RESEARCH SERIES: Why the Luxury Patient Experience (LPX) is Different and What This Means for Wealthcare Management?
From Healthcare to Wealthcare –
Why the Luxury Patient Experience (LPX) is Different and What This Means for Wealthcare Management
Although a large body of research has investigated how consumers use goods to signal their status, very little is known about how consumers use the outcome of plastic and aesthetic surgery to signal their standing in society. While there are plenty of suggestions on how luxury brands shall manage the service encounter in the luxury retail service experience, there is a lack of research exploring the differences between the customer (CX), the patient/healthcare (PX), and luxury patient experience (LPX). My research provides a much-needed analysis of the similarities and differences, leading to a clear definition of luxury patient experience and guidance on how service provider can successfully manage the luxury patient experience. I highlight a much-needed fundamental shift from healthcare to wealthcare. This shift will ultimately guide luxury healthcare provider practices, ensuring both, the delivery of desirable luxury patient experiences, and the profitability of these practices.
Wealthcare provider, for starters need to manage the entire luxury patient procedure (pre-, during, and post-treatment) to evaluate the patient’s assessment criteria and their subsequent behavior in depth. The combination of the three CX stages, rather than the addressing of each stage individually, has a significant and positive effect on loyalty, and word-of-mouth. This strategy is called the Continuum CX Strategy (see Figure below). The continuum research shows that customers’ perceptions of their experience quality determine marketing outcomes and, in turn, a luxury provider’s performance. Every direct and indirect interaction with the provider can affect the patient’s perception of quality and, therefore, it is important to measure all interactions in order to improve them as parts of a luxury patient experience continuum.
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If you are interested in more details concerning the research please feel free to contact: pklaus@inseec.com
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