placed on the consumer. During times of great uncertainty, organizations really need loyal customers. They can help organizations weather new and difficult situations, especially if new entrants to the market are in a position to lure customers away. Creating the ultimate customer experience is the key for healthcare organizations to succeed.
A March Health Research Institute (HRI) Regulatory Spotlight Brief considered the attributes companies need to possess to be resilient as healthcare reform continues to take shape. Several attributes such as, reliability, relevance, agility, and trust stem from the relationships they’ve built with their customers. Healthcare organizations that tailor their strategies to build strong customer ties will be rewarded by those same customers with an early word of changes or disruptions that could affect their businesses.
With constant media coverage, healthcare issues receive attention everyday by everyone. The resilience companies need to muster can come from analyzing their identity, purpose, vision, adaptability, value and relationships that they have today to understand how to move forward in tomorrow’s environment.
Here are three main attributes HRI noted that companies need to thrive and how their customer base plays a role in that survival.
- Reliability – A company that has produced a quality product or service at a fair price for years to serve their customers is in a better position when a disruptor enters the market. Because of their solid reputation they are less likely to get any backlash from unhappy customers.
- Relevance – New technologies are emerging constantly. Companies need to thoughtfully consider what advancements will really help their customers and solicit feedback to adapt its service to new technologies.
- Trust – Healthcare organizations that deliver excellent customer service with consistent communication may be on the frontend of customer feedback that alerts the company to an emerging challenge, helping the organization get a jump on solving the issue with a new product or service.
Source: PwC Health Research Institute Regulatory Spotlight. President Trump’s health policy agenda: Developing enterprise resilience in the face of health reform. March 2017.