Two Minute Drill: Value Innovation – Part 2
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.