2023 Trends: The Challenge from New Healthcare Competitors

The Challenge from New Healthcare Competitors
Another trend identified in the Smith & Jones report is the need for healthcare to optimize the experience of patients who are accustomed to rapid everything from the retail world. This is even more important in light of the fact that a number of retailers such as Walmart, Amazon, and even Dollar General are joining CVS and Walgreens by pushing “deeper” into the healthcare space. “They want to meet the patient’s needs in places where hospitals and health systems lack the resources to do the same,” Smith & Jones says. “Most of these retailers are working aggressively on a variety of multichannel initiatives including expansions in existing stores, construction of free-standing stores, telehealth, and the delivery of primary care, medical services, lab work, and products that you used to have to go a hospital, doctor’s office, or clinic to access.” In this context, Smith & Jones lists some of the most important strategies healthcare providers can embrace to remain competitive in this evolving
marketplace, including:
● Patient Experience: “Brands are built on their experience, and how well that institution meets expectations and delivers a positive one. …”
● Authenticity: “Your roots are deeper than retailers. Many patients are hesitant to go all-in on retailers for their healthcare and are skeptical of their motivations. …”
● Technology: “… As you plan for the years ahead, embrace technology and make it a priority for your organization. Then, implement the wraparound technologies such as the marketing automation ideas we mentioned, and nurture those patient relationships to beat the big box stores at their own game.”

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