Competitive Differentiation Through Innovation
In January 2005, we published a white paper titled “The New Competition,” which looked at the impact of new entrants into the healthcare provider market, such as Best Buy and Steve Case’s Revolution. New competition is only one of the forces that is changing the market. Global competition continues to increase, with overseas surgical centers gaining a foothold as a mainstream alternative for U.S. patients. Healthcare consumers are becoming more empowered every day, thanks to their access to information, the growing choices they’re presented within the market, and the spread of consumer-driven health plans. With more and more consumers spending more and more of their own money through HSAs, HRAs and other high-deductible plans, they will become even more demanding.
All of these forces combine to make innovation an even more critical strategy for traditional providers of healthcare to provide value to consumers and stand out from the competition. Many leaders understand the need to find new, innovative ways to differentiate themselves in the market, but are often unsure where to begin. Other organizations aren’t quite there yet. How can they develop an innovation strategy to help them establish competitive differentiation in our market?
This paper is an attempt to answer that question.
Download Competitive Differentiation Through Innovation (pdf).