Remote Patient Monitoring
A remote patient monitoring (RPM) company that marketed to physician offices wanted to accelerate its growth by adding a consumer pay offering. Health Business Group conducted consumer market research, identified partnership opportunities, and developed a go to market plan.
Background
Client was growing its RPM business by marketing to physician offices. The approach was working but limited the pace of expansion
Client believed its core RPM solution could be attractive as a concierge/self-pay model and that the consumer business could help accelerate physician uptake
Client request
Research the market landscape, competitive environment, and regulatory issues
Develop a consumer segmentation
Create packages of solutions and obtain feedback from consumers on attractiveness and willingness to pay for each
Make a go/no-go recommendation
Outline a go to market plan
Key issues for consulting team to address
Customer demand
Market segmentation by patient characteristics and geography
Evolution of consumer preferences and expectations
What benefits consumer are seeking that can be addressed by RPM
Competitive environment
Identification of direct and indirect competitors. Lessons learned from their approaches to DTC messaging, solutions offered, pricing
Case studies of companies leveraging consumers to increase physician adoption
Opportunities to partner or acquire
Reimbursement and regulatory
Interaction between self-pay and insurance models, e.g., can patients obtain reimbursement, differences by insurance type
How Client can leverage customer pull to generate new physician office business, transition patients from self-pay to insurance
Impact of new regulations on healthcare interoperability and patient access to data
Health Business Group approach
Health Business Group leveraged two decades of knowledge of RPM to outline initial issues, develop hypotheses, and identify data sources
Secondary data sources included the HBG knowledge base, industry and trade journals, surveys and reports on consumer adoption of digital health and wearables, government data, and analyst reports on public companies
Primary sources included interviews with companies offering traditional personal emergency response systems (PERS), voice-enabled PERS, fall detection, medication adherence, and medical condition monitoring. Health Business Group also interviewed industry associations and experts
Developed three packages to test with customers and conducted one-on-one sessions to gather feedback, and develop customer personas and preferences
Synthesized findings into fact base to enable discussion and go/no go decision
Outlined go to market plan, including target customer characteristics, pricing model and level, value proposition and sample messaging, differentiation from competition, distribution and marketing partners, resource requirements and timelines
Outcomes
Validated Client hypothesis for consumer-pay RPM solution
Enabled Client to launch the new offering within a few months of project conclusion