Covid’s influence changed the way companies needed to communicate with their customers. This includes healthcare payers who are quickly privatized to digital channels to connect with members. In the aftermath of an epidemic, your members will continue to expect that the information you send is instant, customized omni channel.
When your organization meets its expectations, members are more likely to be engaged and confident. This translates to healthy members who have the opportunity to follow health advice such as compliance or testing of prescriptions. Better quality communication helps payers retain members for the year and save money on customer contact center support.
Is your company ready to take advantage of this in 2021?
Where are healthcare payers lagging behind in customer communications?
There are many common problems that payers face when communicating with their members. Explanation of Benefits (EOBs) is unclear, resulting in calls to customer service and frustration of members. It is estimated that 74% of consumers are confused by their EOBs and medical bills. EOBs are also graphically unattractive and lacking in customization, thus failing to engage members in ways that promote better health outcomes. As we saw last year, health plans need agility in communications to communicate news and new offerings such as telemedicine. The transmission of printed information is too slow to meet these requirements.
Healthcare payers rely on older generation applications to generate their members’ communication. The data used by these applications are stored in data sources that cannot be scaled without the aid of manual processes that are not available for use in other areas of the organization and introduce the risk of errors. For health care payers, the amount of data they have continues to grow — an average of 878 percent since 2016, reaching nine petabytes each year. Not designed to enable communication functionality on older applications. As a result, changes in communications can be time-consuming and difficult — and introduce risk.
The solution to this impossible approach to communications is digital transformation. The transformation will not be successful if companies buy their solution another point solution and retrofit to work with current processes. Climbing new customers on the infrastructure of old communications will eventually lead to high growth and adversely affect long-term growth. In order to make their business truly digital, companies need to restructure their processes throughout the organization and include the communications of their members.
CCM: Management of Member Communications for Digital Transformation
Today, payers can use the Customer Communications Management (CCM) solution to resolve these communication issues. The CCM solution can make the digital transition for health care payers through:
Improving the member's experience and reducing call volumes with better, more informative content and design
Enables customer self-service, bill pay, and preference option with digital portals
Redesigning existing processes to digital-first and data-information
Adding additional contact channels through which members can interact
Using email and phone call analytics to optimize communications
Promotes wellness incentives, prescription compliance, and disease management for better member health outcomes and cost savings
Improves CCM member experience, health outcomes, and revenue
Most large employers expect health plan costs to increase by more than 5% in 2021. They understand that digitization can save costs and promote better health outcomes for members: “Many employers are avoiding health plan changes that will affect employees this year, but they must know the cost of managing,” said Tracy Watts with Mercer Consulting, its National Survey of Employers. Tells about sponsored health plans. “On the plus side, the pace behind Digital Health Innovation is moving towards greater efficiency, better health management, and greater member satisfaction.”
Healthcare payers are wasting money only to get new members to lose in the coming election period and ultimately hurting their long-term growth. But payers understand the needs of their members and provide meaningful communication.
Retention of members is important but improves revenue. There are many ways to increase revenue from customer communication management. The data coming from each communication touchpoint is analyzed in conjunction with the data of existing members and reveals more opportunities to improve compliance and health outcomes. Good communication also speeds up revenue streams. Members are confused with the EOBs they receive
Customer data management: Payer companies have huge stores of member data such as names, addresses, phone numbers, providers. Their main systems also save transaction data such as account balance, open and closed dates. They can also take structured data from streams such as third-party providers or social media platforms. This data is spread across many different data sources and cannot be accessed in one place. All this data needs to be collected and generalized in the repository so that it can be used for communications.
Content bibliography: Content management is another part of the activity puzzle to display customized content based on data and business rules. This content includes assets such as variable content displayed in whitespace zones on members’ details and documents such as company logos and descriptions of benefits. Content should be stored in the Central Database, where content changes and approvals are captured and audited.
Communications Design and Composition: Communications design and composition functionality combine members’ data, graphic assets, messages, templates, and delivery preferences to create each communication touchpoint. Larger companies may have more than one composition tool because different point solutions can be purchased by business or print service companies or meet new communication needs. Graphic assets such as logos can also be placed in different places and hardcoded into communications, making them difficult to locate and modify.
Communication delivery and compliance: Members can receive communications on different channels, from printed mail and emails to SMS text messages. The CCM solution ensures that communications are delivered to members through their preferred channels by increasing priority management functionality. Members can update their delivery preferences, agree to receive messages, and also select language preferences through the online portal. By collecting member consents, health care payers can demonstrate compliance with regulatory consent and improve the member experience.
Archiving member communications: Communication Touchpoints must be logged and archived for auditing and re-creation. Also required for regulatory compliance: Logging data such as date and time sent for each transmission delivered. Members can search the Communications Archive online through their portal and through customer contact center representatives who can serve members’ questions. In addition to the data collected and archived for each communication, metadata on members’ interactions can also be captured with the exchange of information such as opening and clicking archive email.
Reporting and Analytics: The life cycle of communication from initial data intake to delivery should be summarized for reporting and analytical purposes. Analytics can also be used to measure the effectiveness of communications and to keep track of metrics such as openings and click-through rates.
They may contain various existing CCM components that are integrated with their current applications.However, building an internal CCM application is not an ideal solution for most companies.
Building a communication platform affects the ability of an application outside of its core capabilities to deliver on other complex projects.Payers who want to modernize their existing customer communication systems will find that they are built with a variety of legacy components and point solutions that should be integrated into any new solution.
Customer communications continue to grow rapidly and companies lack the expertise, time, and money to keep an internal CCM solution up to date.Companies can no longer rely on legacy platforms to create communications.As this article states: “Insurers have realized that instead of using a back-end system to provide front-end service, they should focus on implementing two-speed architecture; Focused on the back-end policy, focused on the front-end customer and each designed to communicate with one another in an open-looped system.
Runs at the forefront, delivering the content and experiences they want to customers and as a result, raises the satisfaction rates of insurance companies.
”Benefits of Managed Services Hosted by CCM for Healthcare PayersIn comparison, a CCM solution purchased from an experienced vendor conforms to the best practices in communication when implemented faster than a domestic solution.
Featuring user-friendly interfaces, it can be owned and controlled through business avenues, rather than the expensive and busy IT segments that IT created.
For example, a survey conducted in May 2020 revealed that around 51 percent of patients feel uncomfortable with in-person check-ups with the pandemic’s prevalence, which led to the overwhelming adoption of Remote Patient Monitoring Devices.
However, even before the ‘new normal’ was a thing, patients with chronic conditions resorted to Remote Patient Monitoring Devices (RPM Devices) to avoid unnecessary hospital visits and streamlined patient care.The tech-savvy specialists have improved the game of Remote Patient Monitoring over the decade by coming up with smart digital wearables for chronic condition monitoring.
It allows the healthcare provider to efficiently monitor a patient’s symptoms, acting as a symptom-management tool, feeding data regularly to the practitioners, helping them to keep a tab on the patient’s condition from getting worse.Bring In New Patients From Remote AreasRPM Devices facilitate the admission of patients from remote areas that don’t have access to frequent check-ups.
When the physicians use Remote Patient Monitoring Software to garner data and review their patient’s chronic conditions effortlessly, a new road to see some bucks is also constructed.Hassle-Free WorkflowThere was a time when doctors and patients wouldn’t have thought about check-ups from the comfort of home.
Anyhow, we have come a long way with everything becoming digital including, patient care.
It has opened the possibility of fewer hours on-call, reduced emergencies, and less panic, in case of emergency.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
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However, the presence of other substitute products is likely to hamper the market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
The growth of this market is mainly attributed to the shift toward computerized registries from paper-based registries, due to their advantages, is a key driver of market growth.
The emergence of the COVID-19 pandemic and the increase in the number of COVID-19 patients globally is also expected to support the demand for patient registry software.The report Patient Registry Software Market is projected to reach USD 2.4 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 14.4% from 2020 to 2025.Ask for Free PDF Brochure: -https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=144694594Market Segmentation:-Based on the type of registry, the patient registry software market is segmented into product registries, health service registries, and disease registries.
The disease registries segment accounted for the largest share of 67.2% of the patient registry software market in 2019.Based on the deployment model, the Patient Registry Software Industry is segmented into on-premise model and cloud-based model.
In 2019, on-premise models held 82.6% of the global patient registry software market.
The large share of this segment can be attributed to the enhanced control and safety of patient data, and the large number of COVID-19 patients across the globe, which has driven the demand for registries.Based on functionality, the population health management (PHM) segment accounted for the largest market share of 28.9% in 2019.
The large share of this segment can be primarily attributed to the implementation of favorable regulations, such as the ACA in the US.Based on the end user, the Patient Registry Software Industry is segmented into private payers; hospitals & medical practices; research centers; pharmaceutical, biotechnology, & medical device companies; and government organizations & TPAs.
