LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on adopting a competitive pricing strategy in healthcare. In this blog, the experts at Infiniti explain the key factors that enable healthcare organizations to create a robust competitive pricing strategy.
It is vital for healthcare companies to connect their pricing strategy with their day-to-day activity in order to attain a healthy profit-margin and ensure positive healthcare outcomes. With the rising healthcare market competition, healthcare companies must be cautious while creating and implementing their competitive pricing strategies as overlooking even small factors can cause them to lose out on their competitive advantage.
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Building a robust competitive pricing strategy in healthcare
Establish market identity
Many healthcare organizations are under the misconception that a competitive pricing strategy is concerned primarily with becoming a low-cost or low-price player. Although some low-acuity services such as imaging may require a low-cost option structure, healthcare systems may continue to provide care at historical rates for other services. Moreover, organizations must also seek to understand what their current market identity is and what they want it to be in the future.
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Proactive process to maintain margins
Healthcare organizations must proactively review prices in order to isolate and resolve any potential margin issues before risk to revenue or compliance occur. It is vital to emphasize on improving key service lines and identifying margin and compliance risks by payer and service lines. Healthcare organizations must also focus on educating their staff on key issues so that charge capture violations can be easily prevented.
Engage in meaningful interactions
Competitive pricing tools often fail in terms of adjusting to price sensitivity in the market. Although tools prove to be beneficial in building a competitive pricing strategy, it is insufficient to create an overall competitive advantage in the market. While interacting with consumers online, healthcare companies have a unique opportunity to deepen consumer relationships. Providing value messaging, online scheduling, or live chat option are ways to create meaningful interactions with customers. Furthermore, healthcare organizations can also create a seamless customer experience with flexible payment options as a part of their competitive pricing strategy.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us.