Nov 12, 2012

10 CSFs for Health Monitoring Platforms

A successful Health Monitoring ecosystem will need to be ambitious:
- Has to be so attractive that it can get virtually all consumers and patients on the platform.
- Must be able to generate information (without disclosing personal identifiable information) that is of huge value to those who are making the decisions and have the resources to optimize our health care systems of the future.
- It must run on a platform that is world-class in terms of availability, reliability, scaleability and cost efficiency.

Breaking this one step further down, the intermediary who wants to become the keystone of the ecosystem based on such a platform should consider the following Critical Success Factors (CSFs):

1. Maximize the value to the consumer or patient
This value has to come from applications or services that the consumer sees true value in.  Something they really want to have and use or receive because it makes a difference to the quality of their life.  Something that helps them becoming more healthy, more fit.  Something that helps them feeling more comfortable about people they care for.

2. Minimize the cost to the consumer : target is $ 0.
Although consumers see value in a tool or a service, the cost to enter the service is a barrier to entry.  If consumers have choices, the cost of various options will in most cases be one of the selection criteria.  That is why there are so many examples of companies that have created huge successes by almost giving the devices at manufacturing cost, but making the profit from the consumables or the content.  (e.g. Inkjet printers, nespresso machines, Kindle Fire ...).  If you can't afford to reduce the cost of the devices, look for partners to subsidize the devices.

3. Create feeling of comfort and trust with the consumer and awareness of a higher purpose.
It needs to be very clear to the consumer and the patient that their personal data is going to be treated safe.  Only the consumer or the patient can decide to share his data with only those people they appoint (e.g. Doctors and caregivers.)  Consumers should know that by joining the platform, they help providing real world data such that organizations can try to find ways to improve our health care solutions and systems.
Respect for privacy and no spamming or advertisements.

4. Reduce the burden for the consumers to participate in the system.
Avoid lengthy subscription forms.  Make it an easy and fun experience to get started.  If more information is desired, than associate the collection of these extra data elements with additional optional services for which the consumer or the patient can understand that the information you want makes sense for a purpose.

5. Make the applications and services easy and intuitive to work with.
This is not only important for the consumers or patients, but also for the intermediary in order to minimize support costs.

6. Make anonymous data available in self service mode to whomever is willing to pay for it.  Pricing needs to be transparent and is not subject to negotiation (which is not a value adding process in the bigger picture of things).  Pricing should be based on the query, the sample size or the number and profile of people who will be continuously monitored for some period in time (e.g. during the launch of a new product).

7. Make analysis reports about specific consumer or patient segments and sell it as new generation market research insight.  Share some interesting data for free to create awareness of the value of the data available.

8. Run the whole platform in the best possible cloud environments at the lowest cost.  For a startup, this will almost certainly mean they have to start with existing top cloud solution providers with an excellent reputation.  As a point of reference: A Facebook user spends on average about 83 hours/year on Facebook for a cost of roughly 1 USD/year.

9. One needs the team of people that can actually make all of this happen.  People who have the vision and the innovative ideas that can transform the whole business. People who have the charisma to find the money and attract talent and people who have the experience and know-how to run the business.

10. Think big and global, then plan, resource and act accordingly.
Well, this should have been CSF nr 1 to start with.

This is a quick list, and I am sure I am missing some CSFs, and you probably can think of some that I missed...???