The subtitle for this report is “Who will be the industry’s Amazon.com?” This sums up the report nicely as it is an analysis of healthcare looking for destabilizing elements and upstart newcomers that threaten the current balance. It’s not clear that they find a specific one, but they promote ways of looking at problems in the industry that may help marketers find hidden gems in their 2014 plans. Some of the main points in the report:
- New entrants are taking a different approach by putting the consumer first, promoting cost transparency, and allowing for convenience where it did not exist before. The new entrants come from industries that are much further ahead in reading consumer needs and delivering on them: retailers (7), technology and telecommunications (8), and automakers (2).
- Consumers are indicating that they are more than willing to take their billions of dollars in spending and move it to more responsive and convenient vendors. There are many conditions that exhibit this preference, for example: 58.6% use a strep test at home ($150 million); 54.8% send a photo of a skin condition ($358 million); 43.6% have an ECG at home with device attached to phone ($2.9 billion).
- The demand is strong in the market: 43% of consumers want to shop for healthcare… but their preferred method of doing so doesn’t exist yet. 43% want to use a “healthcare shopping website” … essentially Amazon.com for healthcare.
This report is a “must read” for anyone concerned with the future of patient and consumer oriented services from industry.