{"id":453,"date":"2014-11-12T11:53:58","date_gmt":"2014-11-12T11:53:58","guid":{"rendered":"https:\/\/juggernautlive.wpengine.com\/blog\/?p=453"},"modified":"2021-07-20T08:22:13","modified_gmt":"2021-07-20T08:22:13","slug":"7-business-models-reshaping-healthcare-marketplace","status":"publish","type":"post","link":"https:\/\/jungleworks.com\/7-business-models-reshaping-healthcare-marketplace\/","title":{"rendered":"7 business models you didn\u2019t know about, reshaping the healthcare marketplace","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

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“This is part 2 of the Juggernaut special series<\/a> on the \u2018on demand economy\u2019<\/a>.
\nIn this series, we\u2019ll explore how sharing economy is touching all industries”<\/p>\n

When I first saw this collection of words puddled together, I found myself wondering if any of this would make more sense if the arrows were directed? Only when I googled it, did I come to know that this was a hassle map<\/strong>.
\nFrom what I\u2019ve understood, hassle maps are word clouds trying to map all existing challenges that impede a better customer experience in any industry.<\/strong> Above is a description of the problems that an average customer faces in making health care choices while s\/he is already paying a whopping 60% of these expenses out of pocket!
\nAnd this is barely the tip! As you keep reading, you\u2019ll soon have an epiphany; the same I had – healthcare landscape is set on the path to epic transformations; a paradigm change precipitating at an accelerating pace aided by big data, e-commerce revolution and a transition into sharing economy.
\nThis change, this web of ideas thrown in disarray above, is a euphemism of the enormity of a challenge that belies the rapid evolution of this industry.<\/p>\n

Fortunately, sharing economy has helped ease this transformation, by unlocking the assets of economy for sharing rather than ownership, and allowing excess to be distributed among the bourgeoisie at reasonable costs. With transportation and retail having seen their day, now, it is the turn of a segment, so far overlooked by governments & dominated by private players – healthcare.<\/p>\n

Healthcare was once a single-chain, supply side, wholesale industry; but now, it is edging towards becoming a hyper-competitive, multi chain & demand driven industry, one that is location-independent & information based. The consumerism in this space is bound to explode, through smartphones and mobile apps, into a new, $20 billion market.<\/p>\n

The visible fatigue among patients for one-size fits all, months of waiting, gaps in information, lack of transparency & absence of crowdsourcing portals like Yelp in healthcare industry will soon materialize into a $1 trillion market in US alone.<\/p>\n

Let us probe how the technology enabling these on-demand and marketplace business models can reinvent an entirely new supply paradigm, one which trades information rather than building assets, in order to scale.<\/p>\n

On Demand Health models<\/h2>\n

Let us define what is an on demand economy. In the words of Shervin Pishevar & Scott Stanford, Co-founders & Managing Partners, Sherpa Ventures, the on demand economy is the \u2018Instant, pervasive access to goods and services, tailored to individual needs, often without the burden of long-term ownership or commitment\u2019.<\/strong><\/p>\n

The landscape is fast changing to accommodate this philosophy & the needs for personalization & instant gratification among consumers; the biggest hurdles being the incumbent players, who want to maintain status quo without addressing the Triple Aim – reducing cost, improving outcomes and improving patient experience.<\/strong><\/p>\n

Let us establish some context and try to explore what spurred this change.<\/p>\n

An ideal framework to map this change, during the course of nearly a decade, could be drawn if we address the following five touch points in the health care cycle of a typical customer.<\/p>\n

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