SOURCE: BDC Advisors

BDC Advisors

April 20, 2015 08:00 ET

BDC Advisors Emphasize New Approaches to Address the Emerging Consumer Market

National Healthcare Consulting Firm Highlights 7 Key Management Challenges the New Retail Market Poses

MIAMI, FL--(Marketwired - April 20, 2015) - Featured in the online "Early Edition" of the April issue of hfm, BDC Advisors' "7 challenges for providers in the emerging consumer market" highlights how the employer-driven payer market of the past five decades is rapidly evolving into a new retail market with real price sensitivity, where consumer choice, decision making, and engagement are becoming basic business challenges for all healthcare providers. 

"Healthcare is being transformed from a wholesale hospital business to a retail consumer business where brand, convenience, price, customer service, quality, data analytics, product design and positioning will be keys to success. These requirements create new challenges which take most legacy healthcare providers out of their comfort zone," according to Krista Bowers, Managing Director, and Orry Jacobs, Senior Advisor, of the firm and co-authors of the article.

Based on the firm's experience working with clients in several advanced markets across the nation, the paper identifies 7 Key Management Challenges for providers in the new retail market. They are:

  1. Affordability is key buying criteria in the new consumer market
  2. New "value-network" requirements are replacing traditional open access networks
  3. Focus must be on a total customer experience
  4. Mining data for customer insights is integral to marketing
  5. The market is rapidly moving toward pricing transparency
  6. Marketing resources must be orchestrated with business strategy to create value
  7. A strategic mind‐set is a must to move forward

"To succeed in the emerging market, leadership must inspire the workforce to be fully engaged in improving the customer experience, using the right metrics to measure their performance, and build the necessary organizational capabilities to offer real value," Bowers and Jacobs continued. "They must have a clear definition of who the new target customers are in this new market, have the data to provide insights on consumer behavior, define what their goals are for care and have a clear understanding on how to measure successful business outcomes."

Learn more about this topic by downloading the full article here.

BDC Advisors is a national healthcare consulting firm headquartered in Miami, which specializes in strategic business planning and business diversification for large integrated healthcare delivery systems, academic medical centers, and managed care organizations. For more information visit Follow us on Twitter @BDCAdvisors.

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