Predictive Insights The Next Evolution in Healthcare Research June 5, 2014.

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Presentation transcript:

Predictive Insights The Next Evolution in Healthcare Research June 5, 2014

Today’s Presenters Linda Rebrovick Chief Executive Officer Consensus Point Robin Rose VP, Strategic Initiatives HealthStream ©2014 Consensus Point Inc. Confidential 2

Agenda About Consensus Point and HealthStream What can we learn from research practices outside the healthcare industry? How does a Predictive Insights study work? Questions?

HealthStream’s Consumer Experience HealthStream has worked with more than 200 healthcare organizations in the past 2 years to assess community needs and market positioning Some clients include…

Time to Innovate Lower phone response rates Harder to reach younger consumers Cost prohibitive Slow turnaround Better support needed for decision-making Unchanged over past 25 years ©2014 Consensus Point Inc. Confidential 5

Consensus Point: A Market Leader in Prediction Market Research “Predictive Insights” CommunitiesResearch Engagement ++ = Proven Science Efficient & Accurate Cloud-based SaaS

Prediction Market Case Studies Test concepts for the development of a new line of women’s deodorant for one of the largest CPG companies Completed study and saved 45% of research cost Reduced their research timeline from 18 weeks to 6 weeks First 3 months of sales are over forecast Reduce the time from ideation to implementation by prioritizing the best ideas Time to market improved from 180 days to 80 days Enhanced employee engagement through collaborative and prediction market techniques One of the leading financial services companies needed to prioritize credit card features to motivate consumers to switch Discovered niche market of high-spend/high-wealth credit card users Rolled out new marketing through a differentiated campaign Customer Challenge Customer Challenge Results

Predictive Insights captures the wisdom of the community to uncover forward-looking outcomes for better business decision making. What is “Predictive Insights?”

A Different Perspective ME vs. WE research Who will you vote for? vs. Who will win the election? ©2014 Consensus Point Inc. Confidential 9

A Focus on the Future Have you visited a clinic located in a drug store or grocery store for routine medical care in the past 12 months? vs. Will people in this community use a drug store or grocery store for routine medical care in the next 12 months? ©2014 Consensus Point Inc. Confidential 10

How does Predictive Insights work? What is the Value? Rapid Turnaround Diverse Community Intensity of Response Smaller Samples Quantitative Qualitative Innovative Research Gamification

Applications of Predictive Insights Image and perception studies Branding / naming Product development / feedback Emergency Department deep dives Community health needs assessment Any application where consumer feedback would be beneficial ©2014 Consensus Point Inc. Confidential 12

© 2014 Consensus Point Inc. Confidential. Prediction Market Research Case Study: Communispace Source: Outcomes, not intentionsSource: Outcomes, not intentions; Quirks, May

Select your answer Invest your confidence Tell us why How a Predictive Insights Study Works

Step 1: Answer the Question Will people in this area prefer to use a primary care physician over a walk-in clinic for minor or routine medical care? When you answer YES or NO below, you will then be asked to assign points to indicate your confidence in your answer.

Step 2: Invest Your Points Will people in this area prefer to use a primary care physician over a walk-in clinic for minor or routine medical care?

Step 3: Comment on Your Answer Will people in this area prefer to use a primary care physician over a walk-in clinic for minor or routine medical care?

Most Recent Hospital Visited Reason Community Demographic Gender Age Hospital Visit Within 2 Years online respondents % 71% % of Visitors by Age ABCDEFABCDEF

9 86 % likelihood Results Breakout ThemePrevalence More convenient47% Saves time16% Reasons for YES -this is an awesome idea! I’ve been waiting years for someone to offer this -I hate waiting in line. This would be so much faster -no one else has this. I’d probably shop at this store more often just for the convenience Reasons for NO -I’m worried about the quality of the care -No way! My doctor knows my health best Commentary 57 % 43 % Likelihood % Probability % of People Breadth of response Strength Meter How strongly respondents felt about their answers Overall Results by Demographic negativepositive 41% NoYes HighLowHighLow Average Male Female Most patients will go to a retail store clinic (such as a grocery or drug store) for their routine healthcare needs. Said “No” Said “Yes” 59% 0%100% Probable Not Probable 86 % 14% LowAverageHigh Where Consumers Go for Routine Healthcare

PCP vs. Walk-in Clinic ©2014 Consensus Point Inc. Confidential 20

OutcomeScore Patient website for easy access to all of their medical records Improved billing transparency and accuracy of bills Fifteen minute or less wait times at physician practices 21.2 Coordinating outpatient testing results quicker with providers Upgraded hospital rooms and facilities 8.44 Billing transparency was identified as having the highest probability to improve the healthcare experience. Which activity would best improve the healthcare experience?

Predictive Insights allows the use of pictures.

Predictive Insights allows the use of video.

QUESTIONS? ©2014 Consensus Point Inc. Confidential 24