HealthcareMagic - Business Model Analysis
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The document discusses HealthcareMagic (HCM), an online platform that allows patients to consult doctors without visiting a hospital. It provides the following key details: - HCM was started in 2008 in Bangalore and now has over 250,000 daily users and 15,000 specialists. - About 75% of HCM customers use it for second opinions on severe ailments. Consultations through HCM are much cheaper than typical in-person rates in India. - HCM's customers are typically tech-savvy professionals based in Bengaluru seeking affordable healthcare conveniently online. HCM aims to expand its network of specialists and available specialties.
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HealthcareMagic - Business Model Analysis
- 1. April , 2015
- 2. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 3. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control •HealthcareMagic is an online platform for patients and attendants to consult doctors, i.e. specialists and super specialists, and get an answer then and there without visiting the hospital or a clinic. •It was started in 2008, in Bangalore, the IT Hub of India, and was first of its kind back then. •Today HealthcareMagic has more than 250,000 user footfall everyday on its website and more than 15,000 specialists are associated with the organization
- 4. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 7. About 75% customers are on HCM for second opinions, where they have already consulted a physician or specialist earlier. Second Opinions, in cases where ailments or diseases are of severe nature, are quite common. Patients do not want to rely on one prognosis as they outcome may not be favorable. Hence to be sure, they use HCM’s specialists who are with an impressive track record, to eliminate any doubts they may have. Even though hospitals are at an approachable distance, customers now prefer using e-health services as its convenient and cost effective One normal consultation in India, on an average costs 500 INR. With HCM you can consult for 5 times in 350 INR. That is just 14% of the normal fees a patient pays for one consultancy, in a normal clinic. Lavish ones are 1200 INR and above Reports and details can be uploaded online in less than a minute. The entire process is designed in the simplest ways to enhance ease of access. Rates vary across geographies as per the paying capacity Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 8. • Geographic – Location: Bengaluru – Population: Tech savvy, Professionals – Less awareness about medical facilities – Current geographies: International (predominantly US) & other states in India • Demographic – Age group : 22 & above, retired people, professionals – Target audience: Doctors, pathology labs, hospitals – Gender: % of women is less as there is a concern about security and comfort level with sharing medical/healthcare issue online. They prefer primarily women doctors Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 9. Psychographics • Will target audience that are generally open to technology and new ideas Behaviour • Needs and wants of the patients • Usage rate and corresponding service levels • User status: Determines traffic on website Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 10. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control Based on the type of ailments
- 11. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control Technology • Higher number of specialists belong to the age group of 28-38 (approximately 65-70%) that are tech savvy • Increasing ease of technological diffusion in our lives • Increasing number of aged specialists becoming a part of HCM Network Geographies • Higher ratio of Asian Specialists connected with its network since HCM started its operations from India • Higher influx of doctors from USA, Europe and Africa since 2011 Specialties • Diverse pool of specialists delivering quality services 24X7 • General Physicians constitute about 45% of the total doctors • 12% are super specialists (cardio, neuro, nephro)
- 12. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 14. Patients Physicians Health Care Suppliers Corporate Enterprises • 24 x 7 consulting • E-Medical records • Worldwide connectivity • Medical Insurance • Convenience • E-Medical records • Advertising and sale of relevant products • Increased patient referrals • Worldwide connectivity • Easy outreach and appointments • Accreditation • Discounted large scale insurance • Customized user interface Health Care Magic
- 15. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 16. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 17. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 18. For Patients: • Question marks over coverage when using online therapies • Concerns regarding confidentiality, privacy and storage especially with the rising demand of eRecords • Cannot be helped in crisis situations Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 19. For Physicians: • eTherapy is not appropriate for people with complicated illnesses • Therapists cannot see facial expressions, vocal signals and retrieve body metrics • Doubts over legal/ethical codes Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 20. • Rebalance of the public and private sectors in the financing and delivery of care • Precision based industry has shown growth • E-records : 38% in 2008 to 78% in 2013 • Seamless care - Digital tools • Disruption Vs. Enhancement Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 22. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 24. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 25. Patients Advertisement Services Health Care Magic Physicians Registration Subscription Fees Consultatio n Fees data credits Consultatio n via HCM Health Care SuppliersPortal Services Corporate Healthcare schemes Registration Consultatio n via HCM Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 26. Customers Currently registered Current annual Revenue (in $US) Patients 3,000,000 $3,000,000 Average consultation % paid to doctors from the premium amount -$1,500,000 Physicians 10,000 $100,000 Corporates 50 $50,000 Advertisements 100 $1,000 Total Value $1,651,000 Conversion Rate 5.0% Average Premium per customer $20 Yearly Average Registration per Physicians $10 Average Premiums per corporate $1,000 Advertisements $10 P.A Average consultation % paid to doctors from the premium amount 50.0% Consultation fee Approximately Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 27. 0 2 4 6 8 10 12 Revenue Rise (In Millions USD) 2010 to 2014 Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 28. Pharmaceutical Distribution Business Home healthcare business Non emergency medical transportation services Medical supply business Medical equipment sales Medical related app Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 29. Partner with medical equipment suppliers Advertise over web/mobile apps Consultations for corporates via customized UI Health awareness campaigns for outreach/PR Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 31. Source: Company Websites & Blogs Online Traffic Number of specialists Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control Consumer Base eVaidya Practo SCIO HA MedStar Health HealthCare Magic 3 MM4.5 MM 1.5 MM 250K/D 120K/D 80K/D 35K 15K 8K
- 32. Sep 21, 2007 #18,139 June 3, 2010 #8,889 Aug 14, 2011 #237,934 Dec 28, 2012 #160,873 Launch Date Popular Website Ranking s Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control Source :http://www.statshow.com/ accessed 11-Apr-2015 5.27pm
- 33. 1736610 195780 3543720 132420 789360 88980 1610760 60180 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 HealthCare Magic Lybrate Practo DoctorSpring Viewership / Visitor Comparison Chart Monthly Pageviews Monthly Visitors
- 34. Scope of activities Manage billing to customers Supports a variety of medical advisory Public Forum for medical advisory "live" interaction with doctors online Managing appointment booking through smartphone app or online portal for patients Manage appointments, medical records, accounting billings for the doctors Android mobile support share medical records with other doctors easily Find doctors near their location Free service - digitally store and manage their records on smartphone Fee-based consultation for patients On-click emergency support system search tool for nearby ambulance services Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control Free Service offered Recognized as core competency
- 35. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control First mover advantage •Established and recognized with a market leader •Focus on medical advisory with “Online interaction” with doctors •Wide variety of medical field •Ease of use •Tiered-based fee consultation Similar business model to HCM •Follower with fewer features offered Different business model from HCM •Focus on customer relationship software for doctors and clinics •Manages search for doctors, booking and appointment scheduling Late mover advantage •Offered all the services from HCM and Practo combined – For Free •Additional innovative features such •one-click emergency support service •search tool for nearby ambulance services
- 36. User Base Uniqueness Beginner’s Advantage Collaborations Cost of Operation High Scope of Activity Ease of Access Pricing Refund Policy (100%) Low Entry Barriers Diverse Legal Constraints No Serious Ailments Dependency on Internet Technical Barriers Availability Barriers Difficulty in Claims Go Multidimensional Rate Practitioners Better Incentives Targeted Collaborations Education Sector Government Regulations Litigations Risk of Casualty If Delayed Limits while Prescribing Easy To Copy Concept Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 38. Patients DoctorsHealthCare Magic More patients attracts more Doctors More doctors attract more patients Advantage of being the first company to establish foothold and the largest player in the domain Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 39. • Acquired by EBIX – Provides an avenue for e2e solutions • Allows building of an eco-system around HealthCare Magic EBIX HealthRisk Assessme nt Smart Care HCM SmartEnga ge Smart Sites A.D.A.M on Demand Health Centers Patient Journeys Medicatio n Managem ent Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 40. • Restrictive Practices – Strengthen and establish ‘exclusive’ relationships with hospitals • Vertical Integration – Being part of EBIX’s wider ecosystem offers better control of the market • Cost advantages independent of scale – Proprietary technology, know-how; learning curve cost advantages Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
- 41. Objective About HCM Customers Value Proposition Scope of Activities Value Capture Competitor Strategic Control
Editor's Notes
- Immediate access to primary care physicians and a variety of specialists from home or work, securely, privately, and in real time Convenience of receiving care on patient’s own terms, using the Web, live videoconferencing, or phone Anonymity A big attraction of online health care is its anonymity. Many people put off going to the doctor for years because they are simply too embarrassed. Without having to talk to another human being face to face, these people can have their complaint diagnosed and have a treatment prescribed literally without another soul ever knowing about it. Choice of providers based on patient-driven criteria – whether through an existing relationship, or selected according to characteristics such as specialty, language, gender, hospital affiliation or zip code Quality care from credentialed physicians who can provide consultations, recommend treatment and write prescriptions online if necessary Continuity of care with the ability to access physicians regardless of location and to share detailed care reports with primary care physicians or Nalari Health care coordinators Cost: One of the more obvious advantages to using Internet doctors and health-care services is cost. It is a lot cheaper to access medical advice online than it is in person, from consultancy charges to transportation and parking costs, as well as time. Prescriptions can be cheaper and basic medical advice can be totally free. In many places where a visit to a doctor may cost significant sums this is very attractive, especially if the complaint is seemingly minor. More coordinated care options via patient-centered medical homes, provider-to-provider communications, supportive biometric devices and real-time monitoring and alerts.
- Immediate access to primary care physicians and a variety of specialists from home or work, securely, privately, and in real time Convenience of receiving care on patient’s own terms, using the Web, live videoconferencing, or phone Anonymity A big attraction of online health care is its anonymity. Many people put off going to the doctor for years because they are simply too embarrassed. Without having to talk to another human being face to face, these people can have their complaint diagnosed and have a treatment prescribed literally without another soul ever knowing about it. Choice of providers based on patient-driven criteria – whether through an existing relationship, or selected according to characteristics such as specialty, language, gender, hospital affiliation or zip code Quality care from credentialed physicians who can provide consultations, recommend treatment and write prescriptions online if necessary Continuity of care with the ability to access physicians regardless of location and to share detailed care reports with primary care physicians or Nalari Health care coordinators Cost: One of the more obvious advantages to using Internet doctors and health-care services is cost. It is a lot cheaper to access medical advice online than it is in person, from consultancy charges to transportation and parking costs, as well as time. Prescriptions can be cheaper and basic medical advice can be totally free. In many places where a visit to a doctor may cost significant sums this is very attractive, especially if the complaint is seemingly minor. More coordinated care options via patient-centered medical homes, provider-to-provider communications, supportive biometric devices and real-time monitoring and alerts.
- Most insurance policies do not cover online therapy. Concerns about confidentiality, privacy and unreliable technology. Therapists cannot respond to crisis situations. Online therapy is not appropriate for those with serious psychiatric illnesses.
- E-therapy is not appropriate for people with complicated or detailed problems. In most cases, online therapists cannot see facial expressions, vocal signals or body language. Online therapy eliminates geographic restraints, making the enforcement of legal and ethical codes difficult. Therapists can treat clients from anywhere in the world, and many states have different licensing requirements and treatment guidelines.
- 1st two items are dominant Last 3 items are minimal
- Pharmaceutical Distribution Business Pharmaceutical distributor business owners are the ones that purchase medicines from the big suppliers or manufacturers such as Emzor, Dana, GlaxoSmithKline, etc, then store them to warehouses and finally distributes them to many pharmaceutical stores or patent shops out there. Home healthcare business: A home health care business is a business that provides skilled nursing services, home health aides, and other home care service such as medical social services, andtherapies. Running a home healthcare business is probably on one the best businesses to engage in. Non Emergency Medical Transportation Services: The non emergency medical transportation services is a unique kind of service that caters to individuals or patients who are physically disabled or sick; and cannot be able to meet up with the doctor’s appointment on their own . Medical Supply Business : All types of medical professionals, from veterinarians to midwives and eye doctors, need specific supplies to do their jobs. Also, people with certain ailments or disabilities need medical supplies to live better lives. With the above in mind, let’s now discuss the steps involved in starting a medical supply business. Medical Equipment Sales : set up either a physical or virtual store that sells medical equipment to consumers, or you become an independent sales consultant who represents various manufacturers of medical equipment for sale to hospitals and health centers. Medical-Related App Business: create a medical app- whether for a mass market or a very targeted niche, like, say diabetics. Apps for smartphones and tablet computers are extremely popular these days, and if We can stumble upon a good idea, it could easily sell like hotcakes.
- Partner with medical equipment suppliers to facilitate trade between supplier & patients Advertise the aforementioned suppliers on web/mobile applications Can establish online medical consultations for corporates via customizable interfaces Collaborate with Governments for health awareness campaigns which would improve outreach and PR
- Healthcare magic Ask a Doctor from web, iPhone, iPad, Android devices and from your GTalk/AOL - any time, anywhere. Get instant medical advice from 15,000 doctors online healthcaremagic.com was launched at September 21, 2007 and is 7 years and 204 days. I Lybrate.com Find a Doctor and book appointments online instantly! View verified doctors recommended by real patients. Search by locality. It's free! lybrate.com was launched at December 28, 2012 and is 2 years and 104 days Practo.com Find Doctors in Bangalore, Mumbai, Delhi, Chennai, Pune, Kolkata and Hyderabad in India and Singapore. Book confirmed doctor appointments online for FREE. Practo practo.com was launched at June 3, 2010 and is 4 years and 313 days. www.doctorspring.com Ask a Doctor Online Now 24X7 over 1400 queries answered per day with 97% positive feedback doctorspring.com was launched at August 14, 2011 and is 3 years and 241 days.
- Healthcare magic Ask a Doctor from web, iPhone, iPad, Android devices and from your GTalk/AOL - any time, anywhere. Get instant medical advice from 15,000 doctors online healthcaremagic.com was launched at September 21, 2007 and is 7 years and 204 days. I Lybrate.com Find a Doctor and book appointments online instantly! View verified doctors recommended by real patients. Search by locality. It's free! lybrate.com was launched at and is 2 years and 104 days Practo.com Find Doctors in Bangalore, Mumbai, Delhi, Chennai, Pune, Kolkata and Hyderabad in India and Singapore. Book confirmed doctor appointments online for FREE. Practo practo.com was launched at June 3, 2010 and is 4 years and 313 days. www.doctorspring.com Ask a Doctor Online Now 24X7 over 1400 queries answered per day with 97% positive feedback doctorspring.com was launched at August 14, 2011 and is 3 years and 241 days.
- Healthcare magic Ask a Doctor from web, iPhone, iPad, Android devices and from your GTalk/AOL - any time, anywhere. Get instant medical advice from 15,000 doctors online healthcaremagic.com was launched at September 21, 2007 and is 7 years and 204 days. I Lybrate.com Find a Doctor and book appointments online instantly! View verified doctors recommended by real patients. Search by locality. It's free! lybrate.com was launched at December 28, 2012 and is 2 years and 104 days Practo.com Find Doctors in Bangalore, Mumbai, Delhi, Chennai, Pune, Kolkata and Hyderabad in India and Singapore. Book confirmed doctor appointments online for FREE. Practo practo.com was launched at June 3, 2010 and is 4 years and 313 days. www.doctorspring.com Ask a Doctor Online Now 24X7 over 1400 queries answered per day with 97% positive feedback doctorspring.com was launched at August 14, 2011 and is 3 years and 241 days.
- http://www.adam.com/consumer-health
- Build public relations: Win-Win for both patients and medical practitioners Hybrid Sales + Marketing model: Retaining customers and at the same time providing customer experience Social Media: Expand presence and outreach on social media platforms, increase web footprint Leverage relationships: Between patient and doctor; introduce a merit based reward scheme for the doctors, free consultation credits for patients Role of Network Effect: It will help achieve the penetration in the target market.