The Exchange / Target Market Lifestyle demographics and behaviors assist American Well in establishing the market for products such as the Exchange. For example, studies suggest that the elderly population will double to 83.7 million by 2050 (Ortman, 2014). The increase of the elderly population is a result of baby boomers that are approaching their elderly years which also means an increase in Medicare enrollment. This information is extremely relevant and valuable to American Well because Medicare will reimburse for telehealth services. The elderly population is projected to increase which will also develop a market for remote monitoring, increase in specialty care by multiple providers, and patients with limited mobility. Another important
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Due to modern lifestyles and risky behaviors, consumers normally require multiple health products and services. The Exchange provides a way to bundle telehealth services to include population programs while also including payers and employees (Mohney, 2016). Medical appointments in today’s healthcare industry can take months to receive. The Exchange, also provides a staffing solution for health care organizations that are experiencing provider shortage. In fact, the Exchange has the ability to enable health systems to evenly distribute specialists across multiple campuses and locations to balance workloads and resources (Principi, 2015). The internet has changed the way consumers communicate with each other and has also improved patient-provider communication. Consumers are very resourceful and are not afraid to use technology seek information about health related issues. Health care information and services are accessed by physical appointment, web portal, websites, interactive video conference, remote monitoring systems, and more. The type of buying situation that relates most to the Exchange is new-task buying. The purchase of health services is not new to the market, but the manner in which American Well seeks to improve collaboration among health professionals in an effort to improve access to health services is new. With new-task …show more content…
If the price of virtual health visits is too low may spark a pricing war among competitors. If the price of the Exchange product is too high may develop an unwanted opportunity for competitors share profits. pricing and too low to avoid price wars with competitors. An evaluation of the cost comparison chart above suggests that American Well’s Exchange product is priced appropriately in comparison to competitors. According to Mullins & Walker (2013), strategic pricing should reflect American Well’s goal to reach its target market (p.283). Consumers are willing to pay between $40-$50 for the quick service and convenience of virtual health visit for minor ailments to prevent waiting for hours in an emergency room. Consumers that are not mobile are more than willing to use virtual telehealth technology to fulfill healthcare needs. According to Smith (2015), the elderly population voiced the highest patient satisfaction scores with telehealth technology with about 98 percent of the elderly population is willing to receive home telehealth services in future and 100 percent would recommend telehealth to friend or family
Due to modern lifestyles and risky behaviors, consumers normally require multiple health products and services. The Exchange provides a way to bundle telehealth services to include population programs while also including payers and employees (Mohney, 2016). Medical appointments in today’s healthcare industry can take months to receive. The Exchange, also provides a staffing solution for health care organizations that are experiencing provider shortage. In fact, the Exchange has the ability to enable health systems to evenly distribute specialists across multiple campuses and locations to balance workloads and resources (Principi, 2015). The internet has changed the way consumers communicate with each other and has also improved patient-provider communication. Consumers are very resourceful and are not afraid to use technology seek information about health related issues. Health care information and services are accessed by physical appointment, web portal, websites, interactive video conference, remote monitoring systems, and more. The type of buying situation that relates most to the Exchange is new-task buying. The purchase of health services is not new to the market, but the manner in which American Well seeks to improve collaboration among health professionals in an effort to improve access to health services is new. With new-task …show more content…
If the price of virtual health visits is too low may spark a pricing war among competitors. If the price of the Exchange product is too high may develop an unwanted opportunity for competitors share profits. pricing and too low to avoid price wars with competitors. An evaluation of the cost comparison chart above suggests that American Well’s Exchange product is priced appropriately in comparison to competitors. According to Mullins & Walker (2013), strategic pricing should reflect American Well’s goal to reach its target market (p.283). Consumers are willing to pay between $40-$50 for the quick service and convenience of virtual health visit for minor ailments to prevent waiting for hours in an emergency room. Consumers that are not mobile are more than willing to use virtual telehealth technology to fulfill healthcare needs. According to Smith (2015), the elderly population voiced the highest patient satisfaction scores with telehealth technology with about 98 percent of the elderly population is willing to receive home telehealth services in future and 100 percent would recommend telehealth to friend or family