Fifty percent of today's healthcare leaders do not offer what patients want - differentiated, personalized and on-demand digital experiences. If you're a member of the cohort that sees digital innovation as too risky, should you be worried? Yes! In an industry rocked by disruption, such a lack of action gives your peers time to flatten your market standing.
Risk has traditionally been viewed by many as something to be avoided. And for healthcare, the business concerns that lead to risk avoidance are real and challenging. Strategic struggles include how to respond to:
- Changing customer needs; consumerism
- Increased market and pricing competition
- Lack of agility when business decisions must be made quickly
- Need to contain costs while investing in new technologies
Organizations that pull back from these disruptors, hoping to
preserve value, will likely fall behind. Those that see them as strategic risk
opportunities have a better chance at gaining competitive advantage. Strategic
risk management plays a unique role in driving business performance and
Potential Gains Make It Worth the Risk
Digital transformation is expensive, and it does demand that your staff learn new ways of doing things. But it's a risk that you can approach strategically. Once you identify a strategic risk opportunity, you can:
- Break down the overall challenge to your business
- Develop a manageable picture of challenges and costs
- Focus on initiatives that grow or defend your market position
- Determine your budget priorities
Transforming your business to head off disruption can be done in stages. An outside expert can work with you to formulate a strategy, overcome resistance and design actionable steps for implementation.
Risk Takers: Those Most Likely to Succeed
The game is changing. The healthcare organizations most likely to succeed in the face of disruption are those willing to take the strategic risks that will lower costs and improve outcomes.
Cox Health Marketing can help you move forward with a smart digital
strategy. Contact us today.