Personalization in medicine: Is your company ready?

Personalization in medicine: Is your company ready?

2018-01-24T12:58:42+00:00 July 21st, 2016|Data Appending, Data Cleansing, Healthcare Marketing|

When somebody is sick, they expect personal attention. New trends and regulations such as the Affordable Care Act aim to ensure each patient receives the individual treatment they need to get better and live their best possible life. While providing personal care may seem like a daunting task, data and other modern tools and solutions make it not only possible, but more cost efficient in some cases.

The Urban Institute and Robert Wood Foundation found that initial projections made about spending after the passage of the Affordable Care Act were off, according to Fortune Magazine. A new study now predicts the U.S. should save about $2.6 trillion on healthcare between 2014 and 2019. This number is inspired in part by patients able to choose from more pharmaceutical options, states’ ability to make decisions about health care enrollment and other new regulations that both provide opportunities and freedoms for individuals to find the plan right for them.

Insurance plans should be built around specific needs.
Insurance plans should be built around specific needs.

Providing personalization is not just a boon for patients looking for unique care, but can also benefit doctors, medical manufacturers and insurance companies.

Better for patients
Doctors want to know how each individual patient is doing. Being aware of the precise details around infliction and recovery prevents physicians from prescribing unnecessary medicine or wasting time on redundant treatments. The Harvard Business Review said many hospitals and health care companies look for new ways to gather data for personal care.

Right now, many organizations are forced to use industry standards and the results of general testing when prescribing solutions or designing healthcare plans. Businesses will be able to suggest courses of action for individuals if they have insight into personal needs. This could save consumers and patients money and might even save their life.

The process may require wearable sensors to collect data on vital signs or smarter software solutions that provide visibility of consumer financial information. For example, an insurance company can tailor plans accordingly when they have efficient systems for evaluating individual health and exactly what consumers can reasonably afford.

“A unique pharmaceutical product could call for a substantial investment.”

The downside
Personalization aims to make registering for insurance simpler, treatments more affordable and plans of action more effective. There are also obstacles to personalization. The Motley Fool said cancer prescriptions could become more expensive as they become more personalized. Instead of using products designed for mass audiences, a unique pharmaceutical product could call for a substantial investment.

Companies can help consumers by ensuring the increased spending necessary to create unique products are offset by a lack of waste. If businesses can save money through other personalization solutions, they may be able to focus their business model on creating products and insurance plans with less overhead.

Personalization calls for data
The more doctors know about a particular condition or patient, the less likely they are to waste resources. The same is true for companies in the healthcare industry. Medical Marketing and Media detailed how healthcare communication companies benefit from data collected by modern technology solutions. Organizations were able to increase revenues 14 to 20 percent by utilizing data analytics in web communications, sales communications and print ads.

Companies can improve their marketing by partnering with data append and data cleansing services to give themselves a more accurate view of who they need to convince. Instead of sending general messages to a wide audience, email segmentation allows medical email marketing to send specific content to individual demographics. For example, if a doctor needs information valuable for family practices, email content should reference parents and children.

This eliminates waste from marketing and should deliver a better representation of how audiences react to messages. The more information a company has, the smarter they can be with business practices and deliver the exact products and content their audiences demand.