Each year between now and 2027, more than 4 million Americans will become Medicare-eligible annually – marking the fastest surge in healthcare demand in history. By 2030, nearly half of the Medicare population will be 75 or older, a significant increase from the current 40%.
Coupled with physician and nursing shortages, Medicare reimbursement challenges, and the increased complexity of geriatric care, eldercare is sure to be the biggest opportunity for marketing and patient experience innovation as well as collaboration with distinct and clear scenarios and predictions.
If we could have prepared for COVID-19, we most certainly would have. This, then, is the opportunity to understand and prepare for the next major challenge.
According to Becker’s Hospital Review, “Solving capacity issues and becoming more efficient with patient throughput is a top priority for health system CEOs and top executives.”
If you or your C-suite are not talking about this upcoming demand, then you have a responsibility to catalyze the conversation.
For marketing, communications, and digital healthcare leaders, this moment is a call to action. To effectively prepare, healthcare organizations must rethink their understanding of the marketplace and their customer segments with consideration to the entire journey and full funnel. This includes better engagement strategies, higher-fidelity growth strategies, and experience innovation for all – patients, caregivers, and providers.
This is not your father’s healthcare any more.
The Imperative for Change
Leaders cannot afford to delay action because there is the risk of an opportunity missed.
The rapid shifts in patient needs and systemic challenges demand proactive, forward-thinking strategies across marketing, communications, and operations. If the standard response is to postpone innovation because of immediate challenges, the opportunity to mitigate long-term risks will be squandered.
Some healthcare providers are already pioneering responses to these changes, demonstrating how systems can innovate by reflecting on the new marketplace realities sooner rather than later.
At progressive institutions, like Indiana University Health, new strategies are underway:
- From brand expression to the full customer journey brand experience
- From share of market to share of care or loyal patient growth: A recent Vizient report underscores the importance of loyal patient growth with a simple equation: for a $2 billion system, increasing the number of loyal patients by 1% means a $40 million revenue jump. Additionally, the report notes typical systems capture less than half of patients’ total healthcare spend while loyal patients spending 75% or more of their dollars with a single system generate more than 3x the revenue of an uncommitted one.
- From same-day appointment targets to rethinking access and expanding its definition
- From siloed “one size fits all care” to an exploration of age-friendly pilots
- From homogeneity to understanding the diverse mosaic of segments within 65+
These examples suggest ways marketing and patient experience teams can work together to pioneer strategies for transformation. Combining marketing insights into customer journeys with operational know-how will drive meaningful, scalable innovations.
Strategic Actions Leaders Can Take Now
To meet this moment, healthcare executives can adopt several strategies to elevate patient and provider experiences while positioning their organizations for the future.
1. Rethink Access Models
2. Co-Designed New Service Innovation
3. Embrace the idea that BRAND is the experience and the expression
4. Maximize Share of Care
5. Support Caregivers In a New Way
6. Lead Change Through Collaborative Marketing and Experience Teams
Marketing and patient experience functions must lead from the front, ensuring that healthcare systems remain in tune with patient realities. These teams should aim to integrate technology, strategy, and empathy into every touchpoint.
A Call to Action
By acting now, healthcare leaders can rewrite the story, ensuring systems that not only endure but thrive. For leaders willing to rise to the occasion, the rewards and responsibility are too significant to ignore.
Here’s how you can engage with us:
Join MERGE at HMPS
- When: Wednesday, April 30, 1:30 PM – 2:30 PM EDT
- What: Attend our presentation, "Innovating for an Aging Population." Learn from Marketing & PX leaders at Indiana University Health as they share strategies to meet the challenges of an aging population.
- More: Stop by Booth #25 to connect with our team and explore solutions tailored to your organization.
Partner with the MERGE Aging Think Tank
Access our research, real-world use cases, and expert strategy teams to navigate the complexities of an aging population. Contact Samantha Stout at sstout@mergeworld.com to start building scalable, future-ready solutions today.