A shoppable service is typically a nonurgent service a patient can schedule in advance, usually on an out-patient basis. In the healthcare market there are not many “shoppable services”, however some of then do fit this definition, for instance, lab tests for a chronic condition or a cholesterol level check, colonoscopies, yearly mammograms, and imaging tests, like MRIs, CT scans, and echocardiograms, can all be scheduled on an out-patient basis.
In a move toward more transparency in healthcare, with the new federal rule, comparing prices for shoppable services will be easier. According to the regulation, the Centers for Medicare and Medicaid Services (CMS) will require hospitals to list the prices for 70 specific shoppable services and hospitals can choose the other 230. For hospitals will be important to prepare a strategy to know relative pricing for the 70 CMS-specified services. Providers working for gaining more market share might want to narrow that list of services to those that matter most to consumers in their markets and focus on delivering those services in the most cost-effective way possible.
In Stairs Healthcare we believe that providers should identify the right areas of focus and build a shoppable services strategy, taking the following considerations:
- Understand your consumers demands: healthcare providers should analyze data about their patients’ demographics, behavior, lifestyles and specifically their consumer price sensitivity.
- Keep an eye in their competition: providers should be aware of their competitors’ prices and shoppable services strategy.
- Balance between shoppable prices strategy and consumer experience strategy: the best strategy to justify prices is by holding a high-quality standard. Providers should work in their capacity o provide the service where it is most available and efficient.