Reality TV challenge shows like the Amazing Race put a huge emphasis on trust between co-contestants, but the end is usually worth the means. It’s the same in the healthcare industry, where building trust between an organization and consumers is crucial to success.
Some of the most challenging issues facing healthcare organizations are the following:
#1: Rising Costs
As humans continue to live longer, the desire to be healthy and active leads them to try an array of products and services. Demand pushes up prices, and this often causes costs to rise faster than inflation.
The healthcare industry is under pressure to combat the rising costs of care through a combination of funding, grants, research, and public initiatives. Whether your company succeeds in slowing the tide or not, building trust depends on showing consumers you’re making efforts to contain costs and provide value.
#2: Technological Advancements
The rate at which technology advances brings both opportunities and challenges for healthcare. For example, creative initiatives like telemedicine are readily available but often don’t carry the credibility of in-person consultations. Companies can’t force the issue without damaging consumer trust, but they are compelled to actively promote it anyway.
Investing in technology is important to enable organizations to be market leaders, but companies often find the implementation meets resistance from older, more conservative audience segments. Patient portals are a good example of this, with around half of older adults feeling hesitant about trusting them, despite the obvious benefits.
#3: Data Collection
Both healthcare authorities and audiences are suspicious of organizations that leverage first-party data, thanks in part to many hacks elsewhere. Issues surrounding big data stem from HIPAA concerns and the confidentiality of personally identifiable information (PII).
By integrating consumer insights from various sources with marketing strategies, companies hyper-target and personalize their advertising. This can make consumers feel as if they are being watched or stalked. It’s challenging for organizations to optimize their use of data, while presenting an image of a caring, trustworthy organization—rather than a profit-oriented one.
Ethical concerns range from the implementation of regulatory changes through uncovering sexual misconduct to avoiding malpractice by providers. Making sure practitioners and staff are above reproach takes extensive training, policies and oversight, all of which eat into organizations’ resources. But it’s essential for building trust as well as value, which companies need to market effectively, attract funding, and reduce liability for the organization.
Winning the race is all about keeping up with the competition until that moment when you’re able to get ahead. If you fall behind, chances are you can’t make up the time, so don’t tackle the challenge unless you’re prepared to do whatever it takes.
For more information on winning the race by building trust and overcoming challenges, call Wax Custom Communications at 305-350-5700 or visit waxcom.com.
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