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/

How a DISC Assessment Helps you Understand Yourself and Build Better Teams

 

Effective team-building is a critical part of every organization's success; no single employee can do everything on their own. However, promoting collaboration is not always an easy task. Some team members may have difficulty integrating into your team dynamics and making meaningful contributions to your shared efforts. 

A DISC assessment can give you some insight into this matter. This model describes how individuals behave in group settings, making it very useful for organizing teams in the workplace. Knowing your DISC style will provide insight into how your actions are perceived by others and will give you the opportunity to tailor your communication to suit each member of your team. 

The Origins of the DISC Model

The DISC model was invented in the 1920s by psychologist William Marston as a result of his observations on how individuals’ emotions impacted their behavior. 

According to the DISC model, each person has a primary behavioral style. This style dictates how they are the most comfortable behaving. While they can behave in other ways if it is necessary to do so, the change does not come naturally to them and may hinder their abilities or morale. 

Many companies use DISC assessments as part of their employee onboarding training, finding it helpful to set expectations regarding workplace interactions. Others only offer these assessments to key personnel like managers and executives.

The Four DISC Styles

The following four DISC styles are currently accepted within the model’s framework. A person's primary style may combine two of these types to create a more nuanced profile of behavior. 

• D (Dominance): D-types are results-oriented people. Direct and to-the-point, they value competency over almost everything else. They excel at achieving goals, but they may struggle with interpersonal interactions.

• I (Influence): I-types are energetic, outgoing, and eager to speak their minds. They are good at building relationships with the people around them, making them excellent at rallying their peers and increasing motivation. However, they may lose track of time while socializing and sometimes need reminders to stay on task. 

• S (Steadiness): S-types are patient and thorough, always ready to hear everyone out. They strive to maintain stability, but this sometimes makes them hesitant to speak their minds. They also shy away from conflict, even when it is necessary for the good of the project. 

• C (Conscientiousness): C-types emphasize accuracy and detail, making them superior analysts and fact-checkers. However, they also tend to overanalyze certain tasks and situations due to their perfectionist streak. They enjoy having control of their work and may struggle to hand off tasks to others. 

Building Better Communication Among Teams

DISC styles reveal the strengths and weaknesses in a person's behavior, making this model an invaluable tool for managers and executives. Leadership roles require you to interface with many different types of people, and not all of them will be equally receptive to your default behavioral style.  

If you know your own DISC style and understand how this model works, you can approach various team members in the way that works best for them. For instance, if you are a D-type speaking to an I-type, you know to allocate a little extra time to let that person speak freely before they get to their point. Conversely, if you are an I-type and need to speak to a D-type, you may want to take that extra time to distill your points into key takeaways instead. 

This type of deliberate DISC-related consideration leads to more effective communication, happier employees, and better overall productivity in the workplace. In fact, some account management training courses are dedicated to teaching leaders how to do this, proving the utility of the skill.

Bring DISC to Your Organization Today

Empowering leadership with better communication tools is one of the most effective things you can do to improve productivity and raise employee morale. Consider offering in-depth assessments and training for your company’s leadership through a certified DISC partner like The Brooks Group. This additional interpersonal knowledge could be the key to unlocking higher productivity and helping your team achieve its true potential.

This blog is originally posted in https://thebrooksgrouponline.com/2021/07/how-a-disc-assessment-helps-you-understand-yourself-and-build-better-teams/

5 Behaviors of a Cohesive Team

 

Effective teamwork is the driving force behind most major business breakthroughs. As such, improving the cohesiveness of internal teams should be a major goal for your organization.

The Five Behaviors profile system was developed by business management writer Patrick Lencioni to demonstrate how to build effective and cohesive teams. This five-stage system is structured like a pyramid: to get to the final payoff, employees must go through all of the previous four stages in sequence. It is up to your company's management to guide their team through each behavioral stage as described below.

The Five Behaviors

1. Trust

Trust is the most fundamental building block of an effective team. Each team member should feel comfortable expressing their emotions at any time, confident that they will be supported and not judged. Vulnerability should be seen as a strength, not a weakness.

To that end, the team’s leaders should do whatever they can to foster an open, accepting environment. Fun team-building exercises can be helpful in this regard, providing a casual environment where team members can get to know one another as people instead of just as colleagues.

2. Conflict

If true trust is in place, a team can handle the conflict that always arises as part of group dynamics. It is understandable that not all people on a team will agree on every issue, and this is actually a good thing.

To a good team, disagreements are not scary – they are a chance to work through issues and come up with the best possible solution. When presented with a challenge, your team should take the time to thoroughly discuss the matter, giving everyone a chance to voice their real feelings on the matter

3. Commitment

When all relevant concerns have been expressed and a decision has been reached, a good team becomes committed to that course of action.

Leaders must not confuse commitment with consensus. Commitment can only happen when everyone on the team genuinely feels that their thoughts have been heard and seriously considered. Any given team member may still have preferred to do something else, but each understands why the final decision was made and are prepared to support that choice in any way they can.

4. Accountability

A good team not only works together but shares responsibility for the final results of that work. Each member strives to keep the others accountable for their input on each project they tackle together.

Remember that this must be done tactfully and supportively as well as consistently. If someone on the team is struggling to deliver what they promised, they may need extra support from their colleagues to finish the job. It is the genuine effort that matters during this process.

5. Results

Results are the ultimate outcome of a cohesive team. With all members working diligently toward a collective goal, it is possible to achieve incredible things.

Many teams will falter before this stage, becoming uncoordinated and unproductive due to difficulties in establishing one of the other behaviors. Most often, it is Accountability that gives them the most trouble. Do not lose heart if this happens to your team. Each project is a fresh chance to try to instill each of these five behaviors, and you may well reach a better outcome next time.

Strengthening Teams One Behavior at a Time

Lencioni's Five Behaviors model is proven to help teams succeed in achieving better outcomes for collaborative tasks. Managers and executives who receive training on how to implement this framework will have a powerful new tool at their disposal in their efforts to mobilize your organization’s workforce. This investment in team cohesiveness is sure to help your employees produce the industry-leading results you know they are capable of.

The Brooks Group utilizes the Five Behaviors™ model in its interactive healthcare executive leadership training workshops to help team members learn to work together more efficiently and effectively and to become a more cohesive team.

This blog is originally posted in https://thebrooksgrouponline.com/2021/07/5-behaviors-of-a-cohesive-team/

Pharmaceutical Companies & Patient Advocacy Work Together Through COVID

 

The Advocate: Supporting the Patient Voice, is a syndicated market research product powered by The Brooks Group that conducts a study of the relationship between patient advocate groups and pharmaceutical companies. We placed particular emphasis on the changes that this relationship has undergone as a result of the COVID-19 pandemic. Below is a summary of some of our most pertinent findings.

Gaps Identified Through the Advocacy/Pharma Partnership

•    COVID-19's Impact on Patients

35% of respondents indicated that COVID-19 was a ‘very big issue’ in terms of its impact on their patients’ medical adherence, with 59% reporting that missed preventative appointments had the biggest impact.

•    What Organizations are Doing to Dissuade Fear from Seeing Physicians

63% of respondents provided information to patients to help convince them that it was safe to see their physician during the COVID-19 pandemic, while 33% chose to improve access to virtual support groups and other online tools and 24% encouraged patients to make telemedicine appointments instead.

•    Working Together to Ease the Burden of Non-Medical Switching

82% of respondents indicated that non-medical medication switching was either a very big or moderate issue for their patients, but only 52% said their organization is actively working to combat this problem.  

•    What Organizations are Doing to Support Patient Caregivers

88% of respondents indicated that caregiver burnout was either a very big or moderate issue for their patients. 45% also said their organization provided information to support caregivers while 31% provided support services or counselling to caregivers.

•    What Pharma Should Do to Support Patient Caregivers

30% of patient advocates would like to see pharmaceutical organizations provide more education to support caregivers, while 21% would like more grants and funding to support caregiver programs.

Best Practices in the Advocacy/Pharma Relationship

•    What Has “Good” Looked Like When Interacting With Pharma?

Of the pharmaceutical companies that advocacy organizations identified as having had ‘good’ interactions with them during the pandemic, 32% offered funds, 29% offered timely and accurate information, and 28% reached out early and without prompting.

•    Factors Driving Corporate Reputation

Respondents were asked to assign companies a corporate reputation score based on factors such as how committed they were to helping patients and how easily organizations were able to communicate with the leadership within each pharmaceutical company. Janssen and Sanofi placed first in 3 out of 7 metrics each, with Janssen achieving a slightly higher overall average (5.24 vs 5.22).   

•    Industry Leaders in Corporate Reputation

Janssen held onto the number-one rank in overall corporate reputation for the third year in a row, but their score dipped slightly from 5.33 in 2018 to 5.24 in 2019. Meanwhile, Sanofi demonstrated strong improvement, surging from seventh to second place with just two fewer points than Janssen (5.22). Merck dropped from fifth to tenth place with a 2019 score of just 4.53.

•    Industry leaders in Corporate Reputation by Therapeutic Area

Biogen Idec enjoyed a peerless reputation in the Rare Disease category with a perfect 7.0 score, while Sanofi took the top spot in both the Cardiovascular and Respiratory categories. Overall, 21 different companies placed somewhere in the top three spots for all therapeutic areas.

This blog was originally posted on https://thebrooksgrouponline.com/2021/06/pharmaceutical-companies-patient-advocacy-work-together-through-covid/

Refresher Training Enhances Retention by 35%. Do you need one?

 

Workers in the healthcare and pharmaceutical industry are required to possess extensive specialized knowledge, and compliance is paramount in every role. Healthcare executives and account managers are expected to cultivate a deep understanding of their company's products, their customers' pain points, new shifts in the healthcare market, and much more.

With so much to remember, it is no surprise that some of the specifics, especially new information that is not attached to years of experience begins to fizzle out after the training courses. Healthcare consulting companies often recommend refresher training to help with knowledge retention. Providing refresher training to your staff may boost retention rates by up to 35%.  

What is Refresher Training?

Rather than teaching new skills and concepts, refresher training is used to review information the learner has already been through. It may also be used to update learners on new developments in topics they have already covered or to clarify certain company-specific concepts during an employee onboarding training program.

Benefits of Refresher Training

Aside from increased retention, some of the improvements you can expect to see following a round of refresher training include:

•    Increased efficiency.
•    Higher compliance.
•    More confident employees.
•    Better awareness of new products and industry trends.
•    An improved ability to identify gaps in skills and knowledge among the team.

When is Refresher Training in Order?

The following five situations are some of the most common instances in which your organization may benefit from refresher training.

1. When Repeated Mistakes are Being Made

Everyone makes the occasional mistake, but when the same mistakes surface over and over again, there may be some confusion over what is expected for certain tasks. Refresher training helps to clarify these expectations, ensure that standard procedures are being followed, and create a consistent experience for your customers.

2. When New Information Must Be Disseminated

The world of pharmaceuticals and biotech is fast-paced and unforgiving. Healthcare executive training teaches the information that is relevant at the moment, but what is cutting-edge today may become obsolete tomorrow. Without regular refresher training, employees may struggle to keep up with changes in internal policy or new developments in the field.

3. When Tech is Being Underutilized

Technology is becoming an increasingly prominent part of the healthcare industry, even for executives. If your company has implemented new tools (such as a new CRM system or an appointment scheduling tool) that are not being fully leveraged, refresher training that reminds employees how to use these solutions may help to boost their adoption rate.

4. When Productivity is Declining  

When employees are unsure of how to properly do their jobs, their performance often begins to slip. If you've noticed declining revenue, lower customer retention rates, or rising turnover among your employees, some refresher training may be able to correct the problem.

5. Customer Relationships Are Suffering

Maintaining strong links with current customers is key to the stability of a business. If your customers are expressing dissatisfaction with the way their accounts are being handled, a fresh round of account management training can help to remind your staff of how they can meet those customers' needs.

Refresher training may be delivered in a variety of formats, including in-person and online. Companies can develop customized refresher training courses by using The Brooks Group's instructional design services to translate their content into lessons, quizzes, and other educational resources.

Building Employee Confidence for Future Success

Your organization cannot thrive without confident staff who are sure of their abilities and their role. Solidifying key concepts with refresher training is an investment in both the satisfaction of your current customers and your organization’s future. Contact The Brooks Group today to build refresher training programs for your company.

This blog was originally posted on https://thebrooksgrouponline.com/2021/06/refresher-training-enhances-retention-by-35-do-you-need-one/

Solidifying Knowledge Retention From a Training Event

 

Offering workshops, conferences, and various learning assets are an ideal way to ensure that your team is equipped with the right tools and skillsets to improve workflow, client relations, and overall company growth. But while these events are informative and a great way to create an interactive learning environment, what additional steps are you taking to ensure that information is retained beyond the moment?

Research shows that leveraging the power of pre- and post-event educational outreach can aid in improving content retention. And whether you’re organizing new hire onboarding training sessions or skills-building support for existing talent, that translates to an event that improves your company's financial and professional goals.

Laying the Groundwork Before Your Event

Getting attendees engaged in your educational events before they occur not only improves attendance but can aid in preparing them for the immersive learning environment they’re about to experience. Along with general reminder emails, consider adding other features to your account management training outreach campaign such as a pre-event questionnaire or a networking feature.

The Benefit of a Pre-event Questionnaire

While responses might not be mandatory, these questionnaires can help event organizers better understand specific pain points that attendees would like to have addressed as well as develop a targeted topic list for breakout sessions or roundtables that support deeper, more meaningful discussions. Likewise, by taking the time to understand an attendee’s mind frame before the event, organizers can create lesson plans that are relevant and cohesive.

Leveraging the Power of Networking

The benefit of pre-event networking is obvious for general industry events with attendees from multiple organizations. But even for internal executive coaching events geared towards current employees, it’s important to encourage attendees to build rapport with each other.

Along with helping your team to build deeper relationships across departments, they can also better understand the unique challenges each unit faces. This tactic not only fosters better engagement during the event but ensures that teams work more cohesively after the event.

Solidifying Knowledge Retention After the Event

While pre-event outreach helps to mentally prepare attendees for the information being presented, post-event outreach is also critical to ensure retention. Multiple options are available to encourage continuing education opportunities long after the event has ended. Consider a Mobile-Text Challenge, where learners are sent custom questions after a learning event and can compete against their peers.

Material Availability Post-event

One of the smartest actions event organizers can take is to provide online access to learning materials after the event. Along with providing a point of reference, this tactic acknowledges that every individual learns differently and allows for attendees to control learning at a pace that complements not just their learning style but makes allowances for event distractions that might otherwise make in-person learning difficult.

Multiple Contact Touchpoints

It’s understandable that after an educational event, questions may arise about the material covered during the course. Rather than leaving attendees adrift to figure things out independently, offer them an option to get in touch with event organizers or speakers.

Again, this option not only opens a pathway for communication but reduces any barriers to learning. Event organizers can encourage interaction either by including a QR code with access to contact information or leverage the power of email or SMS outreach to connect directly with attendees.

Building an Event That Educates and Fosters Results

For busy professionals, the time investment associated with attending virtual or in-person events is substantial. This is why The Brooks Group creates programs that build opportunities for continued education while also developing an environment that’s conducive to building relationships.

Along with a robust training program portfolio, we are also a top healthcare consulting firm and pharmaceutical market research company helping healthcare organizations develop strategies for market growth and opportunities.

This blog was originally posted on https://thebrooksgrouponline.com/2021/05/solidifying-knowledge-retention-from-a-training-event/

PEST Analysis in Healthcare Market Research

 

There are countless reasons why a healthcare organization would want to perform quantitative market research. Top catalysts include a desire to pivot to expand market share or to review current performance and determine potential areas for improvement. In both scenarios, The Brooks Group is a top healthcare consulting firm that performs PEST analysis on a client’s behalf to aid in creating a roadmap with a holistic review of external factors that directly impact efficacy.

Utilizing PEST Analysis to Synthesize Information

Healthcare organizations don’t work in a vacuum. They’re often influenced by and have consequential influence over the communities they serve. Decisions made at the executive level not only determine employee performance but can also affect health outcomes in their communities.

PEST analysis strives to review the multiple external components that influence an organization’s future course of action. Key stakeholders can confidently draft strategies that are not only informed but beneficial both for the organization and the surrounding community, by breaking down the market research into the following four core pillars:

- Political factors

- Economic factors

- Sociocultural factors

- Technological factors

Understanding Each Component of PEST Analysis

Crafting a healthcare strategy that balances the needs of a community with those of an organization is a critical skill. The Brooks Group frequently performs PEST analysis that provides key insights into those individual factors most likely to impact business goals and operational constraints.

Political Factors

Political factors can vary by location but usually include government healthcare subsidies, employment regulations, and consumer protections. Understanding whether subsidies are growing or shrinking, or that a new employee tax classification is coming, can help pharmaceutical market research companies understand how payroll requirements will impact labor costs or general revenue in the coming years.

Economic Factors

Economic factors typically refer to internal costs that a healthcare organization must manage. Anything from benefits, to interest rates from a redevelopment loan, can influence long-term goals and spending strategies. However, external scenarios also exist. For example, massive layoffs in a nearby town might see patient behaviors shift from prioritizing preventative or in-patient care and instead divert to urgent care facilities.

Sociocultural Factors

As communities across the nation continue to diversify, understanding how to properly engage with them and effectively convey healthcare messaging is a priority. Engaging in a PEST analysis can aid healthcare organizations in better identifying communication gaps — whether referencing language barriers or cultural value shifts — to ensure that the community trusts your organization and has adequate access to care.

Technological Factors

The healthcare industry continues to make strides with cutting-edge technologies that can improve patient care, communications, and interoperability between healthcare networks. And as more patients are demanding direct access to not just healthcare workers, but to their medical records, organizations need to determine how best to integrate these features without violating privacy policies or reducing the quality of care.

Building for the Future

Creating a 21st-century healthcare firm that’s adaptive and responsive to the community it serves is what’s going to set successful organizations apart as leaders in their respective fields. PEST analysis is critical because it provides a comprehensive macro approach that ensures your organization can make informed decisions that continue to move your business forward. The Brooks Group provides holistic support for healthcare organizations that includes support for new hire onboard training and account management training to build a stronger workforce.

This blog was originally posted on https://thebrooksgrouponline.com/2021/05/pest-analysis-in-healthcare-market-research/