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Using Predictive Markets and Gamification for Healthcare Research

April 1, 2021
April 1, 2021

Do you wish you could be more confident in the product and marketing decisions you make for your healthcare organization? Do you wish you could more accurately predict what your employees and physicians are thinking? Is your hospital ready to move into the 21st Century when it comes to community perception surveys and community health need assessments?

In this article from the most recent issue of PX Advisor, Linda Rebrovick, President and Chief Executive Officer, Consensus Point, and Robin Rose, Vice President, Strategic Initiatives, HealthStream, take a look at HealthStream’s newest research product—Predictive Insights. It represents a completely new and rapid way of obtaining and using market feedback and is based on new findings that turn conventional research wisdom on its head. It may be just the solution healthcare organizations need for gathering actionable research data and informing important strategic decisions.

Predictive Markets and Gamification Are Already Used in Other Industries -- Why Not Healthcare?

Predictive Insights applies two powerful concepts to traditional market research—predictive markets and gamification. Both are techniques that have been used for predictive research outside the healthcare industry by top corporations such as Motorola, GE, Intel, Microsoft, Google, Kraft, State Farm, Nestle, Comcast, and others. For more than 40 years, researchers have relied on methodologies that ask representative samples of individuals about their own opinions and motivations. In just the past 10 years, research is showing that another approach, relying on “the wisdom of crowds” rather than traditional polls of individuals, may be even more accurate at predicting what is likely to happen in the future. We at HealthStream believe these concepts have tremendous application for today’s healthcare organizations that need to quickly and definitively understand the real time needs of their communities and stakeholders and make spot-on decisions when it comes to high dollar investments in marketing and product development.

The full article discusses:

  • Predictive markets' value for understanding market and community and getting better data
  • How gamification can ensure more thoughtful and valuable survey responses
  • The scientific support for using prediction markets
  • Logistical benefits for online predicitive markets surveys--time and turnaround
  • Innovative reporting available using this survey method
  • Multiple valuable healthcare applications for this capability