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Day: March 27, 2020

Telemedicine in a Quarantined World: Healthcare’s Push for Virtual Care

Posted on by Staff Writer

Healthcare systems all over the world are experiencing extreme pressures as the COVID-19 pandemic unfolds. The U.S. is no different. Particularly in states like New York, California, and Washington, emergency rooms and hospitals are being bombarded with potential cases. And given the highly contagious nature of the virus, grave concerns about exposure exist. This has led to widespread quarantines and self-isolation as a result. While these issues affect all commerce, it is clearly impacting healthcare systems the most.

Understanding the situation, healthcare systems are increasingly turning to telemedicine as a potential solution. Telemedicine offers doctors and others remote access to patients that can be advantageous in the current setting. Specifically, numerous benefits of telemedicine exist, and telemedicine providers are increasing in number. Thus, many reasons support the use of this virtual type of care. And exploring the benefits of telemedicine offers a better perspective on how healthcare is rapidly changing under COVID-19.

“Telemedicine hasn’t traditionally been used in response to public health crises, but that is changing with COVID-19. I’m encouraged that government and private insurance companies are making policy changes to promote its use.” – G. Cameron Deemer, President of DrFirst, a healthcare communications and telehealth technology company

Understanding Telemedicine in the Time of Coronavirus

Telemedicine is not a new technology that healthcare systems have just adopted. In fact, the benefits of telemedicine have been well-recognized for some time. Most notably, these systems allow enhanced access to healthcare by connecting telemedicine providers with remote patients. This not only improves overall care but has the potential to reduce costs and improve efficiencies along the way. Despite this, the adoption of telemedicine has been gradual for many hospitals and emergency rooms. But with the COVID-19 pandemic upon us, all of that is changing.

An elderly woman getting medical treatment via video conference.
A quarantined world means seeing your doctor via video conference call.

The benefits of telemedicine offer specific advantages during a pandemic that has encouraged most healthcare systems to pursue its adoption. But because many lacked protocols for telemedicine, or even the necessary infrastructure, achieving this has been difficult. Several healthcare systems also lack telemedicine providers, who must be properly credentialed. And many who have telemedicine struggle with poor quality issues. Still, the benefits of telemedicine still outweigh these limitations. And because of that, most healthcare systems are pushing ahead to include telemedicine in its armamentarium.

“By deploying telehealth solutions and programs, people who are suffering from other medical ailments during this time can receive care from home, without entering medical facilities, minimizing their risk of contracting the virus.” – Dedi Gilad, CEO and Cofounder of Tyto Care, a telemedicine technology company

The Benefits of Telemedicine During the Pandemic

In terms of the advantages of telemedicine, several can be noted during routine times. But the advantages of telemedicine are even more substantial during an infectious pandemic. For this reason, hospitals and emergency rooms are rapidly trying to get telemedicine providers up to speed. In doing so, they hope to avoid being overwhelmed while offering enhanced care to patients. The following are a list of the most notable benefits of telemedicine driving these changes.

  • Improved Care Efficiency – One of the known benefits of telemedicine is its capacity to reduce the amount of time required for optimal care. Patients spend less time going to appointments, and telemedicine providers spend less time during virtual evaluations. This results in the ability to see more patients on any given day, which is a high priority in current times.
  • Reduced Infection Exposure – This is not only true for patients but also for telemedicine providers. By using virtual care platforms, person-to-person contact and interactions are avoided. This eliminates the potential spread of the virus during a patient encounter. Likewise, it also reduces many other potential exposures that might have occurred on the patient’s travels to the hospital.
  • Improved Patient Triage – By using telemedicine, patients can be screened at home before arriving to a healthcare facility. If they meet specific criteria, then they can be triaged to the appropriate location as a result. This also reduces unnecessary exposures while improving the efficiency of care. These benefits of telemedicine are highly relevant to COVID-19 given the need to properly allocate resources.
  • Maximizing the Healthcare Workforce – Naturally, telemedicine providers will be more likely to care for patients because their risk of exposure will be decreased. But at the same time, those quarantined can also use telemedicine and continue to care for patients safely. This is one of the benefits of telemedicine that is often under-appreciated.
  • Better Care for Chronically Ill Patients – Lastly, one of the benefits of telemedicine also involves the care of chronically ill individuals. These patients are at higher risk of mortality if they contract COVID-19. Thus, telemedicine providers can care for these patients more safely and appropriately by using remote virtual and robotic systems.

“Appropriate measures can be taken to minimize the risks to healthcare workers and patients. The right actions can then be taken for the patients who have been pre-screened, saving precious time and minimizing risks of transmission to all.”- Dr. Siaw Tung Yeng, Founder and CEO of MaNaDr, a telemedicine technology and services company

A System Not Without Its Challenges

Understandably, the COVID-19 pandemic has caught most of us off-guard. Thus, it is not surprising that healthcare systems and their telemedicine platforms were not prepared either. This has resulted in a number of barriers in realizing all the benefits of telemedicine during this crisis. Such barriers include limited access to needed hardware as well as insufficient broadband access. Likewise, many healthcare systems have low numbers of telemedicine providers who have been properly credentialed. And proper training of staff and patients are notable limitations. All of these have undermined the success of many telemedicine systems to date.

While these challenges persist, one of the positive aspects of the pandemic is the wake-up call it is providing. Hospitals, emergency rooms, and healthcare triage areas are now appreciating the benefits of telemedicine and its role in crises. As a result, it is likely that healthcare systems will ramp up their efforts to enhance telehealth systems in the future. Likewise, telemedicine providers and patients alike with improve their skills in using these technologies. If there was any silver lining to the current COVID-19 pandemic, this may be one of them.

The Pizza Wars: Who Is Winning the Race (So Far) This Year?

Posted on by Staff Writer

[EDITOR’S NOTE: This story was written before global lockdowns made dining out virtually impossible. But since delivery is still okay in some jurisdictions, and pizza boxes can be disinfected with Lysol wipes, the topic is still apropos.]

When it comes to comfort food, nothing is quite as awesome as a hot, cheesy pizza. In fact, fast-food, delivery pizza has not only become entrenched in American culture but throughout the world. Today’s leading pizza chains have therefore expanded their operations globally in their efforts to dominate the market. But while many pizza chains now exist, only two reign supreme…Domino’s and Pizza Hut. And both infamous pizza-makers have all intentions of ultimately winning the pizza wars.

In looking at the pizza market, a few things stand out. For one, more than three-quarters of all sales are in the delivery and take-out segment of the industry. Secondly, Domino’s and Pizza Hut account for about 70 percent of this market segment. And despite having positive growth, the pizza industry is highly competitive, with only 1.7 percent market growth in recent years. All of these highlight how challenging it is for any single company to win the pizza wars. And it also indicates the struggles Domino’s and Pizza Hut and other companies face in the years ahead.

Both Domino’s and Pizza Hut are well recognized through the globe by all types of customers. Both offer fast delivery and takeout services. Both have expanded their menus to include hot wings and other items. And both have embraced new strategies in a cut-throat market that demands innovation and creativity. But at the end of the day, only one will be crowned the winner of the pizza wars. Therefore, looking at where both Domino’s and Pizza Hut have been and are headed are a worthwhile endeavor.

The Past Decade – Different Approaches to Growth

Over the last few decades, the winner of the pizza wars wasn’t a big secret. Prior to 2017, Pizza Hut dominated the market in pizza sales and was hailed as the market leader. But that has since changed with Domino’s exceeding Pizza Hut in revenues that year despite having 2,000 fewer stores. Notably, Domino’s shifted gears in 2010 by revamping its pizza recipe and adopting its “Oh Yes We Did!” campaign. In contrast, Pizza Hut has embraced a more innovative and collaborative approach during that time. As a result, Pizza Hut now offers unique pizza combinations and partnerships with other types of fast-food chains. Both strategies have had their advantages, which is why Domino’s and Pizza Hut continue to be market leaders. But it would appear that Domino’s approach has allowed it to gain greater ground in the pizza wars.

A bunch of pizzas I would gladly eat
In a world where delivery is the only option, the pizza wars are about to ramp up!

Can “Fortressing” Continue to Favor Domino’s?

In addition to the aforementioned strategies, Domino’s has also adopted a fortressing strategy. This strategy refers to increasing store presence on the ground so that store units create a “fortress” around potential consumers. The risks of such a plan could result in franchisees competing too heavily among one another and undermining growth. But unlike Subway, Domino’s is only allowing existing franchise owners to purchase additional units. This will permit advancing growth without the risk of cannibalism. And it also allows Domino’s to reduce food delivery times and improve customer take-out access. Domino’s and Pizza Hut will then have comparable numbers of stores. And Domino’s expects this can help them further distance themselves as the pizza wars’ leader.

“Why fortress? Because proximity matters. It allows for better service. You’re closer to your customer. If we don’t grow our stores or split our territory for better service, someone else is going to.” – Russell Weiner, Chief Operations Officer at Domino’s

Franchise Relations and Technology Also Favors Domino’s

Both Domino’s and Pizza Hut have thousands of franchises across the globe. But when it comes to franchisee relations, Domino’s has an advantage. For one, Domino’s requires a cash-on-cash payback within 3 years for its franchises. Thus, this demands that an interested franchisee must believe in the company to commit to such a plan. In fact, Domino’s goes to great lengths to build this trust. Not only has its recent market performance enticed potential franchise owners. In addition, Domino’s has leveraged its use of data-driven technologies to inform and guide store owners. This transparency in addition to the company being technology-forward is attractive in today’s fast-paced, mobile marketplace. And it reflects another reason why Domino’s is poised to win the pizza wars.

“When we have that [3-year] payback, we’re going to grow. The opportunity to invest and get that money back within three years is really attractive, and we’re seeing a significant number of franchisees willing to put capital in the brand.” – Russell Weiner

Balancing a Market Strategy Between Quality and Scale

Both Domino’s and Pizza Hut choose to compete on both quality and scale to a degree. For Domino’s, that has meant changing its recipe, listening to customers, and investing in significant growth. For Pizza Hut, this has involved collaborative pizzas with companies like Taco Bell to entice new consumer tastes. This has been effective for both Domino’s and Pizza Hut, but it seems Domino’s is winning the pizza wars on both accounts. For one, Domino’s offers lower prices on most items compared to Pizza Hut. And in head-to-head taste tests, Domino’s is most often the winner. If this continues, then Domino’s is certainly the favorite to win the pizza wars.

“We all have the same headwinds. But with the scale that we have and the value we can offer, the headwinds in the industry are tailwinds for Domino’s.” – Russell Weiner

Recent Market Indicators for Both Companies

In terms of a snapshot today to determine which company is winning the pizza wars, the picture is pretty clear. Domino’s and Pizza Hut remain market leaders with Papa Johns a distant third. But trends for Domino’s and Pizza Hut appear to be going in different directions. Recent stock market performance shows that Domino’s stock approach $339 in late February, advancing significantly. In the meantime, Pizza Hut’s stock price fell nearly $15 to $89 during the same period of time. And with Domino’s CEO Ritch Allison projecting $25 billion in global revenues by 2025, confidence is high. While Domino’s and Pizza Hut both remain favorites, the better money is on Domino’s presently for winning the pizza wars.

The Business of a Pandemic: How Pandemic Policies Favor Some Businesses

Posted on by Staff Writer

Leaders all over the globe have enforced a number of pandemic policies detrimental to most businesses. Social isolation, quarantines, and lockdowns cause major disruptions in commerce. In fact, estimates suggest that over 75 percent of all businesses are negatively affected by current pandemic strategies. However, this figure is far from 100 percent, and many businesses are actually thriving amidst the coronavirus spread. And while these businesses are doing well in the crisis, they are likely to flourish long-term as well.

Notably, many of the businesses that are enjoying current pandemic policies are those that facilitate services at home. As work environments move to home environments, new services are needed. Likewise, entertainment companies that favor audience engagement at home also stand to benefit. And with the economic pressures created through various pandemic strategies, low-cost retailers are also in a strong position. Thus, while the pandemic has resulted in many casualties, some businesses are clearly doing rather well in the current climate.

“The world is not going to snap back to being exactly like it was before this crisis happened. We’re going to come out of this into a different world.” – Jamie Metzl, author of Hacking Darwin: Genetic Engineering and the Future of Humanity

A scientist examining a test tube
Pandemic policies are necessary, but not necessarily equitable for businesses.

Six Industries That Will Benefit from Pandemic Policies

In considering the lifestyle changes that have ensued with recent pandemic strategies, some businesses are well-positioned to succeed. With this in mind, the following 6 industries are among those most likely to do well during these trying times.

  • Gaming and Entertainment Industries – It’s no secret that Americans enjoy their entertainment when they have the opportunity. Without restaurants, sports, and other events available, gaming and streaming offerings certainly stand to benefit from current pandemic policies. Netflix, of course, will enjoy a significant increase in viewership along with other network streaming services. Likewise, gaming platforms like Activision Blizzard and Take-Two Interactive will also thrive. Crisis pandemic strategies certainly favor these key businesses.
  • Remote Videoconferencing Tools – As most businesses are attempting to shift their workforce to home environments, videoconferencing tools will be in high demand. In this regard, companies like Cisco Systems, Zoom, and others will find increased subscribers. Likewise, telemedicine platforms will also see a huge boost given the many benefits of telemedicine. Teledoc Health and several other businesses will be able to showcase their products as a result. And even personal videoconferencing will see a rise in use making Skype, Facetime and other platforms highly attractive.
  • Cybersecurity Services – Hand in hand with the demand for videoconferencing tools, cybersecurity needs will also increase. While work environments are well protected in this regard, home environments are less likely to be so. With current pandemic policies driving workers to their homes, cybersecurity protections will therefore be needed. Thus, businesses like Okta and Zscaler, which provides such cybersecurity services, will see an increase in demand as well. With experts predicting hackers and data threats will rise with current pandemic strategies, cybersecurity will be critical.
  • 5G Communication Services – With more people working from home and connecting with others via the Internet, 5G services will also boom. Broadband access and high-speed data transfers, including video streaming, will be essential with new pandemic policies. Therefore, it will be of little surprise that companies like Verizon and Qualcomm will similarly flourish with the new pandemic strategies. Once companies realize the advantages these provide in home settings, 5G communications are likely to become more common.
  • Low-Cost and Online Retailers – Naturally, Amazon represents one of the biggest winners with current pandemic policies. Being both a low-cost retailer and having extensive online and delivery services makes Amazon a non-brainer. But likewise, other companies like Walmart and Costco will similarly benefit from current pandemic strategies. Economic pressures will drive consumers to not only buy online but to buy cheaper and in bulk. Therefore, these big-box retailers are also likely to reap the benefits in the present environment.
  • Home Delivery Services – As online purchases increase with present-day pandemic policies, companies like FedEx and UPS will also thrive. But other delivery businesses will also see higher demand, especially those in the food delivery business. Domino’s Pizza, recognized for its recent company improvements, will be one such business. Likewise, Bite Squad, Deliveroo, and others will also benefit from global pandemic strategies. These businesses were already seeing increases in services. But this will dramatically increase with millions of people stuck at home.

“Think about how much time we normally lose every day commuting to work. Think about all the carbon emissions that spew into the atmosphere. Turns out that’s unnecessary for millions of people. That’s a huge lesson, and it won’t be unlearned.” – Jim Cramer, Host of Mad Money, MSNBC

Insights for Other Businesses 

If the current coronavirus crisis and related pandemic strategies have shown, it is important to be well-prepared. In this regard, businesses need to have a crisis management plan in place that includes events like pandemic infections. Current pandemic policies favor companies that already have remote work platforms in place. Likewise, business strategies that can accommodate rapid shifts to evolving consumer needs is also important. Though this is easier for some business than it is for others, crisis strategies should be considered regardless. At a minimum, this can reduce the negative impacts that will be experienced in these types of environments.

In addition to these suggestions, businesses should also appreciate that the current pandemic will forever change a number of interactions. Many businesses will realize the advantages of having employees work from home. And as a result, new business and consumer needs will emerge well after current pandemic policies are revoked. Those businesses that can predict and address these needs will be best positioned for future success. This will be the case regardless of the industry in which a company finds itself.

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