How do you help healthcare organizations?
At Odeza, we partner with health systems to create a seamless patient communications experience across all points of contact. Our platform delivers artificial intelligence (AI)-assisted digital communications through two-way SMS, voice, email, live chat and web-based chatbots. Unlike other companies in the marketplace, we provide a fully unified consumer communication experience that fosters patient acquisition, access, retention and payments, as well as improved population health.
Using our technology, healthcare organizations can execute on-demand messaging, blast communication campaigns and automated marketing programs. The solution is easy to implement and integrates with leading electronic health records (EHRs) and customer relationship management (CRM) applications. It automatically incorporates data from patient outreach activities and communications into a health system’s EHR or CRM application, offering real-time reporting and analytics.
What are some of the biggest challenges you see currently affecting healthcare organizations?
From our perspective, there are three main trends facing organizations right now. First is the pressure to reduce costs due to COVID-19. The pandemic has created catastrophic financial challenges for U.S. health systems. Consequently, they are looking to curb expenses by reducing administrative labor costs and consolidating vendors.
Second, today’s healthcare consumers are seeking care on their own terms. They want a prompt, seamless experience and digital touch points. And research shows they are willing to pay for it.a Much like their buying decisions, provider selection is increasingly based on factors such as convenience, comfort, availability and flexibility. According to a recent survey, 82% of patients would switch providers over a bad experience.b That can translate to a 10% to 20% loss in revenue for healthcare organizations.c As technology advances in other areas, people expect to see the same in healthcare. Maximizing convenience and ease of access is now mission critical to compete in the modern healthcare economy. This requires providers to reexamine how they attract new patients, engage them consistently and retain their loyalty. Providers who don’t accommodate changing expectations for a more consumer-like experience jeopardize revenue and competitive advantage.
Underlying the first two trends is the problem of provider underutilization. Unfilled appointment slots cost money. When you combine this issue with no-show rates that can reach up to 30%, revenue becomes unpredictable.d In fact, one estimate indicates that the total cost of missed healthcare appointments is more than $150 billion a year.e An anticipated provider shortage, projected over the next decade, will only compound the problem. This perfect storm of factors will surely have revenue implications for providers, and patient health and safety ramifications as well.
How does your platform help address these challenges?
Addressing the financial impact of COVID-19. In 2020, Odeza worked hand in hand with customers to automate the delivery of millions of digital communications, including sharing the latest available information on the virus. For example, we helped health systems deploy a series of targeted blast campaigns related to halting elective surgeries, boosting telehealth awareness, communicating whether an organization was open for business and following up on cancellations and no-shows. (See Figure 1).
Figure 1. Business impact of blast campaigns