· Healthcare CRM involves the designing of a customer relationship management system specifically for use by healthcare and medical organizations. These systems collate data from multiple sources such as patient and consumer demographics, psychographics, behavioral, social, financial, provider credentialing, among others. The major objective of healthcare CRM is to acquire, engage and retain patients. The growth in IT infrastructure, along with rising incidences of various diseases and disorders, has led to healthy development of the Healthcare CRM market.
· CRM helps in streamlining the workflow, as well as enabling better patient care management, in healthcare organizations, while also reducing cost and improving efficiency. Besides, medical institutions are able to deliver personalized and engaging outreach to target populations across channels, which can help in customer retention. CRM also enables the proper analysis and segmentation of the target population. With the growing number of hospitals and medical institutions globally, there is a strong focus on acquiring and retaining consumers, which is where customer relationship management system comes in.
· The continued growth in admission rates for hospitals has created pressure on the healthcare system with regards to providing prolonged care facilities to patients. According to data from American Hospital Association in 2018, there were more than 3.6 million admissions in all US hospitals, with the expenses standing at more than USD 1.1 trillion. This necessitates the presence of early treatment options for patients through home care, virtual care, mobile monitoring and disease monitoring applications, thus positively driving the demand for healthcare CRM market. Further, government collaboration with patient, provider and payer communities is also expected to aid market growth.
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· Healthcare CRM also enables the measurement, analysis and tracking of multi-channel marketing tactics such as email, direct mail, social and SMS. Specifically, it helps in tracking the marketing progress throughout the life-cycle of the campaign, and provides real-time performance information. This helps the healthcare marketers in identifying campaigns that have helped in revenue generation for the organization, besides generating leads and acquiring patients. Thus, healthcare CRM has become an important tool to measure the growth and success of any healthcare establishment.
· In terms of product, the healthcare CRM market has been segmented into individual healthcare CRM, referral healthcare CRM, and individual & referral both. The latter segment accounts for the highest market share, on account of the constant demand for patient, provider and payer integration. The referral segment is expected to witness fastest growth through 2025, on account of the global shift from volume to value-based care.
· In terms of application, the healthcare CRM market has been segmented into community outreach, case co-ordination, case management and relationship management. Case co-ordination segment is anticipated to witness substantial growth in the coming years, on account of the growing centralization and automation in healthcare organizations. The case management and relationship management segments are also expected to show appreciable growth in the industry during this period.
· In terms of technology, the market has been segmented into cloud-based, mobile, social, collaborative and predictive segments. The rapid adoption of home care and virtual care systems by healthcare firms has driven the attractiveness of this segment. Mobile CRM has witnessed rapid acceptance amongst physicians, patients and pharmaceutical companies, while the other segments are also expected to witness healthy growth in the near future.
· North America leads the overall market on account of the advancements in IT in the region, coupled with supportive government healthcare industries in the various economies of the region. The Asia Pacific region, led by India and China, is anticipated to show significant market growth through 2025 and beyond, on account of the huge spending on healthcare infrastructure, as well as on electronic health record (EHR) system. Latin America, the Middle East and Africa are all expected to witness healthy growth by 2025.
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Recent Developments
· In January 2020, Syneos Health announced a strategic collaboration and minority investment in Indegene Omnipresence and the company’s next-generation unified customer experience platform. The Omnipresence platform assists healthcare organizations and life-science firms by offering a number of different Microsoft products such as Microsoft Power Platform, Dynamics 365, Azure and Office 365, among others, thus maintaining intelligent customer experience and relations.
· In September 2019, SAP.iO its healthcare-focused accelerator program that has been designed to speed up the development of start-ups working in the realm of healthcare: hospital system providers, employee health and wellness solutions, medical devices and health IT. The start-ups included are Bravely, Droice Labs, My Meds, MeQuilibrium, Hindsait and SilverCloud Health, among others.
· Salesforce brought new features to Salesforce Health Cloud in February 2019, in order to personalize patient experience and improve outcomes. These features enable care providers to understand complete patient history with social determinants of health to improve wellness, adherence and outcomes. Another feature in the form of Field Service Lightning for Health Cloud has enabled in-home care teams and caregiver collaboration on a mobile-first platform
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