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American Well: The Doctor will e-see you

Marketing-I
Date of Submission 1
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August! "#1"

Team Members
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Promising market opportunities


7ollowing are the new market o88ortunities which are 8romising: Insurance It can cater to a large 8ool of customers 9 also offer cost effecti:e solutions to e:eryone ranging from ;octors! customers! insurance com8anies! em8loyers! etc< Health consulting =onsulting from home woul; 8ro:i;e 8ri:acy 9 con:enience to the 8atients< American Well system can 8ro:i;e the ;octors fle>ibility to o8erate without the nee; to maintain staff! infrastructure etc< Delivery Network /health care hains

This 8latform has the 8otential in linking real time e>cess ca8acity with real time e>cess ;eman;< They can 8ro:i;e better customer ser:ice! boost re:enues 9 also offer cost efficiencies in health care< !nline onsulting

This 8latform can also be use; for offering ;ifferent ty8es of online consulting like &eligious! legal a;:ising! accounting ser:ices! etc<

"#pansion 'otential customers in Australia! (ermany 9 %$ ha:e e>8resse; interest in American Well online care solutions an; it can e>8lore these territories by tailoring its ser:ices to the nee; of these markets

The most 8romising o88ortunity of all the abo:e is of Insurance market ;ue to the following reasons: a< Insurance com8anies can 8ro:i;e access to a large 8ool of 8atients 9 ;octors< Insurance com8anies also ha:e internal resources which they can commit to encourage 8hysicians 9 8atients to use online care< b< +ealth insurance com8anies were alrea;y financially strong 9 re8resente; a lucrati:e customer channel< c< 2ne of the main :alue 8ro8ositions to health insurance com8anies is significant sa:ings< This will be 8ossible ;ue to less costly me;ical attention because of the early treatment of me;ical con;itions<

;< Imme;iately after 'resi;ent 2bama assume; office! there was no clarity about the reforms in the +ealth care system that he ha; 8romise; before the elections< This resulte; in the health insurance com8anies free?ing their s8en;ing<

e< They can also o8en their ;oors to non members< They can 8ro:i;e online consultation to anybo;y willing to 8ay out of 8ocket< f< Initially! insurance com8anies were :iewe; as being 8rimarily ;ri:en by 8rofit< 2nline care facility will 8ro:i;e an o88ortunity to these com8anies to im8ro:e their image 9 buil; goo;will with their members< This can be another reason why +ealth insurance can be a 8romising market<

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'atients They nee; timely a:ailability of 8hysicians! @uality ser:ice at affor;able 8rice< Doctors They nee; a cost effecti:e solution to manage their loa; of 8atients< Insurance =om8anies They ha:e a re@uirement to 8ro:i;e consultation at an effecti:e cost<

-m8loyers A solution is nee;e; which 8re:ents absenteeism 9 8ro:i;es em8loyee satisfaction< (naly)ing onte#t Demogra8hic -n:ironment 2nline ser:ice care will enable the ;octors to 8ro:i;e consultation beyon; the current geogra8hical boun;aries< -conomic -n:ironment -conomic &ecession in the %S has ;ecrease; the 8urchasing 8ower of its citi?ens< 0egal -n:ironment 2nline care ser:ice is com8atible to +I'AA which a;;resses 8ri:acy 9 security risks stemming from increasing use of electronic channels to transmit 8atient information< Technological -n:ironment This technology can be e>ten;e; to 8ro:i;e ser:ices at homes 9 work8laces< Instant messaging 9 :i;eo conferencing can be use; to facilitate the interaction between ;octors 9 8atients< ompany

(naly)ing

This 8latform has the 8otential in linking real time e>cess ca8acity with real time e>cess ;eman;< 'atients ha:e the fle>ibility to choose the s8ecialists as 8er their re@uirements< ollaborators * omplementers

(naly)ing

Insurance com8anies can hel8 American Well to increase its market share<

American well will re;uce the cost of insurance! 8ro:i;e em8loyment satisfaction 9 also im8ro:e the 8ro;ucti:ity of the em8loyees< (naly)ing ompetitors 2ffline health ser:ice 8ro:i;ers are one of the biggest com8etitors of American Well< 2ther com8etitors are &elay +ealth! Me;fusion! Tela;oc 9 =isco Tele8resence<

+trengths, -eaknesses, !pportunities, an. Threat /+-!T0 +trengths 1<A Intellectual Property o 'ossesses 8ro8rietary intellectual 8ro8erty which coul; act as an entry barrier for other 8layers trying to enter in this fiel; "<A 1$1 ompany

o 0ike franchise mo;el can target insurance com8anies o =ustomers Binsurance com8aniesA coul; ser:e the com8any by 8ro:i;ing access to large 8ools of 8atients an; ;octors< Insurance com8anies ha:e their internal resources which they can assign to the marketing efforts nee;e; to su88ort 8hysicians an; 8atients to use online care< Also! the financial strength of insurance com8anies 8resents a more lucrati:e customer channel than in;i:i;ual 8atients< )<A Pricing o 2nline =are consultations costs :ery less than tra;itional metho;s for both consumers an; insurance com8anies< This :alue 8ro8osition is a win-win scenario for all four 8arties 8atients! 8hysicians! insurance com8anies! an; American Well in:ol:e;< 'atients! members an; non-members! 8ay anywhere from C 3 - C/3 8er consultation< -eaknesses 1<A 2ack o3 1ran. (wareness o It is a new bran; as com8are; to other com8anies which may affect its re:enues in the starting but they can ca8itali?e on the fact that their owners ha:e 8re:iously starte; !pportunities 1<A Increasing ;eman; for online communication between 8hysician an; 8atients

"<A State go:ernments often limite; the access of their resi;ents to 8hysicians who were license; to 8ractice in their own state< +owe:er! '='s were ty8ically free to consult regar;ing their 8atients with s8ecialists from anywhere in the %<S< Threats 1<A =om8etition -stablishe; com8etitors may also a;o8t a similar 8ro;uct to that of American WellD If that woul; ha88en then it will no longer enEoy the mono8oly< 4alue 3or stake hol.ers a< 'atients 'atients woul; get the me;ical consultation at a chea8er 8rice They will also ha:e an am8le choice of ;octors to choose from anywhere in the country irres8ecti:e of geogra8hic location %nlike regular brick an; mortar mo;el! they can sa:e a lot of money an; time

b< Insurance =om8anies =ost sa:ing as the amount s8ent woul; be less as online 8rices is fast an; hel8s in the early ;etection an; treatment of sym8toms =an 8ro:i;e their ser:ices to non-insure; 8atients who are willing to 8ay out of 8ocket an; can ta8 an entirely new segment Will hel8 increase their goo;will as they were normally consi;ere; as only 8rofit making entity

c< 'hysicians =an ha:e significant sa:ings on the infrastructure cost =an get 8atients which are not from their state

;< American Well =an get 8ool of 8atient recor;s 9 ;octors from insurance com8anies It can create a whole range of new 8ossibilities in the hos8ital sector! retail clinics! 8harmacy chains It can also e>8an; in international market an; go into :arious other ty8es of consulting once they ha:e strengthene; their 8osition in localFnational market

Positioning Marketing team shoul; focus on :arious cost an; time sa:ings of Team -;ition<

American Well shoul; use 'ro;uct Differentiation to 8osition Team -;ition as an inno:ati:e 9 all-aroun; solution in the health care in;ustry<

Porter's & 3orce analysis In;ustry =om8etitors The in;ustry has a huge growth 8otential 9 low in;ustrial concentration< *uyer 'ower - 02W Bthere are two ty8es of customersD the insurance com8anies an; the final customerF8atientA 'otential -ntrants - 02W for the short term but +I(+ long term BThey ha; in:este; C/# million for this com8any< So in the long term another com8any can in:est that much money or e:en more for a better technologyA A:ailability of Substitutes - +I(+ Boffline health ser:ice 8ro:i;ers woul; be a substituteA Su88lier 'ower - 02W Bthere are alrea;y so many com8etitors on the market su88lier ;onGt ha:e much 8ower< 'ower of su88liers is only high if it is a niche market an; su88lies are limite; i<e< itGs the only su88lier in a 8articular area that can su88ly a 8articular materialA 5. -hat is the best course o3 action6 A:ailable 28tions 1A "A )A A -stablish 9 Market 'rimaryF=ore 'ro;uct -2nline =are technology De:elo8 9 Market Secon;ary 'ro;uct- Team -;ition ->8ansion to ,ew Segments-+os8itals! &etail =linics etc International ->8ansion- Australia! (ermany! %$

2nline =are technology is the 8rimary 8ro;uct focuse; on 8ro:i;ing a 8latform which can re;uce the cost of care ;eli:ery! create new re:enue generating o88ortunities for 8ro:i;ers an; contribute to a more efficient! con:enient health ;eli:ery system< This 8latform is at an incubation stage as it has been markete; to only a few health insurance com8anies an; the 8otential of this solution has not been reali?e; yet< American Well has yet to establish market share an. bran. awareness with res8ect to alrea;y establishe; com8etitors such as &elayhealth! Me;7usion!TelaDoc!=isco Tele'resence etc< Team -;ition is a secon;ary 8ro;uct which can e>ten; the use of 8rimaryFcore solutions 8latform to 8ro:i;e real time connectivity between '='Gs an; s8ecialists< It woul; further a;; :alue while re;ucing cost to insurance firms an; 8atients< It woul; not incur substantial cost as it uses technology of online care solution< Team -;ition can be a .i33erentiator for American Well when com8are; to com8etitors<

=once8t of e>ten;ing the core technology to a new business segment such as +os8itals! &etails =linics is base; on setting u8 of online care kiosks which may re@uire substantial capital for infrastructural ;e:elo8ment an; marketing< This is a business segment which woul; re@uire new business resources. +owe:er the 8harmacy segment can be targete; by using the e>isting infrastructure< ->8an;ing it internationally coul; be costly as it re@uires tailoringFcustomi?ing the solution to the s8ecific nee;s of the local markets an; reorgani)ing the company structure which may re@uire enormous 3inancing< It is also premature to ;i:ert resources when the core 8ro;uct is still not establishe; in %S itself< 1est ourse o3 (ction

=onsi;ering the high :alue 8ro8osition for 8atients! 8hysicians! insurance com8anies an; health care market :olatility ;ue to ;eclare; reforms the consoli;ation of business mo;el base; on core 8ro;uct shoul; be stresse; u8on< As the 8latform is alrea;y a;o8te; by some health insurance com8anies an; teste; on small market it shoul; be markete; an; establishe; as 8otential solution to health care nee;s< Alongsi;e Team -;ition can be launche; as a ;ifferentiator 8ro;uct as it is an e>tension of the alrea;y teste; 8latform an; woul; not re@uire any a;;itional ;e:elo8ment or resource< It can be a :alue a;;e; mo;el for the health care insurance com8anies as it 8ro:i;es further time an; cost benefits to 8atients an; insurance com8anies Thus the focus of American Well shoul; be on to market an; establish online care solution as 8rimary 8ro;uct with benefits an; Team -;ition as a :alue a;;e; 8ro;uct< This woul; hel8 American Well remain ahea; of its com8etitors without un;ermining its initial online care rollout<