Medical Marketing in the Age of Value-based Care
The age of fee-for-service care is coming to an end for healthcare providers as the industry moves toward value-based models. But how does this change medical marketing for device and clinical service companies?
For medical marketers, this shift means that they must focus more on presenting what the device or service will contribute toward a patient’s overall care and outcomes, with the function and cost secondary. Marketers must demonstrate how they offer lower cost, quality and speed of outcome, and physician and patient satisfaction.
Here are things healthcare providers are looking for when considering devices and services in this new system:
- Cost efficiency for cost justification
- Improvement in efficiency of operations and process
- Quality and safety of patient care outcome
- Speed of recovery
- Patient relations and sentiment
- Physician/clinician satisfaction
It is important to present these value-focused benefits during the awareness and consideration stages of the customer journey where the customer is searching for this new level of solutions. Presenting the value through thoughtful content will establish your company as a leader in the transition to value-based care, and emphasize the company’s support of providers in the shift.
Here are steps to take to shift your medical marketing from the age of fee-for-service to fee-for-value.
- Determine how your device or service addresses each of the value points listed above. What value does it provide that competitors or current solutions don’t?
- Develop content addressing these value points to be shared across multiple channels, including: white papers, blog posts, social media posts, videos, etc.
- Develop quantified demonstrations of cost savings on two levels: 1. Initial outline of costs vs. benefits and importance. 2. Total cost (hard and soft) savings generated over the case life, accounting for substantial cost events that have been prevented by the innovation you are selling.
- Meet your target audience where they are. This means driving your target audience to your new content through trade media PR and advertising, digital advertising, emails, and more.
It will be a gradual process for the country’s healthcare providers to fully shift to value-based systems, however now is the time. Recognize the changes and be a leader in your industry by being attuned to value drivers in your medical marketing.