This week Dr. Jay is finishing our conversation on value innovation from Scottsdale, AZ. Remember, value innovation is the simultaneous pursuit of differentiation and lowering costs, creating exponential leaps in value and growth. Click on the video below to hear this week’s Two Minute Drill and an example of how Dr. Jay created value innovation in his own practice.
A good example of value innovation is the custom built mobile app we built for Dr. Jay’s practice, Kaizo Health. He wanted to create a differentiated experience for the Kaizo Health patients and gamify that experience so patients were more adherent to care. So we built a custom patient-facing mobile app and saw a 36% increase in retention in those who used the app compared to those that did not.
Why is this a good example of value innovation? Kaizo Health differentiated itself because they have a mobile app where other healthcare experiences do not. Secondly, the patients could access the app at no cost. It created tremendous value for the patient by allowing them to schedule, pay bills, do home exercises, and so much more for no additional cost. For Kaizo Health, the 36% increase in retention also meant better income for the practice.
These two things, no cost to the patient (low cost) and doing something no one else had (differentiation), allowed Kaizo Health to have true value innovation in their practice while also positively impacting their bottom line.
Make sure you watch for next week’s Two Minute Drill where Dr. Jay will talk about service excellence inspired by his stay this week at the Four Seasons Resort.
This week’s Two Minute Drill is on location with Captain Alex and the Tiki Boat. Today’s conversation is all about value innovation, which is the simultaneous pursuit of differentiation and low cost. Make sure you watch until the end to get Dr. Jay’s book recommendation that just so happens to fit with his location.
Create differentiation at a lower cost
Examples of value innovation are the Mirror Home Gym and the Tiki boat Dr. Jay is driving in this week’s video. Creating exponential leaps in value by doing something different and doing it in a low-cost way is innovative.
Think about what you can do to create differentiation at a lower cost. If you are interested in learning more check out the book Blue Ocean Strategy that created this concept and fits with the theme of being on the ocean this week.
Leading up to the big game this weekend both coaches talked about one similar thing, discipline. They have disciplined people, who have disciplined thought, who take disciplined action. Make sure you watch this week’s Two Minute Drill to hear how the game of football relates to discipline in your practice. Sorry in advance for the audio, you’ll understand when you watch the video!
Creating A Championship Organization
We all want to do what we like to do, but those who do the things that they HAVE to do and have discipline to get them done, are the ones that get to the next level.
Discipline – Disciplined people do things they don’t always want to do but have to do in order to get to the big game.
Resilience – Championship organizations are also resilient and keep doing their very best.
Teamwork – It may be cliché but there is no “I” in team. Synergy, with a committed mission to get to a common goal is critical for success.
Think about your practice and your team, think about disciplined people with disciplined thought who take disciplined action, be resilient, and make sure team is synergistic working together in achieving the common goals of the practice.
It’s snowing today in the DC area! This has us thinking about adaptability. Watch the video below to see Dr. Jay Greenstein braving the cold and snow to bring you this week’s Two Minute Drill.
Greater Levels of Success
When it’s snowing, you’ve got to adapt to changing schedules, cancelations, and increased driving times. Being adaptable is important in business as we are having to continually adapt to our changing environment. Here are three things you can do to be more adaptable.
Mindset – change your mindset. You don’t have to keep doing things the same way you always have
Take little risks – experiment in small ways, trying new things
Learn from the data – learn from your little experiments and use the data to make better decisions moving forward
We know from the science that adaptability means greater levels of success. This week’s challenge is to change your mindset, take a little risk, and use the data to adapt. If you are in the Northeast, hope you are enjoying the snow and staying warm and safe!