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How EY can help
Addressing these drivers and embracing digital isn’t easy in a field as highly regulated as health care. New markets are opening up. New technologies are taking shape. But digitizing the end-to-end consumer health care journey must be done in compliance with a host of regulations that are not only different across jurisdictions, but they’re also changing in real time. While these drivers represent meaningful opportunities to disrupt the way health care has always been and start delivering improved customer experiences through online health care ecosystems, this modernization must occur through platforms and alliances that account for those regulatory nuances every step of the way and ability to serve more patients in the same amount of time. Extrapolate that finding across the entire value chain — with key compliance checks along the way — and a multitude of other benefits emerge.
Embracing health care e-commerce helps patients and providers alike
Many aspects of health care are already moving online: appointment scheduling, telemedicine, prescription refills, health care product purchases are chief among them. Even so, the industry continues to lag behind others in its digitization. That’s driven largely by the complexity of processes among health care intermediaries, namely the regulatory environment that the health care industry operates within. Unlike other service offerings (think ride share or food delivery), moving health care online entails highly specific regulatory and other nuances to consider. That includes:
- Addressing the quality and safety of care
- Protecting patient privacy
- Complying with regulatory requirements
- Managing the integration of technology
- Addressing existing legacy core systems
Accounting for these critical factors through a digital approach that addresses evolving consumer needs effectively creates opportunities for health care organizations and companies, too.
For instance, consumers desire more efficient health care services. Delivering on that promise through virtual offerings doesn’t only help the patient. It simultaneously boosts the practitioner’s ability to serve more patients in the same amount of time. Extrapolate that finding across the entire value chain — with key compliance checks along the way — and a multitude of other benefits emerge.
For example, offering products and services directly to consumers meets their need for better pricing. Doing so also helps companies reduce distribution costs and inefficiencies, to improve profit margins overall.
What’s more, embracing digital DTC models empowers consumers with easily accessible information, so they can take a more proactive role in managing their own health. At the same time, employing health care e-commerce helps providers and consumers to interact, sharing data that can ultimately lead to a more personalized experience. Tailored product, service or information offerings. Digital tracking or visualization of symptoms. Condition-specific recommendations. All of this becomes possible when health care is backed by the right digital platforms.
Streamlined e-commerce platforms (such as Shopify) can seamlessly connect the consumer health care journey — improving patient outcomes and health care provider experiences — all while baking regulatory compliance right into the operating model itself.
How can health care modernize to seize these opportunities now?
Regulations are evolving quickly. Health care e-commerce must be capable of moving just as fast, operating and selling products in a compliant manner to reduce risk. Accelerating DTC models in health care ecosystems requires trusted digital platforms that are technically sound, and capable of seamlessly integrating compliance, data analytics and tax considerations.