Business Issue
The COVID-19 pandemic led to diminished patient volumes and a transformed patient mix, causing significant financial strain on the traditional hospital business model. This disruption necessitated a re-evaluation of existing practices and the exploration of new opportunities to sustain and grow the business.
Approach
To address these challenges, we collaborated closely with the client through a series of innovation workshops. During these sessions, we identified and scrutinized existing orthodoxies, assessed their implications, and brainstormed unconventional approaches to revolutionize the traditional hospital business. The key steps in our approach included:
- Innovation Workshops: Conducted multiple sessions to break down traditional business assumptions and generate new ideas.
- Hypotheses Generation: Developed and systematically classified over 100 hypotheses about potential changes in health care due to the pandemic.
- Hypotheses Refinement: Refined, categorized, and ranked the hypotheses, selecting a subset of “Big Audacious Changes” for detailed quantitative modeling.
- Surveying Consortium Members: Designed and distributed surveys to consortium members, posing questions about potential disruptive events.
- Machine Learning Analysis: Employed machine learning techniques to segment survey respondents based on their institution, analyzing how responses varied according to the provider’s market position.
Business Impact
The culmination of this comprehensive approach resulted in a detailed report for consortium members. This report outlined how their businesses could evolve, considering the potential financial impacts of disruptions within the health care industry.
By leveraging innovative thinking and advanced analytical techniques, the client was better equipped to navigate the uncertainties of the pandemic and emerge with a more resilient and forward-looking business model.
