What does the failure of Blockbuster and the success of Netflix have to teach us about succeeding at telehealth? With his 30 years of experience in the media industry and 10 years in the digital health industry, Randy Parker, founder and Chief Business Developer of the MDLIVE, prepares us to succeed at digital health by pointing out the parallels between the digitization of media and the digitization of healthcare.
1. Digitization of healthcare means anywhere, anyhow
Blockbuster failed to see that the digitization of media meant that consumers wanted access to media digitally on any device, from anywhere they wanted. With the consumerization of healthcare, people will also begin to expect anytime, anywhere access to healthcare.
2. Work with local health markets, develop strategic partnerships
Betamax was beat out by VHS because Sony refused to license its technology to others even though it had a superior technology to VHS. MDLIVE forges partnerships with providers and existing local markets to put innovation in the hands of providers to do medicine more effectively and efficiently. Moral of the story: don’t silo your technology and services.
3. Healthcare needs to be in the home
Netflix began as a movie-by-mail company and then transitioned into the media business when it saw that people wanted to access media from home. Healthcare also needs to be able to be done from home. This will be a growing trend as competition from retail health stores such as Walmart, Walgreens, and CVS and other healthcare entrepreneurs begin to compete with healthcare systems.
4. Health plans need to be designed with telehealth in mind
Unlike the media industry, in order for telehealth to be fully utilized, it must be made available via health plans than like any other health service. With more 80% of health plans building telemedicine and telehealth coverage in their health plan design, telemedicine can now be set to explode like urgent care centers.
You may also want to check out what others have said about what telemedicine, Blockbuster, and Netflix have in common.
MDLIVE is a thriving telemedicine company providing on-demand health to over 22 million people for 3500 of the largest employers in the nation, including approximately 100 out of the Fortune 500 companies and most major health plans. Watch the full talk below.
ABOUT THE SPEAKER
Randy Parker is the founder and Chief Business Development Officer of MDLIVE and brings more than 30 years’ experience starting and building successful, disruptive companies, all of which have been consumer-focused entities utilizing the latest technologies. During the past 7 years, Randy has established significant relationships at the highest levels with a broad range of the country’s premier health organizations, helping him to develop a vision for MDLIVE to be a leader in healthcare innovation, providing customers with convenient access to a complete integrated health network. Prior to MDLIVE, he served as CEO of several other companies, including Flexplay Technologies, Clear-Vu Products, and Entertainment Resource. Randy has a degree in Business and Public Administration from New York University.