Leading organizations across the healthcare industry—especially those who are selling in a B2B space—know that building a valuable brand experience makes a difference for your customers and prospects. Relying on promotional content isn’t enough to catch the eyes of your buyers. Instead, put yourself in their shoes and tune in to what’s impacting their world. Implementing payer marketing campaigns that resonate requires a deep dive into the forces changing the landscape for business owners, HR professionals and brokers.
Here’s our list of five trends that will likely inform payer marketing and public relations strategies in 2024 so you can keep your brand on the cutting edge.
1. Open enrollment momentum fuels future-state ACA plan changes
Early concerns about employees losing workplace coverage were founded when the Affordable Care Act initially passed. But years later, data shows that more employees than ever are now eligible for employer-sponsored coverage. For those who have sought marketplace coverage, premium subsidies and revised income limits for federal assistance have made health care coverage more affordable in many cases. Yet regulatory agencies are projecting similar premium increases of 5% next year along with revisions to payment and benefit rules.
2. Demand for value-based care continues to rise
Health insurance providers, clinicians, hospitals, and healthcare systems continue to move away from paying for volume and are embracing value-based care models. With an aim to achieve the best health outcomes at a lower cost, this approach also seeks to improve patients’ overall experience. Healthcare professionals are pushing lawmakers to pass The Value in Health Care Act, a bill promoting value-based care, which would incentivize providers to move to the new payment model. Payers are also on board with the shift in payment model; 93% believe that a value-based model will result in better quality of care.
3. Consumers jeopardize health as prices rise
The rising cost of healthcare in the U.S. means that some consumers put their health on the back burner. Noting drivers like inflation and rising prescription drug costs, a survey found that more than half of Americans could not pay an unexpected $5,000 out-of-pocket healthcare bill. The average premiums for employer-sponsored health plans are also on the rise, increasing 7% in the last year – the biggest reported jump since 2011, according to a KFF employer benefits survey. Despite the hike in costs, health insurance satisfaction increased, reaching “a record-high score of 76 (out of 100),” according to the American Customer Satisfaction Index (ACSI) Insurance and Health Care Study 2022-2023.
4. Patients balk at trusting AI
The integration of artificial intelligence (AI) in healthcare settings has patients feeling wary, with three of four U.S. patients reporting not trusting the application of AI in the industry, according to a survey by Carta Healthcare. While healthcare providers have been using AI since the 1970s, nearly 4 of 5 patients in the U.S. don’t know whether or not their provider has AI technology implemented. Matt Hollingsworth, co-founder and CEO of Carta, says people may think AI is ChatGPT, when in reality, “AI is AI until people use it, and then it’s just technology,” he said. Acknowledging this gap in understanding, the World Health Organization (WHO) has developed regulatory considerations on AI, emphasizing the importance of examining the safety and efficacy of these tools.
5. What 2024 has in store for mergers and acquisitions
Last year didn’t see as much M&A momentum as years past. One notable prospective deal between two of the nation’s leading insurers that “would have created a $140 billion industry giant that could position itself as a rival to the largest players” didn’t come to fruition. But experts say that future M&A activity in the healthcare industry will center around offering more integrated, patient-centric experiences rather than just gaining market-share. One such example is the establishment of CVS Healthspire. The organization will bring together healthcare delivery, pharmacy and health services solutions, including CVS Caremark, CVS Specialty, MinuteClinic, Oak Street Health, Signify Health, and Cordavis.
It’s important to keep up with the development of these trends to truly understand what’s happening in the world of your buyers. This can then be articulated in your payer marketing campaigns to resonate with your client’s audiences.
Activate Health has partnered with health insurers since 2010, supporting a wide mix of marketing and PR services. We know the ins and outs of how to create effective campaigns for our clients and have proven expertise developing specific payer marketing strategies. Our team speaks the language of healthcare, and we’re passionate about telling the industry’s most complex stories and translating them into meaningful messages. If your organization could benefit from agency support to elevate your payer marketing efforts, contact us today.