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“For healthcare companies to attain a healthy profit margin and ensure quality outcomes, it is essential to connect their pricing strategy with the day-to-day operational concerns,” says a healthcare industry expert at Infiniti Research.
Want more insights on how COVID-19 will affect healthcare pricing and reimbursements in the long run? Get in touch with a healthcare industry expert for key insights.
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. Competitive pricing strategy in healthcare does not necessarily mean a race to the bottom in order to offer the lowest prices. According to healthcare industry experts at Infiniti Research, key factors that enable healthcare organizations to create a robust competitive pricing strategy include:
- Establish market identity: Many healthcare organizations are under the misconception that a competitive pricing strategy has got to do 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.
- Proactive process to maintain margins: Healthcare organizations need to proactively review prices in order to isolate and resolve any potential margin issues before risk to revenue or compliance occurs. It is vital to emphasize on improving key service lines and identifying margin and compliance risks by payer and service lines.
- Engage in meaningful interactions: Although tools prove to be beneficial in building a competitive pricing strategy, it is insufficient to create an overall competitive advantage in the market. Providing value messaging, online scheduling, or a live chat option are ways to create meaningful interactions with customers.
- Price transparency to create value: Giving patients a clear idea of what exactly they are being charged on is an effective competitive pricing strategy that can induce patient loyalty. Being transparent with prices can also help healthcare organizations to increase their customer base on a larger scale.
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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