Could not agree more Nikhil. I've been doing a deep dive into the healthcare universe over the last 6 months. There is such a strong "why now?" case to consumerize healthcare. All the early successes, including the many you have mentioned, hacked value by empowering patients and better enabling providers to address specific pain points. Success depends on designing win-win solutions (patients/providers). There are still tons of opportunities to be harvested, we are in the early days for sure.
Take doctor discovery & selection, for example, with rare and niche exceptions (e.g., Solvhealth), we are still living in web 1.0 days (e.g., Grand Rounds, Health Advocates, HealthGrades, Docspot, Ratemds). Oscar Health recently shared a success story that around 40+% of its customers select doctors using its platform vs. web search, etc. A metric that gives Oscar the bragging rights among insurers... but still ~60% of its customers discover doctors using web 1.0 solutions.
Many billion $+ health-tech companies will be born in the next few years by solving consumerization opportunities while partnering with providers. Classic issues like discovery & selection, scheduling, pricing transparency, payment/financing options, etc. all ripe to be 10x improved. Another example, doctors' visits today are mainly to treat sickness (doctors work in such a siloed way) leaving plenty of care cross-selling opportunities that also deliver better health to patients (win-win all around).
The healthcare universe is very fragmented in pain points and opportunities, the challenge for founders is not to identify or even reframe opportunities but to have laser focus execution once an opportunity has been selected.
I would love to hear your thoughts on which aspects of customerization you are most interested in.
BTW, hard to think of a better champion and pioneer of healthcare consumerization than "Dr. V" (Govindappa Venkataswamy). It is a shame we don't talk enough about him.
Nikhil, thanks for writing the blog in a manner I can absorb the essence quickly.
Typically, I can just scan headlines and images from the blog and learn a lot about market trends
all the best
Chandra
Could not agree more Nikhil. I've been doing a deep dive into the healthcare universe over the last 6 months. There is such a strong "why now?" case to consumerize healthcare. All the early successes, including the many you have mentioned, hacked value by empowering patients and better enabling providers to address specific pain points. Success depends on designing win-win solutions (patients/providers). There are still tons of opportunities to be harvested, we are in the early days for sure.
Take doctor discovery & selection, for example, with rare and niche exceptions (e.g., Solvhealth), we are still living in web 1.0 days (e.g., Grand Rounds, Health Advocates, HealthGrades, Docspot, Ratemds). Oscar Health recently shared a success story that around 40+% of its customers select doctors using its platform vs. web search, etc. A metric that gives Oscar the bragging rights among insurers... but still ~60% of its customers discover doctors using web 1.0 solutions.
Many billion $+ health-tech companies will be born in the next few years by solving consumerization opportunities while partnering with providers. Classic issues like discovery & selection, scheduling, pricing transparency, payment/financing options, etc. all ripe to be 10x improved. Another example, doctors' visits today are mainly to treat sickness (doctors work in such a siloed way) leaving plenty of care cross-selling opportunities that also deliver better health to patients (win-win all around).
The healthcare universe is very fragmented in pain points and opportunities, the challenge for founders is not to identify or even reframe opportunities but to have laser focus execution once an opportunity has been selected.
I would love to hear your thoughts on which aspects of customerization you are most interested in.
BTW, hard to think of a better champion and pioneer of healthcare consumerization than "Dr. V" (Govindappa Venkataswamy). It is a shame we don't talk enough about him.