Case Study | 11 October 2024
How a Multinational Healthcare Provider Stabilized its Threatened Market Position and Reputation in 2020
Posted by : Ipseeta Dash
The COVID-19 pandemic brought about unexpected and uncalled-for challenges, which the world was definitely unprepared for. The multinational healthcare provider, despite having been in the business for decades was facing enormous crisis owing to social distancing protocols in 2020. It faced immense pressure to adapt swiftly to the rapidly changing health landscape. Company authorities turned to Research Nester to help them find a way through the crisis and safeguard their market positioning.
An overview:
- A major healthcare provider that boasted of a strong market position and customer base in the U.S., found itself at a dead end when COVID struck. The stringent social distancing protocols along with the disease being highly contagious restricted patients and health workers from turning up.
- In the month of March, the monthly turnover averaged ~USD 1.5 million from ~USD 4 million in January marking a significant loss. The losses continued to grow in the next few months.
- In the month of June, Research Nester was approached to manage the challenge. RNPL offered its customized research analysis consulting services to facilitate the use of information technology along with telemedicinal tools that gave a new dimension to the growth of the company’s business.
The Story
The out-of-blue onslaught of COVID-19 took the world by storm. Negligence, misinformation, and the rising death toll pushed the world into a frenzy. People felt helpless, locked in their homes with anxieties and fear piling up. Their natural reluctance to come out of the shells was only making their problems worse. The geriatric population was worst affected. The healthcare provider was hence lacking in patient turnouts. The personnel of the healthcare company were anxious about their own health in examining patients or avoided turning up owing to fear of catching an infection.
Our Solution:
Research Nester’s analysts observed that the above-mentioned reasons applied to the entire healthcare industry. Around 60% of businesses in healthcare were incurring losses amounting to ~USD 150 billion which included specifically those that had not digitalized their services. The healthcare provider was one of them. Digital health monitoring was the need of the hour- the only solution. Research Nester offered its research-based analysis of the telehealth market, the opportunities and potential in the sector, and its estimated growth. It helped the healthcare provider in incorporating digital technologies for remote monitoring of patient health. The public welcomed the move wholeheartedly as it was much more convenient with zero risk of infections. This strategy worked for the company in getting its loyal patients back and went a long way in mitigating the crisis. The healthcare provider has ever since been expanding its horizons toward growth and profitability, having reached a monthly turnover of ~19 million as of March 2023.
Results
Deploying its unique ‘Nest-omics’ model and implementing customized research analysis of patient care and treatment options on digital platforms, Research Nester was able to integrate the need with the mode, without disrupting the pandemic protocols. This helped the company in getting its loyal patient base back for their health check-ups and treatments. The people down with the infection also found it convenient to get in touch with their healthcare providers and report their health status. Regular monitoring enabled aligning the treatment plans according to the patient’s history and consequently provided better outcomes. This turn of strategy and game plan resulted in a gradual increase in monthly turnover showing a 50% hike in the month of July and reaching around ~USD 6.5 million by November. By December, the company had reached the peak of its yearly growth marking a turnover of ~USD 8 million.
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