Factors Driving Changes & Growth in the Healthcare Industry
In the past five years the healthcare industry has experienced many changes & has continued to grow. According to recent research by Software Advice (Healthcare’s Fastest-Growing Companies- By The Numbers), “the average health company on the Inc. 5000 list generated 46% more revenue in 2013 than in 2008 (with revenue growing from $34.5 million to $50.3 million per firm.)” From these numbers it is easy to see that the healthcare industry is growing.
One of the key reasons for this growth is that healthcare organizations have begun to better understand their audience and are now addressing properly their clients’ needs. This strong understanding sources from successful relationships with insurance companies and key opinion leaders (KOLs). In order to better reach out to these thought leaders, healthcare organizations have started to create field-based medical teams to communicate specifically with these decision makers. While the importance of thought leaders has increased, regulatory barriers (example: Sunshine Act) have created important challenges in interacting and communicating with these professionals. As a result, healthcare companies have started to utilize innovative ways to reach out to critical audiences. One of the key ways they have done this is through the use of various digital marketing channels.
One of the key digital marketing areas that healthcare companies are focusing on is utilizing the iPad and other tablet devices for field-based teams. From Best Practices’ recent research on iPad usage in sales & managed markets teams, we found the following key findings in regards to tablet usage:
- Proactively Provide Training: Training is absolutely critical in deploying devices such as the iPad. Right training will make reps or account managers comfortable with technology prompting them to use the device actively.
- Take a Futuristic Approach While Planning: Be prepared to make changes. Adopt a long-term view while planning and implementing iPads. Take into consideration the future updates and volumes of data and prepare the company’s systems for these updates.
- Measure Performance: It is critical to measure performance of reps using iPads on a regular basis. For this to happen identify the appropriate performance indicators and plan the frequency at which they will be measured.
Healthcare companies’ successful adaptation to new technologies has been important in their overall growth in the past decade. The healthcare companies that adapt new technologies will set themselves apart from other healthcare organizations and will find it easier to develop & maintain relationships with important decision makers. As mentioned in research by Software Advice, “the health industry is growing, healthily.” Despite the many regulatory challenges that are often associated with utilizing new digital marketing technologies, the healthcare industry continues to grow and the future looks bright.