Empowering Healthcare Finance with Innovative eLearning Design
Streamlining Employee Training with Results-driven Solutions
About the Company
The client is an Indian banking and financial services company headquartered in Mumbai. It is among India’s largest private sector banks as of 2024. With a robust network countrywide, the bank offers a wide range of financial products and services, catering to millions of customers. With its innovative and customer-centric approach, the bank has consistently been at the forefront of digital transformation, setting benchmarks for excellence in service delivery and operational efficiency.
Business Need
The target audience for this eLearning module was Relationship Managers (RMs) in the healthcare finance sector. Approximately 20-30% of the learners were new to the industry. These RMs help healthcare providers, such as doctors and diagnostic centers, by funding medical equipment. Understanding the different types of medical equipment, the roles of healthcare professionals, and the specific requirements for funding was crucial for their success.
Challenges
- The primary objective was to provide RMs with a comprehensive understanding of the products they fund, the customer profiles they serve, and the types of medical equipment involved.
- Adequate knowledge helped RMs to better match funding options to customer needs and improve the sourcing process for the bank.
- Prior to our eLearning solution, RMs relied on Google searches, study materials, and PowerPoint presentations to learn healthcare finance concepts. However, these resources lacked interactivity and were not standardized to meet the bank’s specific requirements.
- A more engaging and structured learning approach was needed to enhance product knowledge and ensure alignment with the company’s standards.
Our Solution
To overcome these challenges, we executed a visual learning strategy, incorporating high-quality graphics and infographics for better interactivity and clarity. This method enabled learners to explore product features, required documentation, and real-life scenarios, making the learning experience both interactive and practical.
Key topics covered in the eLearning module included the following:
- Healthcare Fundamentals: Understanding the basics of the healthcare industry including its structure, foremost players, and the roles of different professionals.
- Medical Professionals and their Specialties: Gaining insights into a wide range of medical professionals and their areas of expertise such as cardiology, neurology, dentistry, nephrology, and others. Understanding these distinctions was crucial for navigating the healthcare system and effectively supporting medical professionals.
- Loan Prerequisites: Learning the diverse loan requirements such as credit scores, collateral, and interest rates, for acquiring medical equipment to navigate the financing processes.
- Medical Equipment Overview: A comprehensive understanding of essential medical equipment used in healthcare settings. It also touched the importance of understanding the functionality, maintenance, and safety requirements of these devices to ensure optimal patient care.
- Challenges in the Hospitality Sector: This covered the key challenges faced within healthcare financing, including high equipment costs, fluctuating reimbursements, and other financial pressures. It also discussed the impact of changing industry regulations and other economic factors on the accessibility of financing options for healthcare professionals.
Benefits
The implementation of this eLearning module resulted in significant improvements in RMs’ understanding of healthcare finance.
- Relationship Managers gained an in-depth understanding of the core principles of healthcare finance, the financial workings of healthcare institutes, and the intricacies of patient care funding. This comprehensive training led to a 30% increase in RMs’ confidence when explaining these concepts to clients, significantly improving communication and trust.
- The interactive module also equipped RMs with detailed knowledge of medical professionals and their specialities. 80% of RMs reported they could more effectively tailor financial products to the specific needs of different medical practices, leading to a 25% increase in client satisfaction.
- RMs were trained on specific criteria for approving medical equipment loans, which resulted in a 40% reduction in loan processing time.
- The module also shared insights into the unique challenges faced by the healthcare sector. Consequently, RMs were better equipped to address potential obstacles proactively, contributing to a 20% increase in successful financial solutions provided to healthcare professionals.
