Thursday, August 9, 2018

3P's of Marketing For Health Care

Product, Pricing, Place

  • Objective
  • Right product, at the right price at the right place and time.
  • Product Strategy
  • This Product is targeted to the general Public of the United States.
  • There are about 321 million people in the US (Adults, children, healthy, not healthy)
  •  247 million are adults (77%)
  • Adults are the capable paying parties. (Target market)
  • 247 million will pay for the 321 million.
  • Self-assessed health status is a measure of how an individual perceives his or her health—rating it as excellent, very good, good, fair, or poor. Self-assessed health status has been validated as a useful indicator of health for a variety of populations and allows for broad comparisons across different conditions and populations. In 2007, 9.5% of individuals in the United States reported their health to be fair or poor.

  • Still, 321 million should have a yearly health check-up.
  • 9.5% or more than 30 million require medical treatment.
  • On Average, Americans visit their doctors 4 times per year.
  • In 2003, 36.6 million people were admitted in hospitals. That number had fallen 3.37% to 35.4 million people by 2013.
  • The average length of stay in a hospital in 2013 was 4.8 days, significantly shorter than in the past.
  • The annual real median personal income was $31,099 in 2016 in the US.
  • In 1960, the average healthcare cost per person was $146.
  • In 2007: $7,700. In 2012: $9,596.
  • 2016 average Healthcare Cost per person: $10,345.
  • Or $13,444 per Adult. Each Adult is left with $17,655 per year. Poverty level is estimated to be $12,140.

So, what happened between the 1960's and 2016?

In 1965, Medicare and Medicaid happened.
The size of the purse happened.
No longer did healthcare professionals cater to individuals, but the huge purse of the Federal Government.
So, abuses of pricing occurred, since adults were no longer the payers.

Today's healthcare industry is just that an Industry.

Product: People's Health.
Pricing: As High as possible for the Federal Government.
Place: Now in America.

Tomorrow sell something else => Burials?

See Also:

Laws of Supply and Demand for Healthcare

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