Tap retail experts to thrive in consumer-driven healthcare


Insurers are bringing in leadership talent from other industries to better meet consumer demands in a changing health insurance market, Healthcare Finance News reported.

Executives with experience in consumer-facing industries, especially retail, are key to succeeding in this new era of consumer-driven healthcare. With that in mind, Hartford, Connecticut-based Aetna hired a former Wal-Mart senior vice president to lead its new consumer products and enterprise marketing organization. Similarly, Louisville, Kentucky-based Humana hired a former senior leader from Target as its chief innovation officer, while Indianapolis-based WellPoint got its new chief information officer from Coca-Cola, the article noted.

Retail outsiders can help drive insurers' consumerization strategies, such as branding and wellness initiatives, as well as transform consumer transactions into ongoing relationships, according to Healthcare Finance News.

Meanwhile, Minneapolis-based UnitedHealthcare has been looking to the retail industry for lessons learned and guidance on creating a more holistic experience for consumers, Tom Paul, chief consumer officer at UnitedHealth, told FierceHealthPayer in a previous interview. "Consumer segmentation, consumer research, consumer journey mapping are all components that help us take that outside-in perspective," Paul said.

A new hiring strategy also is taking hold at hospitals across the country, as two-thirds of hospital CEOs hired in 2014 will come from a nonhealthcare background, according to a Black Book Rankings poll of more than 1,400 human resource professionals at healthcare organizations. Hospitals looking to solve emerging business challenges like payment reform are seeking leaders with finance experience, FierceHealthcare previously reported.

To learn more:
- here's the Healthcare Finance News article

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