Written by Andy Wiggans, Chief Commercial Officer at affordable healthcare provider Benenden Health.
It’s well known that society in the UK is in a current state of flux. The cost-of-living remains high, NHS waiting times are lengthening and we have just experienced a general election. The combination of these have fuelled a remarkable resurgence for private healthcare in recent years. But with increased demand comes new challenges.
In this article, I will explore how Benenden Health has addressed the private healthcare market’s expansion, so far.
Affordability is key
Consistently, new joiners tell us that the affordability of our product is the primary reason they choose Benenden Health as their healthcare provider.
Our own research with UK consumers found that nearly a quarter (24%) are now spending more on private health products and services than in the previous 12 months. However, premium cost can still be a major obstacle to accessing healthcare services for most.
With the average consumer health insurance policy costing £2,201 per year, private medical insurance is considerably more expensive so it’s understandable that people are looking for more affordable options. Keeping cost transparent is also beneficial for consumers. For example, the cost of Benenden Health membership does not increase with age, or based on how many times people use our services.
Remain agile with increased demand
The exponential rise in demand for healthcare products that began during the COVID-19 pandemic continued during 2023. A key driver was the size of the NHS waiting list, which at its peak in 2023 was 77% larger than before COVID-19. With patients experiencing record waiting times for care, consumers are turning to private health products and services for support.
Benenden Health saw a 61% year-on-year increase in requests for diagnostic services in 2023, and a 12.5% increase in use of our 24/7 GP service, confirming this nationwide rise in people turning to private healthcare.
To manage this increase in popularity, we have made sure that a number of our products, services and department functions remain agile. One way we have done this is to focus on preventative health advice for our 870,000+ members. By educating on preventative health, such as exercise, diet, and health mythbusting content, we are both supporting members with their chronic illnesses and mental health concerns, as well as reducing the probability of members relying on services such as diagnostics and surgical treatments.
Technology and innovation also plays a huge role in managing increased demand. For example, Benenden Health members can manage their membership, access preventative health content, book GP and mental health appointments, and more from our app. This has then alleviated increased pressures on the member services team.
Listen to your customers and build a community
Providers can prepare for any shift in the external environment. However, it is important for private healthcare providers to step outside of their silo and turn to customers, and the wider public, for advice and new perspectives.
In a desire to foster a more democratic and engaged Society, Benenden Health launched its online community in 2023. We regularly run polls, pitch healthcare and business questions to the channel that allows all members the opportunity to have their say, encourages a more diverse discourse, and allows members and the business to make decisions quicker, and more sustainably.
Since launching the online community in July 2023, we have seen an 845% increase in engagement from members and the channel has grown from no one, to over 6,500 members, discussing topics such as gender health inequality, all the way to new product and service development.
By building this community, Benenden Health has benefitted by increasing trust and loyalty with our members by a clearer view of member satisfaction levels and a deeper understanding of what our members want.
Taking all of this into consideration, should private healthcare companies in the UK be concerned about the shift in the market? My answer would be no, but to remain as proactive as possible.
By focusing on preventative health advice, leveraging technology and innovation, and actively engaging with customers, we can effectively address business challenges and meet the evolving needs of our customers.
For more information on Benenden Health’s services, visit: www.benenden.co.uk
