Importance of Healthcare Market Research in Improving Patient Experience

When it comes to the Retail, Media, or Travel industry, customers have the liberty to weigh their options to decide whether they want to spend on certain brands or services. Customers can compare various services to decide whether to buy them or not. 

However, in the healthcare industry, patients do not have the luxury to spend their time scrutinizing multiple services. But patients are also not bound by the limited options of healthcare providers. 

The healthcare industry has become a competitive landscape. The competitive pricing, many options, and patients’ growing expectations for optimal care mean healthcare providers need to step up to these challenges and optimize their operations. 

Like any other industry, the healthcare industry depends on its patients for its successful operation. The industry has started to rely on market research to understand their patients’ needs to provide them with the best care. 

• 82% of patients consider quality customer service as the most important factor when choosing a care provider.
• 62% of patients say good communication & engagement matter most. 
• 66% of patients say that their care providers need to improve the way they interact with patients.

Healthcare Market Research has become a fundamental aspect that empowers the providers to make data-driven decisions instead of decisions based on instinct or perceived to improve patient experience until after they have left. 

Healthcare is about providing better care

Healthcare market research empowers you to offer the services or products that patients will benefit from. It helps derive insights that can enhance the patient experience and serve them with better health care.

The Healthcare industry is becoming extremely competitive. For healthcare providers to keep pace with the complex demands of patients and provide a valuable experience, they need to have a clear understanding of their patients. 

We have highlighted why healthcare market research plays a central role in improving patient experience and enhancing healthcare operations. 

Healthcare Market Research

1. Helps improve healthcare outcomes –

Market research in the healthcare industry can simply help you better understand the current population, their needs, and expectations. The research data can help you optimize your care plan according to the patient you are serving. 

Closing the gaps in care management can lead to a better outcome for every patient. With extensive patient intelligence, care providers can recommend the best care plan for each patient and also influence continuous engagement. 

33 to 69% of hospital admission related to medication is caused by poor adherence.

This leads to, 100 to 300 billion dollars of annual healthcare costs spent due to non-adherence. 

Patient-provider engagement can improve patients’ adherence to the prescribed care plan. As a result, the healthcare outcome will improve for everyone & less will be spent on re-admission. 

2 Enables you to enhance Patient Satisfaction –

The fundamental value of healthcare is to provide better medical care to patients. However, the healthcare industry has transitioned to value-based care. The Healthcare industry has recognized that an extraordinary experience is equally important as medical care. If the patients’ experience is bad, the patient will look for another care facility. 

Healthcare market research is very informative about how satisfied patients are with the facility. 

Research can tell you: 

• How did the patient find out about the facility?
• How easily do patients get the help they need?
• How did the care provider share all the information about the treatment?
• How were they treated during their stay?
• Can they schedule an appointment for a post-treatment check-up?
• If patient satisfaction is subpar, all the treatment plans and cutting-edge medical equipment will not be of use.

3. Helps you deliver information that patients require –

Whenever we need any medical care, we don’t just go to any healthcare facility, nor do we just buy any available service offered by the care providers. 

In the healthcare industry, it’s not just about creating demand or highlighting the differentiators. The care providers should communicate and educate people. 

Healthcare market research helps you understand: 

• What do people want to know? 
• What kind of services do they seek?
• Do they understand their health condition? 

You can leverage the patient insights gathered from healthcare market research to deliver the information to ensure that patients can easily find the service they need. 

Additionally, educate your patients to understand what their report says, what they should do next, or where they should go for more consultation. 

Help patients become dependent by providing them with the right information and strengthen their trust in your facility.

4. Eliminate experience gaps –

Healthcare market research enables you to evaluate and identify gaps in patient experience and the services. More importantly, it helps uncover opportunities to improve healthcare services before the gap causes any issue. 

Identifying the experience gap can empower you to refine the services and thus build strong relationships with patients and drive outcomes. 

It can also inform you of the reason care providers struggle to deliver the expected experience and thus help you solve the problems from within the organization. 

You can also read How to Elevate Patient Experience the Right Way? where we debunk some myths.