Healthcare Organizations Need To Model Coca-Cola For Transformation
Healthcare organizations are encountering numerous challenges and changes due to the dynamic healthcare setting. These changes include intensifying technology employment to enhance clinical practices, refined care coordination, and accommodating payment model fluctuations.
Coca-Cola, the 131-year-old beverage giant, has proven that even the most established companies can reinvent themselves numerous times to thrive in a competitive landscape. While the beverage industry is different from healthcare, healthcare organizations must mimic Coca-Cola’s transformation model and strategy to stay relevant for another 100 years. The following are five themes and examples of healthcare organizations implementing Coca-Cola's transformation strategy.
Expanding The Portfolio
Healthcare organizations can learn much from Coca-Cola's success in expanding their product portfolio and expansion. When consumer preferences started to evolve, the company realized it had to move beyond its iconic flagship product, Coca-Cola Classic, and create a more diverse range of drinks and beverages.
This effort captured a larger share of the beverage market by catering to different tastes with diet sodas, fruit juices, bottled water, tea, coffee, sports drinks, and energy drinks. This diversification helped it stay at the forefront of its industry through successful innovation and expansion.
Legacy Community Health answered the demand for low-cost, specialty medications by creating a central pharmacy distribution center to serve its three existing pharmacies. They plan to use the center to fill prescription orders for Legacy and other underserved areas and organizations. State-of-the-art technology will assist the center in improving patient medication refill rates, allowing for more access to pharmacists and medication adherence.
“The central fill is a step in the right direction of meeting the needs of our community to offer affordable, life-saving medications.”CEO of Legacy Community Health Bobby Hilliard said in an email.
Coca-Cola's ability to tailor its products to local tastes through mergers and acquisitions or affiliations has been crucial to its growth. Similarly, flexibility and a deep understanding of how to achieve success worldwide are vital factors for successful transformation in healthcare. Cleveland Clinic is an example of an organization with a calculated growth mindset.
Coca-Cola met individual customer needs with products like Diet Coke, Coca-Cola Zero Sugar, and Coca-Cola Life with lower sugar content in response to customers' heightened health awareness.
Organizations should explore re-orienting their services toward customer expectations and how they can adjust their offerings based on consumers' changing needs - a strategy that Coca-Cola has proven successful with. Doing so will allow them to gain meaningful insight into the customers' needs and help tailor those services for more customized experiences.
For example, a big trend for health systems is expanding their service offering to Hospital at home. Patient preferences, technological advancements, and potential cost savings fuel this transition. The growing popularity and accessibility of remote patient monitoring, telemedicine, and home health services have contributed to this change, offering improved patient outcomes and convenience while reducing hospital readmissions.
Innovation and partnerships
Healthcare organizations should consider how Coca-Cola has used innovation and strategic partnerships to succeed. The company's dedication to research and development has led to successful new products and eco-friendly packaging solutions. It also acquired Costa Coffee and formed strategic relationships with others, like Monster Beverage Corporation. These measures are concrete steps demonstrating the company's commitment to strong partnerships.
According to Joel Vengco, the Chief Information and Digital Officer at Hartford Healthcare, the organization aims to transform by establishing new partnership models. One example of this is their affiliation with OneMedical. OneMedical plans to open five new primary care offices in Connecticut and integrate their system with Hartford Healthcare. When a OneMedical patient is referred to a specialist at Hartford Health, their health information will be linked together. This partnership will enhance the patient experience by offering virtual consultations, same-day appointments, and digital health monitoring services.
The future of healthcare is constantly changing, so organizations must remain agile and stay ahead of trends to succeed in the long run. Like Coca-Cola, they must diversify their product portfolio, focus on sustainability and innovation, and continue to adapt their strategies. Organizations should recognize that leading a transformation requires time and effort – but it's well worth it when done correctly.
According to Josh Sol, Managing Director at FTI Consulting, a future healthcare organization's success hinges on forming non-traditional partnerships. Josh said, "Non-traditional healthcare partnerships are changing how we approach healthcare delivery. Collaborations between retailers, technology companies, gaming companies, nonprofits, and insurance providers are driving innovation and improving patient outcomes. These partnerships have led to the development of in-store health clinics, telemedicine services, virtual reality therapy, and mobile apps that promote healthy behavior. They have also facilitated using data analytics and artificial intelligence to improve patient care and streamline processes. As healthcare continues to evolve, these non-traditional partnerships will play an increasingly important role in shaping the future of healthcare delivery."
Considering the points discussed in this post, healthcare leaders have the resources to drive successful transformations for their organizations. Don't be left behind: rethink your transformation by copying Coca-Cola's approach to stay relevant. Put together a team that can create innovative solutions, experiment with unique ideas, and embrace emerging technologies to ensure long-term success for your healthcare organization.