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Online Healthcare Services Market Overview
According to a new study by the healthcare market research experts at Infiniti Research, the global online healthcare services market is expected to witness positive growth through 2022 owing to the rising government initiatives to promote online healthcare services. Additionally, rising demand for remote monitoring services, penetration of smartphones and other mobile apps, and the rise in the number of health apps are some of the major factors propelling the growth of the online healthcare services market. However, as the world of healthcare is evolving, marketing is becoming more challenging than ever. To compete in today’s customer-centric industry, online healthcare service providers are in the need to look to digital marketing solutions to enhance reach, personalize messaging, integrate channels, and drive patient engagement.
An online healthcare services provider in the US, that helps women with fertility issues, relied solely on standalone marketing and web applications to drive patient engagement. However, with increasingly diverse customer base, the online healthcare service provider was finding it difficult to reach out to target customers with their traditional marketing techniques. They wanted to standardize marketing technologies, streamline communications, and enhance customer experience and retention. In addition, they wanted to expand into the digital marketing space. They chose to partner with Infiniti Research to leverage their expertise in offering marketing solutions.
Other key challenges that the online healthcare service provider wanted to tackle by leveraging Infiniti’s marketing solutions were:
Transition from traditional to digital marketing: The online healthcare service provider wanted to revamp their traditional marketing model and integrate highly targeted online and offline tactics to engage with their patients.
Leveraging digital marketing on a tight budget: As the company witnessed huge losses in marketing budget on unprofitable initiatives, they had budget constraints. The online healthcare service provider, therefore, wanted to achieve better results from digital marketing campaigns by testing their effectiveness on smaller representative audiences.
Health Insurance Portability and Accountability Act (HIPAA) marketing limitations: As HIPAA restricted healthcare marketers from using certain tools, such as remarketing ads, in order to safeguard users’ confidential health data, the client had major limitations to marketing. The online healthcare services market client, therefore, wanted to thoroughly understand the policies and regulations in their target regions and strategies their initiatives accordingly.
Personalizing marketing initiatives: With Infiniti’s solution, they wanted to understand the needs, preferences, values, behavior, and demographics of consumer segments in their target market and devise marketing approaches accordingly.
Our Integrated Approach
To help the online healthcare service provider tackle the above-mentioned challenges, a robust discussion guide was prepared in consultation with the client. The guide comprised of both qualitative and quantitative questions to gain insights about marketing initiatives from the top online healthcare service providers. Besides, an extensive database was generated by Infiniti Research team through secondary research.
As a part of the marketing services engagement, the experts selected smaller representative audiences and conducted demo campaigns across all the channels. By efficiently gauging the results, they helped the client to focus on creating campaigns that delivered the desired impact. The experts also helped the client to gather relevant insights into the HIPAA privacy rule and recommended solutions to customize goal-based-budget for marketing.
By gathering comprehensive insights into their patient’ needs and requirements, the online healthcare service provider was able to personalize marketing approaches for them and drive patient engagement.
With Infiniti’s marketing services solution, the client was able to focus more into innovative marketing approaches, which helped them streamline communication and enhance customer experience. Also, by expanding into the digital marketing space, they were able to attract 250+ new customers in six months. Besides, the client was able to integrate highly targeted online and offline tactics to engage with their patients.
By undertaking the right marketing initiatives, they were able to save huge on their marketing budget. In addition, by understanding the restrictions of HIPAA, they were able to act accordingly and safeguard users’ confidential health data.
Infiniti’s marketing services engagement also helped the client to achieve 20% increase in profits and 15X increase in leads.
“Disputes over the US healthcare reform and the future of the Affordable Care Act dominated headlines in 2018, but that could take a backseat this year, as challenges such as digital therapeutics and tax reforms have started coming to the forefront,” says a healthcare market research expert from Infiniti Research.
The US healthcare industry is witnessing a phase of tremendous disruption, triggered by the advent of digital therapeutics, rising need for upskilled health workers, and emerging trade pressures. This pace of change has not only brought about new opportunities for companies in the US healthcare industry but has also compelled companies to restructure their businesses to efficiently tackle the rising challenges. Consequently, many healthcare companies, especially companies who are new to the US healthcare industry are now partnering with market research firms like Infiniti Research to explore new avenues and markets for growth.
The client is a healthcare company based out of Canada. The client was looking to expand their business operations to the United States. As the US healthcare industry is highly saturated, the client wanted to gain detailed insights into the market before making huge investments.
They also wanted to understand how the advent of digital therapeutics is reshaping the landscape for new medicines, product reimbursement, and regulatory oversight. Moreover, the client wanted to evaluate capital requirements for increasing their workforce’s efficiency and productivity and ensure they get the most out of new and impending investments into technologies such as AI and robotic process automation (RPA).
Furthermore, the client wanted to identify the tax reforms and restructure their business strategies to accommodate new rules and healthcare policies in the US healthcare industry. To do so, the client approached the healthcare market research experts at Infiniti Research.
Top challenges faced by the US healthcare company were:
Advent of digital therapeutics – As companies in the US healthcare industry are highly investing in digital therapeutics and connected devices, the client wanted to understand how these digital health technologies will reshape the landscape for new healthcare companies.
Tax reforms – Tax reforms posed a serious threat to companies in the US healthcare industry. Therefore, the client wanted to understand the evolving healthcare policies and restructure their business to accommodate new rules and regulations. They also wanted to restructure their supply chains to accommodate a new territorial tax system.
Need for skilled workers – With artificial intelligence and robotic process automation becoming mainstream in the US healthcare industry, the lack of skilled workers to support the new processes can turn out to be costly for the company. Therefore, by conducting a thorough US healthcare industry analysis, the client wanted to evaluate the budget they would need to recruit skilled workers or train them.
With over 15 years of experience in serving various healthcare companies across the globe, the experts at Infiniti Research helped the client to devise an efficient market expansion plan to enter the US healthcare industry.
- By leveraging Infiniti’s expertise in offering market entry advisory solutions, the experts helped the client to review macro and micro-economic environment, identify potential barriers to market entry, and identify the best route to enter the US healthcare industry.
- By conducting a detailed market opportunity analysis engagement, the experts at Infiniti Research helped the client to assess markets’ readiness for new offerings including digital health technologies. With our help, the client was able to understand how digital health technologies will transform the US healthcare industry landscape in the years to come and identify competitors who were leveraging similar technologies.
- By leveraging our expertise in offering market scanning solution, the market research experts at Infiniti Research helped the client to understand the evolving healthcare policies and tax reforms and track regional developments.
- The experts also helped the client to evaluate the capital requirements for entering the US healthcare industry and also analyze the capital investment for recruiting skilled workers to support business operations.
Based on our insights, the client gained detailed insights on the market demographics and competitive scenario. They also developed a detailed understanding of the attractiveness of market opportunities for their product and service offerings. The healthcare company was also able to devise a market expansion plan to establish a foothold in the US healthcare industry. Also, they were able to better understand the current and future market potential, capital investment, and market opportunities in the US healthcare industry. Furthermore, within two years of entering the US healthcare industry, the client was able to achieve profitable growth and establish themselves as one of the top 20 companies in the US healthcare industry.
US Healthcare Industry: Major Challenges
LONDON: Infiniti Research, a leading market intelligence solutions provider, has announced the release of their new storyboard series on the US healthcare industry. The article provides curated content on the US healthcare market and also highlights key healthcare industry trends, challenges, and digital disruptions.
The US healthcare industry is a dynamic industry with significant opportunities for business growth. But, with rising uncertainties, cost concerns, and complexities, it becomes imperative for healthcare service providers to constantly watch the market and incorporate effective strategies to achieve business growth. By leveraging strategic business solutions, healthcare companies can stay updated with the latest trends and tackle challenges coming their way. Today, as the US healthcare industry is at a tipping point, leading healthcare giants are partnering with companies like Infiniti Research to explore new avenues and achieve business growth. Below we’ve curated some of our latest articles on the US healthcare industry and have also highlighted how we helped some of our healthcare clients achieve business success.
#1: US healthcare outlook for 2019
With healthcare companies moving from volume-based to value-based model, care delivery and patient centricity are becoming mainstream in the US healthcare industry. Also, in the US healthcare industry, relentless focus in being given to offering quality services and ensuring patient-care. With this, companies that have not yet adapted to value-based models are finding it quite difficult to engage in better decision making. Various other digital and technological transformations are also being witnessed in the industry. To gain more insights into the US healthcare industry and key trends, read the complete article here.
#2: Infiniti’s competitive benchmarking analysis for a US healthcare industry client
With the entry of new players and rising competition in the US healthcare industry, competitive benchmarking analysis has become necessary, especially when it comes to strategy and planning. One of our clients, a well-known healthcare company wanted to leverage competitive benchmarking analysis to analyze their competitors’ key strategies and outweigh peers. By following a comprehensive approach to competitive benchmarking, our experts helped the client to drill down their performance gaps and identify areas of improvement. To know the other benefits of leveraging our solution, read the complete story here.
#3: Why is market research a must for the healthcare industry?
Market research helps companies in the healthcare industry to stay abreast of market changes by identifying profitable opportunities and performance gaps. Furthermore, by leveraging market research solutions, healthcare companies can gain a better understanding of the healthcare policies and regulations in other countries while making market expansions. To learn more about why market research is important for healthcare companies, read the complete article here.
#4: How to improve patient care in the US healthcare industry?
Delivering quality care has become a common norm in the US healthcare industry. Quality care involves delivering convenient care, quality service, and improved patient experience. Moreover, as major healthcare companies in the US healthcare industry have started embracing patient-care strategies, it becomes imperative for other healthcare companies to focus on improving the customer experience. Learn 5 ways to improve patient care in the healthcare industry. To gain more insights, read the complete article.
#5: Infiniti’s marketing strategy helped a US healthcare industry client to improve ROI
The US healthcare industry is constantly evolving. Also, companies in the healthcare industry are facing stiff competition. With this, if healthcare companies need to reach and engage more patients, it becomes vital for them to ensure their brand visibility. Also, constantly refining marketing strategies can help. One of our healthcare clients was also facing similar predicaments. They approached us to leverage our marketing strategy solution. The solutions helped them develop robust marketing campaigns that resonated with their target audiences. This helped the company gain a leading spot in the US healthcare market and improve ROI. To know more, read the complete success story.
#6: Quick steps to improving staffing in the healthcare industry
Although ensuring patient satisfaction and care are the main agendas for healthcare firms, achieving this will become difficult without having sufficient workforce. Employees play a major role in the overall growth of a healthcare company. Also, with US healthcare industry facing widespread talent gaps and shortages, it makes it even more difficult for healthcare organizations to retain their top talent. To help you out, we’ve curated 4 powerful tips to improve healthcare staffing. By integrating these tips into your recruiting strategy, you can lower workforce turnover rates. To gain more insights, read the article here.
#7: Technology trends in the healthcare industry
The healthcare industry remains largely unpredictable. The technology trends and transformations have uplifted the traditional care delivery models. According to recent studies, the next decade will be focussed on preventive care. And here the new technology trends come into play. Wearable tracking devices, cloud-based electronic health records, and telehealth are some of the technology trends to be expected in the US healthcare industry for the coming years. To know more about these trends and on how they will impact the US healthcare industry, read the complete article here.
#8: Top US healthcare industry challenges for 2019
The US healthcare industry is poised to experience major disruptions in the future. Although fast-paced technological innovations and developments open up new opportunities for healthcare companies, it even brings about major threats. For healthcare companies to sustain their market share, it becomes important to analyze challenges associated with the sector and tackle them effectively. To know some of the key challenges facing the US healthcare industry, read the complete article here.
LONDON: Infiniti Research, a leading market research services provider, has recently announced the release of their FREE downloadable series of resources based on the global healthcare market. These FREE supplements provide comprehensive insights into key healthcare industry trends, healthcare market research, and digital disruptions in the healthcare market.
With digital transformation, financial sustainability, care delivery, patient centricity, and regulatory compliance at the top of the agenda, the future looks sharp for companies in the healthcare sector. This growing healthcare market offers several new opportunities but also poses some critical risks for companies in this sector. Moreover, the healthcare market is at a tipping point which demands the need to constantly watch the market and implement effective strategies to build revenues in real time. Infiniti has helped companies in the healthcare sector including medical devices, pharma, diagnostics, and home healthcare providers to gain actionable insights into patient care, mitigate risks, and improve payment accuracy. We’ve collated some FREE downloadable resources which will give you more insights into the global healthcare market.
#1: Why is ‘healthcare market research’ the new norm for providers? As tech giants make healthcare market entrances, traditional healthcare companies face increasing pressure to remain competitive. Healthcare providers need to prioritize on keeping pace with innovation and constantly update their systems to avoid being left behind. Therefore, healthcare companies are partnering with market research companies to gain comprehensive insights into technologies and marketing strategies adopted by their rivals. Market research helps healthcare firms to remain innovative and updated on the most profitable ways to enhance their product/service offerings. This FREE supplement from Infiniti Research highlights some of the best practices for healthcare providers to improve healthcare market research and create better patient outcomes.
#2: What are the latest healthcare industry trends? The health care industry is evolving more rapidly than ever before. Policy changes, industry innovation, and the evolution of information are ushering providers in a new era of healthcare. Today, in this era of technology, the use of business intelligence in healthcare has become a prime necessity not only for the better utilization of patient data but also for offering the best healthcare services.
Another crucial element involved in effective healthcare management is to keep up with the changing healthcare industry trends. This can not only help healthcare industry companies to be in line with the advancement in the field of medicine, but also improve their operational and service efficiency to provide better treatment and patient care. This FREE resource provides more insights into the top 5 healthcare industry trends to expect in future.
#3: What are the best healthcare market research strategies? With personalized healthcare plans becoming common, market research has become important for healthcare providers to become successful in today’s evolving environment. The more healthcare providers know about their target audiences, higher are their chances to create platforms and communication avenues for their products and services. Effective market research helps organizations in the healthcare market to suitably adapt to the evolving market. This FREE supplement from Infiniti Research will give you more insights on why market research is important for healthcare providers and some of the best healthcare market research strategies.
#4: What are the digital disruptions in the healthcare sector? Digitalization has opened new opportunities and challenges for companies in the healthcare sector. In this digital era, companies that fail to introduce digital innovation in the healthcare sector would fail in their attempt to enhance patient care and experience. So, it has become crucial for healthcare providers to examine new pathways for innovation. To help you out, we’ve collated a few technology trends that would disrupt the healthcare sector in the near future.
Get in touch with us for unparalleled healthcare market research solutions.
As the global healthcare industry growth continues to be strong, several key issues in the industry are restraining the further development of this sector. According to the latest survey report, rising drug cost, healthcare consumerism, industry risks, and uncertainty are some of the key challenges in the healthcare sector. With all these challenges, healthcare companies who are closely associated with a specific area of expertise are finding it challenging to expand their business in other service areas. Therefore, it has become imperative for healthcare companies to unfold the real power and importance of healthcare market research to boost profitability and make the most of existing market opportunities.
The client, a leading healthcare company wanted to gain comprehensive insights into the European healthcare market. The recent shift from a volume-based to a value-based environment increased pressure on the company to deploy advanced healthcare delivery models. Moreover, as the healthcare industry is witnessing major industrial transformations and changes in regulations owing to the rise in the global competitive pressure, the client approached Infiniti to conduct healthcare market research to gain detailed insights into the healthcare market. With Infiniti’s healthcare market research, the client wanted to:
- Gain a better perspective and understanding of the healthcare market
- Minimize any investment risks
- Identify potential threats and opportunities in the healthcare market
Solutions Offered and Value Delivered
The experts at Infiniti Research conducted a thorough healthcare market research. The factors such as patients’ needs, key competitors, current trends, and major investment risks in the European healthcare market were taken into consideration during the healthcare market research process.
The data obtained from Infiniti’s healthcare market research helped the client to gain a better perspective and understanding of the European healthcare market. Also, by gaining detailed insights about their key competitors, the client was able to understand how they were perceived in comparison to their competitors. Healthcare market research services also helped the client identify potential threats in the market. Furthermore, healthcare market research helped the client to:
- Understand uncertainties in the healthcare market
- Identify regulatory changes in the European healthcare market
- Identify lucrative opportunities and potential threats
In a short span of 1 year, the client was able to transform their operating model into a value-based one. This helped them to lower their healthcare costs while increasing the quality of care. Moreover, with Infiniti’s healthcare market solutions, the client was able to gain a top spot in the European healthcare market.
In the US healthcare sector, there is relentless focus being given to understanding patients and determining ways to improve patient care. For an extremely complex and sensitive industry like healthcare, market research is vital to identify the actual needs in advance and undertake evidence-based decision-making rather than being reactive to a perceived need. Healthcare market research is all about analyzing and interpreting data to obtain information that can be used to predict future events, actions, or patient behavior. Furthermore, the escalating cost, intense competition, a larger number of choices, and growing dissatisfaction among patients are some of the key factors making healthcare market research vital for survival.
Benefits of healthcare market research
If you are still not convinced why your organization must invest in healthcare market research, here are some key factors to consider:
Fill service delivery gaps
Healthcare solutions are overly complex and sophisticated in nature. Using healthcare market research services, providers can assess and identify gaps in their service delivery model and thereby generate stronger patient relationships and outcomes. For instance, with the help of healthcare market research, providers can assess if the staff is struggling to manage data capturing processes and identify ways to solve this issue to ensure that the engagement remains strong in the future.
Gain product and service development insights
With the rising competition in the healthcare sector, customer acquisition and retention cannot rest on the organization’s past success alone. It is essential to be constantly updated on the changing customer needs and identify new market innovations. Healthcare market research helps organizations in the healthcare sector to remain innovative and updated on the most practical and profitable ways to enhance their product/service offerings. This is highly useful in not only increasing the customer retention rate but also in increasing new customer acquisition.
Stay ahead of market competition
Earlier, only a few major organizations supported by numerous smaller and niche providers dominated the healthcare market. This is not the case today. Owing to the rise in disruptive technology and the influx of venture capital from investors who are keen on high-risk, high-reward models, the healthcare market is now experiencing higher convergence and competition. Although for consumers of healthcare solutions this is a positive development as it leads to more choice and better prices, for businesses in the healthcare sector it means that they are at risk of finding themselves competing with a larger number of players for the same market share. Healthcare market research is a smart, strategic and proven hedge against this risk as it helps healthcare providers stand out in the market through a clear, and actionable understanding of who they need to reach, why and how.
What are some of the key best practices for successful healthcare market research? Download this free resource to find out:
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