Develop a Patient Value Proposition
By Mark Moore
As our healthcare system moves more toward a consumer-directed model, a Patient Value Proposition (PVP) is critical for attracting the right kind of patients—those who want what your practice offers, value your expertise and are willing to pay a fair price for your services.
A PVP is a concise statement that articulates why a patient will choose to buy your product or service offerings over other alternatives in the market. This statement must be believed by all in your organization and acted upon in every applicable situation. The PVP is the distilled essence of the practice’s mission and strategy.
An effective PVP becomes your “Unique Selling Proposition.” It should effectively differentiate your business in the minds of your prospective customers. To create a powerful PVP that will set your practice apart from your competitors, it is important to understand the three components the make up an effective PVP: patient, value and proposition.
Your slogans, phrases and the attitudes of everyone in your practice need to focus completely on the patient, not on you, your background, your certifications, or even the technical equipment in the office. Patients refuse to be anonymous; they continue to raise the level of their needs and requirements, which extend beyond the best prices and best products. Today’s patients want exactly the right selection of products or services that will help them get exactly the total solution they have in mind. Now more than ever, they hunger for superior results from the products or services they use.
Value communicates a clear benefit for the patient—either a problem solved or a fulfilled desire. Value is expressed as what is gained relative to what is given up, or the benefit relative to the cost. For any given person, the nature and magnitude of value gained is personal and varies by circumstances. Each of us seeks value in what we do at the basic level, this means adding to our lives in ways that are meaningful to us. Enhancing status on any relevant dimension may require a measure of diminished status on another—e.g., time, energy or money.
Value related to healthcare is expressed as the physical health and sense of well-being achieved relative to cost. The purpose of healthcare is to enhance physical and mental health status. This means getting the right care at the right time to the right patient for the right price. As with other issues, value in healthcare depends on vantage point and circumstance. Perceived value will vary according to one’s view as a patient, caregiver, family member, or neighbor.
Proposition creates interest or desire in the precise group or patients you want to attract. It is simply the act of offering or suggesting something to be considered, accepted, adopted, or done. In essence, we can define value and proposition as the act of offering something worthwhile.
Creating a worthwhile value and the right proposition for your patients is a living, breathing and ongoing process. It changes over time, shifting in perspective based upon needs, challenges and issues your patients might have. Although offering a value proposition is one thing, delivering and following up is another. Delivering something worthwhile is not achieved in a boardroom with big flip charts and spreadsheets, nor with a slick brochure or well-written copy. It is only delivered in the ongoing work that you do with every patient each and every day. The key is to deliver consistent expectations that match your value proposition.
To develop a truly compelling and powerful PVP:
- Identify what your practice offers and the specific benefits you deliver to your patients;
- Evaluate what your ideal patient population really wants and needs;
- Analyze the competition in your market in order to distinguish your practice in some meaningful way.
In today’s healthcare market, you can’t afford to leave the future of your practice to chance. By effectively promoting your practice, you can let potential patients know how you can help them solve their hearing problems and meet their needs. You’ll not only attract more of the right patients to your practice, you’ll make life easier for prospective patients by giving them the information they need to make the right hearing healthcare choice. It all starts with an effective PVP.
Mark Moore is the Co-Founder and Chairman of InnerScope Advertising Agency Inc. and has been finding innovative audiological solutions for the hearing industry for more than 30 years.