Intro to Core Capabilities of The Brooks Group

As one of the best healthcare consulting firms, The Brooks Group strives to facilitate improvements that benefit both healthcare organizations and the patients they serve. To that end, we offer an array of different services that allow organizations to address specific business goals. Today, we will be offering a closer look at our three core capabilities: our research and insights services, our Learning eXperience service, and our strategic advisory services.

1. Research and Insights

As all successful enterprises can attest, knowledge is power. That is why The Brooks Group works to deliver cutting-edge research and insights that make outstanding business outcomes possible.

Through a combination of quantitative and qualitative research, our company synthesizes critical first-party data to generate the insights you need to drive meaningful change. Learn how your customers really feel about your organization with our Equity Scan research or evaluate your team's performance based on feedback from our Voice of the Customer report. Consult our syndicated market research report on patient advocacy in the healthcare industry (The Advocate) to learn more about patients' needs and brand perceptions. If you have any specialized research needs, we are also available to conduct custom studies upon request.

If you want to begin your learning immediately, you can also consult our vast repertoire of online resources. We regularly publish an array of primers, podcasts, and other materials to help account managers and other healthcare sales professionals stay up to date with the latest in the field.

2. Learning eXperience

Whether you are interested in improving your team's performance or creating a new onboarding training program, our Learning eXperience service can help.

Using a team led by experts in instructional design and gaming, we apply our subject matter expertise to create engaging, interactive blended learning courses. All of our courses include a custom curriculum as well as enhancements like professional graphics, animations, and voiceovers. Our holistic educational approach ensures that the knowledge imparted is not only learned, but retained.

As part of every course design package, we also include access to our cutting-edge analytics platform. This platform helps managers and other stakeholders quickly review and assess learners' progress. Automated tools can be deployed to provide targeted learning suggestions that build each team member's knowledge base in the areas where it is weakest. Over time, you can hone your team's knowledge and competencies enough to gain an edge over your competitors.

3. Strategic Advisory Services

Is your healthcare organization facing new and unprecedented business challenges? Our strategic advisory services help healthcare companies devise strategies to successfully navigate the complexities of managed markets and other common industry hurdles. Through business reviews, advisory boards, and other mediums, we assess your company's needs and offer the guidance you need to prevail.

Our services encompass many aspects of business in the healthcare industry, including organizational design, national and international brand planning, and access and reimbursement. We also offer specialized healthcare executive coaching and strategic account management training to help leaders in the field improve key skills such as effective communication and developing succinct and relevant sales pitches. Depending on your needs, we can offer our services virtually or through field visits to your office location.

Set Your Healthcare Organization Apart

If your healthcare organization is in need of some strategic assistance, choose The Brooks Group for superior service and results. We would be honored to apply our expertise for your benefit and play a part in your continued success. Contact us today to learn more about our services or to arrange an initial consultation.

This blog was originally posted on https://thebrooksgrouponline.com/2022/06/intro-to-core-capabilities-of-the-brooks-group/

3 Unique Aspects of the Brooks Group Learning Experience

Knowledgeable, well-rounded team members are the building blocks of any successful organization. However, while it is reasonable to expect employees to enter the company with some key information and skills in place, companies must also be prepared to offer their workforce the training they need to upgrade their skills and keep up with new developments in their field. This is especially important in the fast-changing, knowledge-intensive healthcare and pharmaceutical industries.

The Brooks Group’s Learning eXperience service exists to help organizations in these and other industries easily disseminate specific knowledge throughout their team. Whether you need a new strategic account management training course or an onboarding training program, our custom training experiences are strategically engineered to foster superior learning and retention. There are three unique elements that make this program special: our blended learning approach, our instructional design focus, and our cutting-edge analytics platform.

1. Blended Learning

In today's fast-paced world, traditional classroom instruction often feels outdated and inefficient from learners' perspectives. While there is no denying the value of an authoritative and knowledgeable instructor, conventional learning experiences force all participants to work on the same objectives at the same pace, all at a specific time and place.

Our Learning eXperience courses incorporate web-based modules that can be accessed at any time, allowing participants to engage with the material at a time, place, and pace that is most comfortable for them. Many of our custom courses also provide short modules of mobile learning for busy professionals who can only spare a few minutes at a time for their studies. These alternative formats allow learners to complete courses at their own pace without sacrificing the benefits of live instruction.

2. Instructional Design

Not all individuals learn effectively by reading text. In fact, few learners are able to fully absorb written information. Even fewer retain it. In corporate environments, this issue can quickly lead to poor compliance, reduced customer satisfaction, and lost revenue.

In addition to conventional text-based lessons, our Learning eXperience services also provide alternative learning experiences to reinforce critical information. Interactive elements like quizzes, simulations, and gamification all provide participants with the opportunity to demonstrate the knowledge they have obtained and understand its importance. Course content is also equipped with custom infographics, animations, and other multimedia elements to enhance user engagement. Modules can be made to cover company-specific topics (like onboarding training programs) or general industry topics (like patient advocacy in the pharmaceutical industry).

3. Analytics

Just like students in traditional academic settings, participants in corporate training programs must have the results of their learning quantified. Our in-depth analytics platform makes it easy for managers, executives, and other stakeholders to appraise a participant’s progress at any time. Using individual learning profiles tied to a central portal, stakeholders can access detailed information on lesson completion, test results, and other key metrics that provide insight into how well each participant is engaging with the material.

This platform can be used to verify course completion, but it is much more than a simple tracking tool. The data it provides can be harnessed to drive improvement in specific competencies that are tied to your organization’s unique business goals. Further, it can help identify any strengths and weaknesses in your team’s capabilities and knowledge base. Any weaknesses can then be addressed with further instruction or more intensive services, such as healthcare executive coaching.

Create the Healthcare and Pharmaceutical Training Resources Your Staff Needs

Upgrading your employees’ skills could be the deciding factor that clinches and maintains key business relationships. Invest in your team’s skills today with custom courses made by one of the best healthcare management consulting firms in the industry.

Courses created by The Brooks Group’s Learning eXperience services deliver accurate, applicable, and memorable information that will give your team the knowledge they need to drive your organization forward. Contact us today to discuss your training needs and learn more about how our industry-leading custom courses can help you meet them.

This blog was originally posted on https://thebrooksgrouponline.com/2022/06/3-unique-aspects-of-the-brooks-group-learning-experience/

5 Reasons Your Company Needs to Invest in Key Account Management

Acquiring new customers is the most obvious way for healthcare organizations to drive growth, but it is not the only way. More and more healthcare consulting firms are offering key account management training, an innovative new approach to account management that teaches professionals to focus their efforts on a few key accounts in their portfolio. Here are a few of the benefits of investing in this type of training for your firm’s account managers.

1. Retain Existing Customers  

Keeping the customers you have is always easier than finding new ones. Existing customers know what you have to offer and have found your services satisfactory over the months or years they have been working with you. 

Key account management training can help you build on that existing trust to forge iron-clad relationships that benefit both parties. When customers know that you will go above and beyond for them, you can win their loyalty for a lifetime.  

2. Grow Existing Accounts 

It is easy to think that the goal of customer retention is to maintain consistent income from that account over time. This is not true. Your existing customers may actually have much more interest in purchasing additional solutions from you than either of you realizes.  

A well-trained account manager understands that key accounts in their roster have untapped potential. They should always be looking for opportunities to show their clients some new product or service your organization offers that will meet their clients’ needs, even before those needs have been expressed. Doing this will allow them to capture more revenue from these accounts and easily achieve sustainable growth. 

3. Develop Your Understanding of Your Target Customers 

When you know your current customers like the back of your hand, you also gain knowledge about what future customers will respond to. Products or services that are popular with several accounts will probably be appreciated by similar organizations and may merit greater investment from your firm.  

Key account management training teaches your staff to observe trends in their customers’ needs and apply them to later sales opportunities. This tactic is especially effective when excellent account management skills are paired with additional information from pharmaceutical market research companies and other sources of real-world customer data.  

4. Secure Long-Term Revenue 

No firm can rely on project-to-project income forever. Every organization must build long-term sources of revenue to continue to grow and expand.  

Key account management training gives your staff the tools they need to deliver outstanding service on a consistent basis. This keeps customers satisfied and happy to keep giving you their business for many years to come.  

5. Drive Word-of-Mouth Marketing 

When your customers know they can depend on your organization for innovative solutions and excellent service, they will happily recommend you to other organizations in the industry. This allows you to build momentum based on your past successes and organically grow your customer base. 

Key account management training helps your staff further develop their skillsets to meet the needs of even the most discerning customers. With this knowledge to guide them, they will have no trouble delivering the high-quality service that will get you those coveted recommendations.  

Get Key Account Management Training from a Top Training Organization 

Healthcare is a highly competitive field, and your firm needs every advantage it can get to stay on top. Key account management training can help your staff master the advanced customer service skills they need to make your biggest accounts even more lucrative.

The Brooks Group provides a full curriculum of training programs for account managers in the healthcare industry, including employee onboarding training and strategic account management training. Contact us today to learn more about how you can enroll your workforce in these programs and set your company up for success. 

This blog was originally posted on https://thebrooksgrouponline.com/2022/02/5-reasons-to-invest-in-key-account-management/

Account Managers: Conduct Winning Meetings Starting Today!

Account managers regularly conduct meetings with some of the busiest professionals in the healthcare industry. These meetings offer a critical opportunity to exchange thoughts with clients, receive feedback, and explore new pathways to grow the account. However, it is just as easy for these events to go awry.  

As an account manager, you owe your clients the courtesy of proper preparation. Here are five easy steps you can follow to plan winning meetings that will deepen your client relationships and secure new business for your firm.  

1. Take Time to Prepare 

Every successful meeting begins with thorough preparation.  

First, decide who will attend. Keep meetings as small as possible. If possible, find out how many people the client is bringing and make sure to include relevant people from your own organization.

If you do not know some of the people in your client's party, be sure to check their LinkedIn page to learn more about them before you meet them in person.

Make sure that everyone who is set to attend the meeting knows when and where it will take place. If the meeting is online, make sure that everyone has access to the right software and has received any links or account access they need to participate.  

Finally, figure out how long it will take you to get to the venue on the day of the meeting, then add an extra half-hour or so to account for detours, delays, and last-minute preparations. This ensures that you will have more than enough time to arrive before the client and set up the room.

2. Sort Out Your Logistics 

Once you know how you want your meeting to go, think about what you will need to have ready to make things go smoothly.  

Do you have backups of all the files you need for your presentation? Is the conference room's equipment working properly? If there is an online component to the meeting, is the office's internet connection stable? Are there enough chairs for everyone? If you will be serving coffee and snacks, how will you get them to the conference room? Will someone be taking notes, and if so, who? 

Planning for all of these factors minimizes the number of interruptions you will experience during your meeting and makes you and your company look like consummate professionals.

3. Establish a Framework 

Before the meeting begins, ensure that everyone is on the same page by quickly reviewing your goals for the day and how much time you have allotted for the event. It may also be helpful for you to use your strategic account management training to create a brief elevator pitch for any products or services you are planning to bring to the client’s attention.

Laying these details out in advance gives your meeting some direction and a clear endpoint that respects everyone's time. Setting these guidelines in advance reassures your clients of your professionalism and makes it easy for you to keep the meeting focused and productive. 

4. Account for Different Communication Styles 

The way you present information in a meeting can have a significant impact on that meeting's outcomes. Some people enjoy some social chitchat up-front to break the ice, while others prefer to get straight to business matters. Know your audience’s communication style and adapt your presentation style to suit them. This will keep your clients engaged and reinforce their confidence in your skills.

However, remember what you learned about your company culture during your employee onboarding training; many organizations frown on taking too casual an approach, and your communications choices should remain consistent with internal expectations. 

5. Listen

Account managers typically come to the meetings with a lot of reports, presentations, and information that they want to share with the client. In their eagerness to offload all that information, sometimes they forget to allow time to listen and let the client share their most pressing concerns or ideas. Sometimes the reports you want to share are not as important as the new ideas the client might be thinking about, as it might uncover new opportunities for your growth together. So, make sure to ask the clients some open-ended questions and then listen!

6. Follow Up Afterwards 

Good follow-up after a meeting is critical for reinforcing the customer experience. 

Thank each attendee for their time and include a short summary of the key points covered during your time together. Doing this demonstrates that you are committed to understanding your customers' needs and are making the most of every learning opportunity. It also shows the kind of initiative and leadership That are hallmarks of good customer service.

Master Meetings for Account Management Success 

When your next meeting comes up, put these tips into action and witness the difference they make. With the right approach, you and your clients will all leave feeling focused and confident that you are on the right track.

Interested in further development? The Brooks Group is a leader among America's pharmaceutical market research companies and healthcare consulting firms. We provide training programs that help account managers sharpen the skills they need to succeed. Contact us today to learn more about our services and how we can help you develop your sales skills, market knowledge, and customer relationships.

This blog was originally posted on https://thebrooksgrouponline.com/2022/02/conduct-winning-meetings-starting-today/

Cut Costs and Save Time on New Employee Onboarding With A Smart Investment

Effective onboarding training does much more than merely ease a new employee into their role, it also imparts a sense of purpose and belonging. With the right approach, it can serve as a powerful tool for increasing productivity and retention in your ranks. 

A quality digital employee onboarding training program can save your organization significant amounts of time and money without losing any of the benefits of in-person instruction.  

  

Increase Employee Retention When It Matters Most  

Today’s workers are more mobile than ever before. All types of organizations are having difficulty attracting and retaining the talent they need to thrive – and the more highly skilled a role is, the harder it is to find a replacement.  

Providing in-depth, engaging onboarding training is one way your organization can combat this problem. Onboarding training helps your employees better understand their new work environment and their place within it. This forges a sense of loyalty among your team and has been shown to generate a 50% increase in employee retention.  

  

Choose Digital Training to Save Time and Improve Productivity  

New employees need time and instruction to rise to the same level of performance as your existing workforce. Delivering this instruction manually, however, slows the process down considerably. Not only do some staff members have to take time out of their day for training duties, but new employees may find themselves waiting idly for someone to fit the training into their busy schedule.  

With self-guided digital onboarding training, new hires can quickly get themselves up to speed on your company culture, relevant rules and regulations, and what is expected of them in their new role. Digital training programs also ensure consistency, making sure that all new hires receive the same vital information. Your new hires can get to work more quickly and your existing workers can stay on task. 

  

Create Custom Content for Your Present and Future Workforce 

Even with strong retention initiatives in place, your workforce is sure to shift and expand as the company grows. All new future hires will need onboarding training, and some employees who are promoted to higher roles may benefit from an additional round of training to help them settle into their new position.  

In contrast to the ever-mounting costs of traditional onboarding, investing in custom digital onboarding training modules is a one-time expense. These training tools are extremely scalable and can be used to instruct as many new hires as needed in the coming years. They can also be easily updated to reflect any needed changes in the curriculum.

Avalability of digital tools also allows you to generate more engagement among the trainees by utilizing 3D modeling and simulations, video content, gamification etc. This kind of learning experience based onboarding improves knowledge retention while shortening learning spans.

Streamline Your Onboarding Training Today 

Building a digital onboarding training program for your organization will help you trim your expenses and your staff's workload. The Brooks Group provides customized employee training programs for healthcare executives, including strategic account management training, and onboarding training. Contact us today to discuss your digital training needs and let us help you establish a more efficient and consistent onboarding process for both you and your workforce.

This blog was originally posted on https://thebrooksgrouponline.com/2022/01/cut-costs-and-save-time-on-new-employee-onboarding-with-a-smart-investment/

Do Your Account Managers Have the Pulse of Your Customers?

One of the most important goals of strategic account management training is to help your account managers forge a better understanding of your customers' current and evolving needs. If your account managers become too complacent, you risk losing some of your valuable accounts.  

Fortunately, you have ready access to the best source of information on customer needs: your customers themselves. Have your account managers ask them the following five questions to get a better idea of what they need now and what they would like to see from your organization going forward. 

5 Questions to Ask Your Customers  

1. How can we better serve your needs? 

Even the best healthcare organizations and their account managers have areas in which they could improve. Ask your customers about what you could be doing better, as well as which products or services they would like to see you provide in the future.  

Answers to this question can help you develop a framework for future improvements within your organization. If you chart your growth according to stated customer preferences, you should have no difficulty retaining the customers you have and adding new ones to your account managers’ rosters.  

2. How satisfied are you with our services? 

Your customers might not be outwardly complaining about your services, but that does not necessarily mean they are fully satisfied with them. Ask them directly to confirm that your services are meeting their expectations.  

An even better way to do this is to ask them whether they would readily recommend your services to another organization. If they would not or are not sure, ask them what would need to happen for them to change their mind. These questions demonstrate how much your organization values customer success and give you some concrete steps to take to solidify your relationship with your client base.  

3. What aspects of our services do you find most valuable?  

There are a multitude of different ways to approach account management in the healthcare industry. Ask your customers which parts of your approach they value the most to find out what it is you do best.

Perhaps your account managers always make a point of presenting the data that supports the solutions they represent. Maybe they are exceptionally compassionate and good at making those they work with feel comfortable around them. Maybe they always seem to know what the customer will need before that need is ever expressed. Whatever the strengths of your workforce may be, you will want to emphasize and capitalize on those attributes. 

4. What are your biggest challenges? 

Your account managers’ role is to help your customers achieve their goals, so it is important to know exactly what those goals are. Asking your customers about the challenges they are facing allows your account managers to translate those challenges into meaningful service improvements. 

For instance, a customer whose patients consistently request the latest treatments might appreciate being shown some of the newest drugs on the market. Matching your account managers' services to your customers' expressed needs will win your organization a lot of goodwill from existing accounts and the market as a whole. 

5. Why did you choose us over our competitors? 

Both you and your customers know that there are many other healthcare companies with similar solutions to those your organization provides. Asking them why they ultimately chose you (or why they stayed with you instead of switching) will help you determine what your customers see as your organization's main selling point.  

Their responses might highlight the things you intentionally emphasize in your services, but they may also surprise you with new useful insights. For instance, you may think of your firm as a provider of established healthcare solutions, but perhaps your customers are more excited to access the small roster of cutting-edge solutions you have recently invested in.  

Get a Better Grasp of Your Customers 

You can acquire more valuable customer insights like these with help from The Brooks Group. In addition to our healthcare market research services, we deliver healthcare executive coaching and new employee onboarding training programs to biotechnology companies, pharmaceutical companies, and other healthcare organizations. Contact us today to learn more about how we can help you better understand the needs of your most discerning customers.

This blog was originally posted on https://thebrooksgrouponline.com/2022/01/do-your-account-managers-have-the-pulse-of-your-customers/

4 Keys to Driving Sales with Existing Accounts

Effective account management requires a careful balance of maintenance and growth. You must not only do everything in your power to retain the accounts you already have but also seek out new revenue opportunities to help your company expand. 

Both of these tasks require a significant amount of energy and focus from an AM, and the two priorities often compete with each other to the detriment of both. But what if you could serve both functions at the same time? The following four key concepts outline how you can shift your focus away from lead acquisition to make better use of the revenue potential of your existing accounts.

1. Shift Away from the ‘Anti-Shrinkage’ Model

For many years, the main goal of account management has been to avoid losing the customers with whom the firm is already doing business.

While it is always better to keep a customer than lose one, simply maintaining your existing accounts will never produce the growth you need. To do that, you need to add new business to your portfolio.

The most obvious way to do this is to secure brand-new clients you have never served before. However, it might be a better idea to look for new opportunities to upsell to the customers you already have. 

2. Customer Service is for Retention, not Growth

Many account managers assume that providing good customer service will automatically lead to growth opportunities. This is not always an accurate assessment. 

While customer service is extremely important in account management, it does not help AMs secure new business. Instead, its role is to keep existing customers happy with the services they are currently receiving.

A happy customer might be more inclined to purchase services from you instead of a competitor. The trouble is that if your company had something to offer that customer that they knew they wanted, they would already have purchased it. Unless something changes, that customer is unlikely to decide to become a greater source of revenue. Therefore, deliberate and effective upselling is important in order to generate more revenue from happy customers.

3. Leverage the Power of Customer Improvement

Instead of focusing on customer service, it is more useful to shift your attention to a different target: customer improvement. 

This model turns the idea of customer retention on its head by turning existing customers into new sources of revenue. Under a customer improvement strategy, your task is to suggest ways that the customer might grow or improve their business and let them know how your company can help them do it. As an example, for healthcare accounts, this might involve promoting a new and promising drug or therapy. 

If it is done tactfully and founded on solid evidence, customer improvement can benefit both you and your customers. You will secure the additional business you need, and they will gain access to a new tool that they can use to propel their organization's growth as well.

4. Improve Your Account Management Skills and Supports

To successfully implement customer improvement strategies, you will need in-depth knowledge of both your customers’ needs and the latest developments in the field. Pharmaceutical market research companies or other healthcare research groups can help you acquire the information you need to identify the products and services that are most likely to interest your accounts.

Further, it never hurts to have additional sales or customer service training during a significant undertaking like this. An extra round of strategic account management training can sharpen your skills and give you the confidence you need to make the most of this new approach. 

Bringing Effective Customer Improvement Strategies to Life

Customer improvement and similar upselling strategies are the cornerstones of predictable sales growth. Capitalize on your existing sales relationships first and you will quickly see how powerful established trust can be.

Healthcare consulting firms like The Brooks Group work with organizations to provide employee onboarding training, refresher training, and more. Contact us today to hear more about our account management training options and how we can help you better serve your existing clientele in the healthcare industry.

This blog was originally posted on https://thebrooksgrouponline.com/2021/10/4-keys-to-driving-sales-with-existing-accounts/

Employee Onboarding - Best Practices

Your company’s employee onboarding process is much more than a courtesy for incoming hires – it is their first taste of what life is like as a part of your workforce. It is also often a key factor in employee turnover. Each employee’s first few weeks should be spent learning how your organization works, what is expected of them, and where they can turn for assistance, inspiration, or support.

Our three-stage overview of onboarding best practices will help you fine-tune this critical process within your company, ensuring that you can attract, retain, and develop the talented employees your company relies on.  

Stage 1: Setting Up for Success 

Some of the most important parts of the onboarding process should be completed well in advance of a new worker’s start date. For instance, your new employee should have all the equipment they need ready and waiting for them when they walk in. Depending on their role, this might include: 

• A desk and/or office. 

• Computer hardware, necessary peripherals, and a company phone. 

• A company car. 

• All necessary logins and access keys. 

• Any special tools they will need. 

Many roles that deal with sensitive information, such as analysts and researchers in biotech market research companies, also require some form of security clearance.

All paperwork should be completed and signed before your new employee's first day on the job. When they arrive, check that everything is in order. You should have completed versions of: 

• Their employment contract. 

• Their payroll forms, including tax and banking documents. 

• Their work visa (if applicable). 

• Any company policies that require a signature. 

• Any background or credit checks needed for their role. 

Stage 2: Breaking the Ice 

Once the new employee is on-site, it is time to begin integrating them into the team. Consider assigning your new worker a buddy from among their peers. This person will be responsible for showing them around the office, introducing them to their coworkers, and generally helping them get used to their new role. Choosing someone of a similar rank for this task gives your new employee the chance to form social bonds within the group of people with whom they will be working most closely.  

However, some aspects of this process can only be handled by someone with workplace authority. Designate a specific higher-up to oversee the employee’s transition and answer any technical and role-based questions they may have. Interpersonal interactions like these are not every leader’s strong suit, especially in scientific and technical industries. Healthcare executive leadership training can teach these high-ranking staff members the skills they need to confidently handle these managerial duties and make every member of the team feel welcome and valued.  

Once the appropriate introductions have been made, you can slowly start to assign tasks to the new employee – perhaps under the guidance of a more experienced mentor. You can use this initial period to familiarize them with your company culture, gauge their competence, identify their weak spots, and begin planning their professional development within your company. 

Stage 3: Charting the Future 

Employees perform better and are less likely to leave a position when they know that structured growth opportunities are available to them. After the first few weeks, set aside some time to let your new employee know what career development initiatives you have available to workers in your organization.  

If you don’t already offer additional training for your workforce, consider doing so going forward. Basic managed care training courses provide an excellent introduction to the managed care market for people entering the healthcare industry. You can offer courses like these to whoever is interested while reserving higher-level material such as strategic account management training for dedicated and promising employees who master the basic courses first.

These programs give employees a way to hone their skills, improve their work in their current role, and demonstrate their readiness for further responsibilities within your company. 

Improve Your Company's Onboarding Experience with The Brooks Group 

A quality onboarding process leads to higher productivity, greater retention, and an overall stronger organization. The Brooks Group has the training programs you need to get your new employees off to a strong start. With our help, your company can implement a custom onboarding training program that will teach new hires everything they need to know about your company’s policies, culture, standard workflows, and more with a limited need for in-person instruction. Our instructional design services take your training programs to the next level, ensuring greater engagement and knowledge retention on the behalf of the trainees.

This blog was originally posted on https://thebrooksgrouponline.com/2021/08/employee-onboarding-best-practices/

Healthcare Market Trends Overview by The Brooks Group

The US healthcare market is a vast and ever-changing space, and even the most dedicated professionals may worry about falling behind.

The Brooks Group's Key Trends in the US Healthcare Market Primer pulls information from multiple sources (such as the JP Morgan Healthcare Conference, the latest CVS Health Trends Report, and the Pharmaceutical Research and Manufacturers of America) to offer an in-depth look at the latest trends in the American healthcare landscape. Read our highlights below to take a quick look at some of the most important developments in this field, including coverage expansions, alternative payment systems, and the impact of new technologies. 

Section One: US Healthcare Economics 

• US healthcare spending rose by 4.6% in 2019 to reach a total of $3.8 trillion or $11,582 per person. Hospital care and physician & clinical services make up $1.2 trillion and $772.1 billion of that total respectively.   
• Commercial care is by far the largest segment of the healthcare market, accounting for 153M lives and approximately $1.33 trillion in total spending. 

Section Two: Evolving Payment and Service Delivery Models 

• The Biden administration has indicated that they are interested in implementing a Medicare drug pricing model similar to Germany’s Institute for Quality and Efficiency in Healthcare (IQWiG). Under this model, drug companies could freely set the price for their products for their first 12 months on the market but would face strict value-based limitations after this period. 
• The Centers for Medicare and Medicaid Services (CMS) are also investigating several alternate methods of delivering and paying for care, including physician-focused payment models and value-based care. Now may be a good time to offer employees managed care training as a refresher on the current state of the US healthcare market. 

Section Three: Healthcare Innovation and Investment 

• Precision medicine, pharmacogenomics, and gene therapies have emerged as excellent but expensive treatment options for cancer, rheumatology, and other gene-based diseases. Now is the time for payers to plan how they intend to handle these expenses in the future and invest in strategic account management training for executives in these up-and-coming fields. 
• Similarly, AI is poised to have a greater impact on healthcare in the coming years. Key stakeholders such as hospitals, research centers, and biotech market research companies are most interested in using this technology to streamline billing and administrative efforts and to aid in scientific research.  

Section Four: Better Consumer Healthcare Experience 

• 2021 saw a new focus on social determinants of health, or SDOH. Vulnerable and underserved populations, including racial and ethnic minority groups and those who live in rural areas, will receive $2.25 billion in targeted support from the CDC. 
• To combat waning consumer trust, new CMS rules for 2021 require hospitals to electronically publish comprehensive and transparent pricing information on all items and services they provide. 

Section Five: Health Policy and Government Impact 

• 2021 has seen a new political focus on affordable healthcare, with increasing support for Medicare-for-all and strong outcry over drug prices from increased patient advocacy in the pharmaceutical industry. 
• The Biden administration also plans to work on expanding access to specific types of care, including contraceptive care, mental health care, and care available through community health centers. This initiative will likely require extensive collaboration between payers and health organizations; healthcare executive leadership training courses may be useful in helping leaders develop the skills necessary for these interactions. 

Update Your Knowledge of the US Healthcare Market

These key insights are just some of the many powerful influences reshaping US healthcare at this time. Download the full Brooks Group Primer report for more details on how the US healthcare landscape is changing in 2021 and beyond, and how your organization can prepare for these shifts.

This blog was originally posted on https://thebrooksgrouponline.com/2021/08/healthcare-market-trends-overview-by-the-brooks-group/