For every industry there is a ‘current state’ and a ‘future state’. The space between them is called ‘change’….and in an industry like health care, the term ‘chaos’ is more appropriate. This chaos can represent either opportunity or threat, depending on an organization’s ability to understand and respond by making the right decisions and investments. Innovation is happening at a pace never seen before in the health care industry. Political and regulatory change, technology change, demographic and societal change are all driving new market needs for consumers, providers, payors and others. From telemedicine to population health management to connected health, to social patient experience and crowd-sourcing solutions, the pressure on organizations intensifies as they jockey to fill those emerging market needs.
In the midst of all this change, executives are trying to make the right decisions to survive and grow. Product managers and developers need to place bets on new products and innovation, chief marketing officers need to invest in campaigns that position their organizations effectively, and sales executives need to compete ‘in the trenches’ against a dizzying array of competition. CEOs and other leaders need to bring all of these functions together to create strategic plans. Beyond making sense of the chaos, how does an organization gain the confidence to make the right investments in order to grow and not get left behind?
Unfortunately, there is no silver bullet, no single solution.
Although no one can tell the future, some organizations are better at preparing for it than others. How is it that companies like Catamaran (now part of OptumRx), Coloplast and Express Scripts are recognized by Forbes in its latest list of the most innovative companies, while others seem to be paralyzed?
One way in which we’ve observed health care organizations change their mindset has been when they apply their expertise on the clinical side to their business strategy. These organizations are mining data from many sources and analyzing it in a longitudinal, systematic manner. They use the information to identify opportunities to engage directly with consumers, their providers, health coaches and others to close gaps in care. The concept has been applied across the health continuum in wellness, chronic condition management, pharmaceutical safety and adherence, population health management and many others. Optum’s Care Management program, Express Scripts’ Rational Med, Healthways’ TargetTM and Humana’s Gaps in Care programs are only a few examples.
What if this model could be applied to business strategy?
While there are distinct challenges with applying this model to business strategy, the basic model is something we’ve been applying for our customers for nearly 15 years to give them clarity about the changing world around them and the strategic moves that can help them grow their business. They apply this insight to everything from training their salespeople to developing new products and services to making high-stakes technology investments and more.
For health care organizations that are heads down, charging hard and working to meet growth and profitability goals, it can be difficult to take a breath and consider the benefits of applying systematic market and industry intelligence to strategic decisions. Applying the concepts of what they already know gives them a place to start. The basic notion of using empirical data to make decisions and perform interventions that improve outcomes is at the heart of healthcare….and at the heart of strategic intelligence applied to your business to improve growth and profitability outcomes.
If you will be attending the American Telemedicine Association conference May 14 to 17 in Minneapolis, please stop by booth #1325 to say hello and learn more about how Line of Sight helps organizations like yours make sense of, and grow, amidst the chaos.