Your new marketing priority: managing the cost of care

Why marketers need to lead the change at their organizations

In June of 2017, the cost of healthcare became the single most important financial problem cited by Americans. It shouldn’t be a surprise that we’ve reached this point. Concerns over the cost of care have been growing steadily for years, and shows no sign of slowing. Until the healthcare system as a whole finds ways to make meaningful cuts to the cost of care, cost issues will have to be addressed primarily by marketers. This is the topic of a new ebook published by Smith & Jones, and the theme of an ongoing series of blog posts starting this month on our website.

Marketers: don’t freak out. Yes, this problem is falling on your lap. Yes, it’s a complex one. Yes, you’re sorely in need of precedent from within the industry, which you won’t have. But there’s a lot to learn if we broaden our scope and learn from other industries. Here are some of the strategies that we discuss in the ebook.

Three new ways of thinking

• Mindshift #1 – Pricing needs a strategy: Nearly every industry prices its products strategically. Often, those strategies are set by marketers and brand managers, who have both control and responsibility for the ultimate success of a product. Needless to say, this isn’t how it happens in healthcare.
• Mindshift #2 – Paying for care should be easier: Why aren’t people complaining about the cost of new cars? Especially when, as the data shows, that cost has gone up steadily over the last 10 years? It’s because the automobile industry has made it much easier to pay for their products. And healthcare providers who can innovate here stand to win big.
• Mindshift #3 – Pricing should be more transparent: Three out of every four consumers want to see cost and quality comparisons online before they have a healthcare visit. Yet only one of every twelve finds it easy to get that kind of information. This is a big opportunity for healthcare marketers.

It’s time to take the lead

In the new world, marketers must move into positions where they bring their superior knowledge of the customer’s priorities to bear on policy decisions across the entire organization. The first step on that path is to adopt new beliefs about how providers handle money.

To learn more about marketing and pricing strategies, read our new ebook, Mindset Reset: How the cost of healthcare is your biggest brand opportunity. It puts forth three mind shifts that healthcare marketers must make to survive in the new world of healthcare consumerism. And watch for new blogs on the topic of marketing team’s role in managing healthcare costs and promoting your organization’s pricing innovations.

If you’re looking for more personalized help, you might want to schedule some time to chat with some of our experts. You can book an appointment right on our strategy director’s calendar here, or give us a call at 518.272.2800.