Healthcare organizations are encountering numerous challenges and changes due to the dynamic environment: intensifying technology employment to enhance clinical practices, refined care coordination, and accommodating payment model fluctuations.
Coca-Cola, the 131-year-old beverage giant, has proven that even the most established companies can reinvent themselves numerous times to thrive in a competitive landscape. While the beverage industry is unique, healthcare organizations must mimic Coca-Cola’s transformation model and strategy to stay relevant for another 100 years. The following are five themes and examples of how to implement that transformation strategy.
Expanding The Portfolio
Healthcare organizations can learn much from Coca-Cola’s success in expanding their product portfolio. When consumer preferences started to evolve, the company realized it had to move beyond its iconic flagship product, Coca-Cola Classic, and create a more diverse range of drinks and beverages.
This effort captured a larger share of the beverage market by catering to different tastes with diet sodas, fruit juices, bottled water, tea, coffee, sports drinks, and energy drinks. This diversification helped it stay at the forefront of its industry through successful innovation and expansion.
Legacy Community Health answered the demand for low-cost, specialty medications by creating a central pharmacy distribution center to serve its three existing pharmacies. They plan to use the center to fill prescription orders for Legacy and other organizations. State-of-the-art technology will assist the center in improving patient medication refill rates, allowing for more access to pharmacists and medication adherence.
“The central fill is a step in the right direction of meeting the needs of our community to offer affordable, life-saving medications,” said CEO of Legacy Community Health Bobby Hilliard in an email.
Coca-Cola’s ability to tailor its products to local tastes through mergers or affiliations has been crucial to its growth. Similarly, flexibility and a deep understanding of how to achieve success worldwide are vital factors for successful transformation in healthcare. Cleveland Clinic is an example of an organization with a calculated growth mindset.
Coca-Cola met individual customer needs with products like Diet Coke, Coca-Cola Zero Sugar, and Coca-Cola Life with lower sugar content in response to heightened health awareness. Organizations should explore re-orienting their services toward customer expectations and examine how they can adjust their offerings based on consumers’ changing needs. Doing so will allow them to gain meaningful insight into customers’ needs and help tailor those services for more personalized experiences.
For example, a big trend for health systems is expanding their service offering to include hospital at home, driven largely by patient preferences, technological advancements, and potential cost savings. The growing popularity and accessibility of remote patient monitoring, telemedicine, and home health services have also contributed to this change, offering improved patient outcomes and convenience while reducing hospital readmissions.
Innovation and partnerships
Healthcare organizations should consider how Coca-Cola has used innovation and strategic partnerships to succeed. The company’s dedication to research and development has led to successful new products and eco-friendly packaging solutions. It also acquired Costa Coffee and formed strategic relationships with others like Monster Beverage Corporation, further demonstrating the company’s commitment to strong partnerships.
According to Joel Vengco, Chief Information and Digital Officer at Hartford Healthcare, the organization aims to transform by establishing new partnership models. One example is their affiliation with OneMedical, which plans to open five new primary care offices in Connecticut and integrate their system with Hartford Healthcare. This partnership will enhance the patient experience by offering virtual consultations, same-day appointments, and digital health monitoring services.
Healthcare is constantly changing; therefore, organizations must remain agile and stay ahead of trends to succeed in the long run. Like Coca-Cola, they must diversify their product portfolio, focus on sustainability and innovation, and continue to adapt their strategies. And although leading a transformation requires time and effort, it’s well worth it when done correctly.
According to Josh Sol, Managing Director at FTI Consulting, healthcare organizations’ success hinges on forming non-traditional partnerships, stating that “Collaborations between retailers, technology companies, gaming companies, nonprofits, and insurance providers are driving innovation and improving patient outcomes. These partnerships have led to the development of in-store health clinics, telemedicine services, virtual reality therapy, and mobile apps that promote healthy behavior. They have also facilitated using data analytics and artificial intelligence to improve patient care and streamline processes. As healthcare continues to evolve, these non-traditional partnerships will play an increasingly important role in shaping the future of care delivery.”
Considering the points outlined above, healthcare leaders have the resources to drive successful transformation. Don’t be left behind: rethink your transformation by copying Coca-Cola’s approach to stay relevant. Put together a team that can create innovative solutions, experiment with unique ideas, and embrace emerging technologies to ensure long-term success for your organization.
This piece was written by David Chou, CIO at Legacy Community Health. To view the original post, please click here.