a HEALTHCARE industry guide to
thinking forward for the year ahead
Executive Summary
MEDIA, ENTERTAINMENT, AND COMMUNICATIONS
financial services
RETAIL
WHO WE TALKED TO: 101 leaders in healthcare organizations
Customer experience (CX) is rapidly catalyzing change for financial services in 2020, yet only about one quarter of leaders in the industry feel very prepared to address this top priority. Overcoming barriers to preparedness and operationalizing the experience will require financial services firms to cast aside functional silos and embrace matrixed, horizontal ways of working. In this new organizational paradigm, financial services leaders must move their attention to aligning people, organizational design, and culture to deliver the ideal experience.
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Accelerated momentum around CX
Value-based care commands
a focus on operations
Confronting workforce challenges
“Excited,” (41%), “proud,” (41%), “inspired” (36%) and “energized” (36%) top the list
of healthcare leadership sentiment for the year ahead.
Our research shows that healthcare leaders view the workforce as an obstacle to addressing top priorities and underlying transformation imperatives.
Talent acquisition (78%) and talent management/development (76%) round out the top five priorities, yet only 24% and 19%, respectively, feel very prepared to address them.
Taking Action
How Healthcare can capitalize on these market trends
in the year ahead:
1. Extract new insights from data.
Determine the insights that can be derived from available data—financial, clinical, and satisfaction. To address the efficiency and quality imperatives brought by value-based care, promote the sharing of data cross-functionally and with other players in the healthcare ecosystem. By busting silos and facilitating the exchange of patient/member insights, organizations will be better positioned to move the needle on CX and operational efficiency as top priorities.
2. Apply experience for
maximum value.
Leverage data to identify the CX investments that will drive performance improvement and operational efficiency alongside patient satisfaction and value. Then, prioritize those investments for maximum impact with Experience Economics.
3. Reimagine ways of working to
drive member and patient experience.
Based on a clear understanding of unmet member/patient needs, apply
Accelerated Service Design to envision, define, prototype, and test the desired future state experience. Align organizational structures, ways of working, processes, and technologies needed to transform the experience.
Functions:
38% Operations
13% Sales
13% IT
11% Research & Development
10% Finance/Accounting
8% Marketing
8% HR
Levels:
30% President/C-suite
27% EVP/SVP/VP
15% Sr. Director
21% Director
8% Sr. Manager
2018 Revenue:
$1B-$5B: 40%
$5B-$10B: 17%
$10B-$20B: 17%
$20B+: 26%
Growth sentiment in the healthcare industry is optimistic, yet industry leaders also recognize that competitive differentiation through patient and member experience starts with a journey to enterprise transformation across technology, data, people, and processes. To uncover value at the intersection of customer experience (CX), efficiency, and data as top 2020 priorities, healthcare organizations must start by addressing gaps and uncertainties within the workforce.
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Top priorities for the year
Customer Centricity/Experience:
89% cite as a strategic priority; 39% feel very prepared to address
1
2
Operational Efficiency:
85% cite as a strategic priority; 7% feel very prepared to address
3
Data & Analytics:
82% cite as a strategic priority; 21% feel very prepared to address
The optimism is
channeled toward
customer experience (CX).
Cracking the code on patient and
member centricity
CX is the highest priority (89%) among healthcare leaders. Industry leaders are also very confident that they can address it (89% feel at least somewhat prepared to address CX).
Healthcare leaders increasingly recognize that CX differentiation commands a focus on enterprise transformation.
Healthcare leaders may be focused on the role that data and technology can play to enable CX. Data & Technology (56%) accompanies CX (55%) as the top transformation areas for the year ahead.
Operational Efficiency is the second-highest strategic priority.
Yet preparedness to address this priority is low (7% feel very prepared to address).
Operational efficiency also presents the lowest perceived competitive advantage of the top five priorities, reflecting a recognition that operational efficiency is table stakes for success in 2020.
29% perceive that operational efficiency presents a definite competitive advantage.
Other drivers of operational efficiency are anchored on cost and quality imperatives.
74% of healthcare leaders are prioritizing value-based care, further helping promote cost-effective care and improved patient outcomes.
There’s an opportunity for
greater focus on employee
experience to address talent
barriers and uncertainties.
Only 38% of healthcare leaders consider employee experience to be a transformation area for 2020, versus 56% focused on technology.
Yet leaders recognize the role of team development in delivering on top priorities.
Cross-functional integration/collaboration (67%) is cited as the most important factor in building teams for transformation. It’s critical to aligning activities around the customer and delivering a more seamless
patient/member experience.
CX is the highest priority (89%) among healthcare leaders. Industry leaders are also very confident that they can address it (89% feel at least somewhat prepared to address CX).
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Only 6% believe CX will be
very costly to address.
A comparatively lower percentage of healthcare leaders (21%) feel very prepared to address Data & Analytics (D&A) as a top priority. There may be interest in increased investment in building data capabilities to address CX as the top imperative.
Growth sentiment is equally optimistic. 86% project
year-over-year growth
versus 2019.
Cracking the code on patient
and member centricity
Only 6% believe CX will be
very costly to address.
A comparatively lower percentage of healthcare leaders (21%) feel very prepared to address Data & Analytics (D&A) as a top priority. There may be interest in increased investment in building data capabilities to address CX as the top imperative.
74% of healthcare leaders are
prioritizing value-based care, further helping promote cost-effective care and improved patient outcomes.
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Healthcare organizations acknowledge the ultimate benefit: 75% of healthcare leaders view talent management/development as a definite competitive advantage.
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Healthcare organizations acknowledge the ultimate benefit: 75% of healthcare leaders view talent management/development as a definite competitive advantage.
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67% perceive CX as a definite competitive advantage.
It’s highest in priority among the
largest healthcare organizations with over $10B in annualized revenue
(91% prioritizing).
Cost reduction (54%) is the No. 1
internal catalyst driving change in strategic priorities.
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Leaders believe that talent will present
an even greater competitive advantage than CX (67%).
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Leaders believe that talent
will present an even greater competitive advantage than
CX (67%).
read more
67% perceive CX as a definite competitive advantage.
Cost reduction (54%) is the No. 1 internal catalyst driving change in strategic priorities.
It’s highest in priority among the largest healthcare organizations with over $10B in annualized revenue (91% prioritizing).
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For additional information and to download the 2020 Beacon white paper.
Download the 2020 Beacon White paper
Download the 2020 Beacon White paper
For additional information and to download the 2020 Beacon white paper.
Download the 2020 Beacon White paper
Download the 2020 Beacon White paper