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Retail health care & wellness
Innovation, convergence, and healthier consumers
Can industry convergence and innovative offerings lead to profitable health care services and healthier consumers? Traditional retailers entering or expanding in the US health and wellness market are staking their future on it. While the opportunities for profit and market share growth are substantial, there are numerous risks that retailers should consider. This report provides a summary of retail health and wellness trends and the risks associated with entering into or expanding within this market.
Retail health & wellness
A convergence of powerful external and internal forces-coverage expansion through health care reform, technological advances, rising consumerism, retailers’ desire for increased foot traffic and cross-selling opportunities, and more-are prompting many retailers to consider broadening their corporate growth strategy to include health and wellness services via in-store pharmacies, health care clinics, health and wellness programs, and other consumer-focused initiatives. And while the opportunities for profit and market share growth are substantial, there are numerous risks that retailers should consider.
This report provides insight into the current trends and the risks retailers should consider, including:
- Quality and patient safety risks
- Billing-related financial risks
- Regulatory risks
- Data sharing and security risks
How is consumerism changing retail and health care?
This figure shows how a convergence between retail and health care is driving traditional health care providers to adopt retail approaches to marketing and customer service, while retailers are increasing their role in health care.
How Deloitte can help
Retail Health & Wellness Regulatory and Compliance Services
Managing the financial and operational impact of regulations and compliance can provide an opportunity to improve customer care and quality of life. Organizations can extract value from regulatory and compliance requirements through consistent action in a proactive manner.
Sustainable Margin and Revenue Management
Creating sustainable models to reduce costs, improve revenue and enhance customer experience is essential. Effectively managing account receivables, reimbursement and other financial challenges can help clients enhance margins while improving patient care.
Value Based and Customer Focused Care
Through an increased emphasis on health, costs, quality and convenience, organizations can deliver value and improve customer satisfaction. Constructing personalized care solutions to maximize the value of health care delivered while increasing revenue is an evolutionary process.
Strategy & M&A
Careful navigation and development of short and long-term strategies is critical in order to enhance outcomes, improve the value of care, increase quality of patient lives and move towards the goal of population health management.
Establishing a key portfolio of technology solutions, building the proper infrastructure and utilizing applied analytics will be paramount in differentiating your organization in the marketplace.
Creating adjacencies to existing lines of business can be challenging. In order to enable new business processes, organizations require effective operating, executive, and talent models.