First came the agricultural economy and the industrial economy and then the service and the consumer economy.
Then, there was the sharing economy. Next came the experience economy and the ecosystem economy. Now, as a result of COVID, we have the hybrid economy in the midst of the 4th industrial revolution.
The hybrid economy is characterized by organizations, industries and consumers/prosumers that combine digital and physical elements to their business models and buying habits.
We have already seen how sick-care, tourism, education, consulting, financial services, fundraising, retail, airlines and hospitality are adjusting. Before COVID, all companies were digital. Most just didn't know it. More are now getting the picture because they have to to survive.
Now, whether you are a startup, scale-up, grown-up or nonprofit, your value proposition and the parts of your business model canvas will require more hybrid elements i.e when can things be done remotely and when can things be done face to face.
Many companies, some in sick-care, have embraced a digital marketing strategy. Few have gone much further than that.
McKinsey has suggested this action plan.
1. From ‘sleeping at the office’ to effective remote working.
2. From lines and silos to networks and teamwork.
3. From just-in-time to just-in-time and just-in-case supply chains.
4. From managing for the short term to capitalism for the long term.
5. From making trade-offs to embedding sustainability.
6. From online commerce to a contact-free economy.
7. From simply returning to returning and reimagining.
Here are some things to incorporate into your digital strategy:
1. An eCare strategy that is aligned with your other face to face (F2F) services
2. Sub-segmenting your patient population by those that highly value convenience over F2F care and favor one social media plaform over another.
3. An eCare infrastructure that integrates, coordinates and consolidates episodes of care to reduce hand off errors.
4. A business model for eCare that is VAST.
5. Systems that comply with laws and regulations regarding privacy and security. Do we need to change HIPAA to advance care coordination?
6. User interfaces that don't interfere with workflow and are easy to use and accessible on mobile devices.
7. Specific to a given patient population.
8. Gets the biggest bang for the buck. Remember, 5% of Medicare beneficiaries spend 50% of the budget.
9. Interfaces with data translated into information to increase the effectiveness of analytical techniques designed to lower cost and minimize inappropriate resource utilization.
10. Meets clearly defined clinical and business objectives like cutting costs or increasing revenues and market share.
Most importantly, make sure your workforce has the right hybrid skills to do their jobs. For example, don't forget the people part of AI.
Prepare for the hybrid economy by hiring people with hybrid skills capable of creating products and services that conform to the new environment and does the job your customers want you to do...safely and conveniently.
Arlen Meyers, MD, MBA is the President and CEO of The Society of Physician Entrepreneurs on Twitter@ArlenMD and Facebook.
Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.