By Preet Kukreja, Director of Population Health Initiatives, St. John’s Episcopal Hospital and Tirtha Chavan, Director, Salesforce
The healthcare sector is transforming with technological advancements and shifting consumer demands towards patient-centric care. However, the prescription medication industry remains outdated, forcing patients to visit pharmacies in-person and face unexpected expenses, causing medication non-compliance and increased health costs.
Today, patients confront inconsistent medication prices and access, particularly in remote areas. Meanwhile, healthcare and pharmaceutical entities struggle with demand prediction, patient interaction, and maintaining care standards.
Implementing SaaS principles in healthcare can revamp patient experiences, offering predictable costs and regular support. This paves the way for a subscription to prescription approach.
Current Gaps in the Subscription to Prescription Model:
The Subscription to Prescription concept has the potential to transform healthcare delivery by improving access and lowering costs. However, several gaps such as service scope restrictions, unequal access, concerns about care quality, and lack of regulatory oversights, must be addressed.
The breadth of services provided by subscription-based healthcare services is frequently limited as they may not offer comprehensive coverage for specialty treatments, resulting in fragmented care. Individuals with lower socio-economic status may struggle to pay subscription costs, resulting in inequities in access to care.
In subscription-based healthcare models, the emphasis on efficiency may jeopardize the quality of service provided. The rapid expansion of subscription-based healthcare services has surpassed governmental control, creating a regulatory void.
In the dynamic world of SaaS, businesses that thrive are those placing customers at the heart of their strategies.
The Subscription to Prescription implementation in healthcare is marred by significant shortcomings. Strategic interventions must be designed to address these gaps.
- Contracts with specialized providers or hospitals to address the limited area of services.
- Offering tiered subscription models depending on economic levels and subsidized programs for medically underserved people.
- Concerns about the quality of care can be alleviated by implementing robust telehealth platforms that enable in-depth patient-provider interactions.
- Regular audits and compliance evaluations help guarantee that defined rules are followed, protecting the interests of patients.
- Using blockchain for patient data, medication tracking, and secure communication can increase patient-provider confidence while addressing regulatory issues.
- By incorporating artificial intelligence (AI) into subscription models, providers can deliver accurate prescriptions and detect potential health risks before they become serious.
- Equity and Access: Requirements for affordable healthcare and fair access should be mandated.
- Conflict of Interest: Control financial incentives for healthcare professionals to make sure patient welfare is prioritized in medical decisions.
- Privacy and Data Security: To protect patient information and uphold confidence, robust data protection laws must be enforced.
- Transparency and Disclosure: Require incentives and transparent financial disclosure when making healthcare decisions.
- Enforce affordability restrictions and accessibility specifications.
- Establish guidelines and control systems for service providers.
The Subscription to Prescription model’s advantages and ethical problems must be balanced, and a clear regulatory framework is necessary to make sure that patients’ needs continue to come first in healthcare innovation.
The customer-centric subscription to prescription model holds many benefits for companies, patients and the government.
- Predictability for Companies: Subscription models for prescription offer companies a predictable revenue stream, allowing for more accurate financial planning and forecasting.
- Leveraging Technology: Advanced data analytics can provide insights into patient health trends, helping companies refine their services and offer proactive care solutions.
- Targeted Research and Development: Access to aggregated health data from subscribed patients with due regard for privacy can guide pharmaceutical companies in identifying health issues and aligning their R&D efforts.
- Bundle Offerings: Patients with chronic conditions might receive a package that includes various medications and supplements they need on a routine basis.
- Access in Rural Regions: For those in remote areas where pharmacies or clinics might be sparse, virtual consultations, routine health monitoring, and mail-order prescription services can bridge the accessibility gap.
- Predictability for Patients: Patients can budget for their healthcare costs more effectively with a set subscription fee, providing peace of mind.
- Access to New Treatments and Therapies: Subscribed patients might get early access to new treatments, medications, or therapeutic methods.
- Holistic Health Approach: Subscription models may encompass wellness programs, nutrition guidance, adherence reminders, dosage tracking apps and mental health support in addition to traditional medical care.
- Fewer Medicines Will Expire: It can enable a more accurate prediction of required stock based on the subscribed user base, reducing wastage.
- Data-Driven Decision Making: Aggregated health data from these subscription services can help identify health trends, potential outbreaks, or underserved areas.
- Economic Growth: Encouraging innovation in the healthcare sector can lead to increased startups and investments, and boost the economy.
- Improved Healthcare Accessibility and Equity: By supporting and integrating tiered subscription models, especially in underserved areas, governments can ensure that citizens have access to quality healthcare services.
- Enhanced National Health Security: In times of health crises, having a system where a large segment of the population is consistently engaged with health providers can help roll out rapid response strategies.
In the dynamic world of SaaS, businesses that thrive are those placing customers at the heart of their strategies. This devotion to customer-centricity offers invaluable lessons for healthcare as it explores the potential to improve the subscription to prescription model.
- Transparent Pricing: Transparent prescription subscription pricing can alleviate one of the major pain points patients face: unpredictable medical bills.
- Prioritizing User Experience (UX): User-friendly UX can help elderly and differently-abled patients be and feel more independent. A focus on enhancing this experience can lead to higher patient satisfaction and retention.
- Proactive and Digital Customer Support: Proactive and personalized patient care, such as reminders for medication, or even health tips from specialized doctors, can make patients feel valued and taken care of.