Tech is Giving Your Patients More Control Over Their Health (and Could Disrupt Your Industry)
As health apps and digital health services become more prevalent, consumers gain greater control over their medical care. It’s a great thing for consumers with limited access to healthcare – but the downside is that the healthcare industry could be facing the next big industry disruptor.
New tech advancements and tech start-ups are shaking up the traditional healthcare industry with innovative ways for patients to manage their own health. It’s an exciting time in the healthcare industry – unless your enterprise is about to get disrupted.
“Eight-six percent of healthcare executives agree that organisations are increasingly pressed to reinvent themselves and evolve their business before they are disrupted from the outside, or by competitors,” finds Accenture.
Now, more than ever, tech-enabled consumers have access to a range of digital health services from healthcare and tech start-ups. This ecosystem of health-management tools allows your consumers to take control of their health, how and where they access it, and at what price they can pay.
UberHEALTH is just one example of a start-up that is providing consumers with access to healthcare services. Tapping into its existing ecosystem of cars and customers, this recent trial in the USA saw Uber offering on-demand delivery of ‘flu shots and vaccinations to customers’ doors. It’s a disruptor that the healthcare industry didn’t even see coming.
See change coming and plan for it
According to Accenture, one way to prepare for the changes heading the healthcare industry’s way is to anticipate where markets are moving through foresight:
- Open innovation: “Just as the industry disruptors do, healthcare companies must explore new pathways to innovation,” Accenture’s article advises. “This may mean creating innovation labs that encourage employees or collaborators outside of the organisation to contribute ideas and insights.”
- Mergers and acquisitions: Consider how best to diversify your business in three dimensions – horizontally, vertically and digitally – to diversify and differentiate your offerings.
- Platform experimentation: Assess where disruption could occur most in your business from new tech start-ups, whether they are inside or outside of the industry.
- Ecosystem collaboration: Consider digital platform partners that you could collaborate and partner with. “Plan and launch a pilot to either join, partner or build a digital platform ecosystem,” advises Accenture.
McKinsey & Company have defined seven steps that healthcare enterprises should consider when preparing their business for a digital transformation:
7 steps to prepare for the digital future
Reimagine your business model. Technology should not just be used to make your current systems and operations more efficient – instead you should be looking at whether your current business model will suffice.
Use a comprehensive, integrated approach. “Patch-on” initiatives won’t suffice, you need to develop a connected health strategy.
Restructure your business and consumer value propositions. Don’t just compete on price.
Segments of one. Build the capabilities to serve “segments of one”.
Make strategic alliances. Make and manage strategic alliances with start-ups and potential disruptors that will benefit your enterprise.
Use dynamic portfolio management mechanisms. Ensure that you implement rapid reviews (every three to six months) to ensure that you are moving in the right direction.
Don’t invest in technology alone. Consider an operational and organisational redesign to ensure that any new technology can be implemented effectively across the enterprise.
Disruption is happening at a rapid pace and, if healthcare incumbents continue to remain reliant on old legacy systems and business models, then tech start-ups, either inside or outside the industry, will provide consumers with services that meet their growing, digital needs.