Healthcare is a complex landscape where new revenue streams are often needed to meet revenue goals. That’s the situation a healthcare services company with a large pharmacy and payer network found itself in when it approached G2O with a common, albeit complex business problem.
Despite having existing priorities to fulfill, the company needed to develop a new revenue stream to meet revenue goals and ultimately grow. With a startup mentality and a strong passion to innovate, the G2O team sought to identify an innovative path forward, building upon an existing platform in order to develop a novel product offering with adjacent market appeal.
By delivering digital health solutions to improve patient adherence, the healthcare services company aimed to drive better health outcomes for patients and lower the cost of care. Among its services are providing solutions for personalized medication therapy management, digital patient engagement and telepharmacy.
After being assigned incremental revenue goals by its parent organization, the healthcare services company faced a major hurdle: How could the business extend its capabilities to drive new revenue?
Needing to simultaneously deliver on existing priorities, the client approached G2O to form an extension of the client team focused on tackling this challenge.
Using a multi-disciplinary approach, the G2O team sought to identify an innovative path forward to build upon the client’s existing platform by evaluating the company’s capabilities and conducting generative research.
G2O found that the existing platform and brand provides value to patients, providers, pharmacies and pharmaceutical manufacturers by offering transparency and allowing patients to take control of their own journeys. Pharmacies are also more likely to receive a higher number of clean scripts and to streamline network engagement.
However, the team also identified a long-standing category shortcoming and a solution that could benefit all network stakeholders – offering a true disruption to the current landscape. Developing a solution involved three comprehensive steps:
Then they pinpointed any deficiencies in internal resources, external collaborations or potential acquisitions, and identified the need to develop new technologies to address those gaps.
This group is often disregarded, despite involving a moderate level of additional complexity and cost, which is not yet adequately supported by the current market landscape.
The G2O team functioned as an extension of the client during critical discussions with investors and partners, providing technical diagrams, positioning strategies, and sales support.
Through the comprehensive three-step process, the G2O team gained a thorough understanding of the potential obstacles and deficiencies, validated the proof of concept, and developed a go-to-market prototype that was tested among stakeholders. The team’s efforts were crucial in supporting critical discussions and producing the following outcomes.
G2O didn’t just uncover an opportunity, it created a revolutionary solution for patient access that benefits everyone – patients, providers and life sciences alike. By combining the client’s owned assets with potential partners’ capabilities, G2O created a novel solution for patient access that delivers value.
Positioned upstream in the prescription journey, G2O identified a new customer type for a legacy business within the clients’ operations, developed a new revenue stream and found revenue in a legacy brand that the client had not considered.
It was this executable roadmap, strategy and go-to-market plan that set the course for the healthcare services company to exceed its initial goals and find a new profit center.