- Implementation cost.
- Identify the payers.
- Create habitual users.
Factor 2 Identify the payersThe most overlooked factor in the path to home healthcare market success is correctly identifying the payers. If you analyze home health care business plans they eventually come down to someone paying for a monthly service. Whether it $30, $60 or $90 dollars doesn’t matter what matters is who is paying. Too often the products rely on insurance carriers to pick up the monthly costs for new services touting long term savings to their bottom line. I have rarely seen this approach work. Another approach the product relies on the government as the payer. This approach works if the service is legislated into existence through Medicare or other government programs. The last and least likely payer is the patients themselves. Unless your product is very reasonably priced and/or a lifesaving technology this approach limits your design to a very few adopters.
Factor 3 Habitual useImagine users of a new technology with thousands of dollars of computer equipment and physiologic measurement devices, connection wires strewn over a desktop connecting the computers to the health measurement devices. This implementation has little chance of being in a natural convenient location for the participants and further has almost no chance of becoming a habitual part of the participant’s lifestyle. Now look at a cell phone or IPod, these devices succeed because they have become part on the person’s lifestyle. The users put up with charging and syncing their phones and IPODs because they bring enough benefit to the user to outweigh these costs. Any healthcare device must overcome these same hurtles before users will adopt it into their lives. It they don’t then the product will never be successful.Recognizing these factors and satisfying these factors is the first step to developing a successful product.