Retail health clinics have demonstrated significant success by providing value through convenience, affordability, and enhanced accessibility. Key advantages include extended operating hours on weekends, reduced wait times for patients, direct access to prescriptions and healthcare products, and greater community presence with multiple locations.
Given the strain on healthcare systems and shortages of physicians, retail clinics represent a substantial opportunity for patients seeking primary and basic care, alleviating pressure on urgent care facilities and emergency departments. The substantial price differentials, particularly for uninsured patients, are anticipated to further drive the transition towards retail health services.
Frost & Sullivan’s Healthcare IT webinar series delved into the fascinating realm of “Retail Health Expansion: Exploring Strategies for Payors & Providers to Maximize Growth.” This engaging discussion yielded pivotal contributions that are shaping the future of the industry, thanks to the collaborative efforts of visionary experts.
The following experts collectively brainstormed to craft transformative perspectives:
Dr. Anil Jain, Chief Innovation Officer, Innovaccer; Naomi Adams, Senior Vice President, Growth, League Health; Dr. Sandeep Pulim, Strategic Advisor and Healthcare Entrepreneur; Greg Caressi, Growth Coach & Senior Vice President, Frost & Sullivan; and Dr. Rishi Pathak, Growth Expert and Research Director, Frost & Sullivan.
Note: Gain valuable perspectives from these industry experts by clicking here to access the recorded session of the Think Tank.
What were the growth opportunities discussed during the think tank?
- Industry Shifts in 2024: The retail health industry saw major changes, with some leading players exiting and others expanding by leveraging alternative care sites. The shift towards healthcare consumerism, viewing patients as consumers, is driving modern innovations in the healthcare system. Retail health is evolving from a primary care alternative to a comprehensive stakeholder solution.
- Role of Pharmacists and Providers: Pharmacists must address gaps in diagnosing minor ailments and managing patient history and adherence. Providers need a digital-first approach for acute and chronic care, including mental health. Collaboration among providers, payers, and patients is essential for integrating data and incentivizing optimal care.
- Digital Integration for Providers: Providers must understand their role in the retail health landscape, adopting digital technology and a virtual-first approach to enhance accessibility and patient experience. Consistent engagement with patients and leveraging tools like the Digital Front Door (DFD) and generative artificial intelligence (AI) for personalized care are crucial.
- Strategies for Payers: For payers, navigating retail health is challenging, but implementing longitudinal health records can be transformative by focusing on promoting non-emergency use, robust data management, and increasing member engagement.
- Promote Retail Health: Encourage the use of retail health for non-emergency care, maintaining comprehensive health records accessible to family physicians and patients.
- Data Management: Ensure robust data management to provide a complete patient profile at every point of care, preventing duplicate or missed services.
- Member Engagement: Increase engagement to ensure patients follow advice and directions, fostering patient empowerment and preventive care. Retail health offers payers a chance to test and improve population health models and value-based programs.
Has your team identified the right opportunities in retail health to drive growth & innovation?
