In pursuit of a better solution to increase revenue and expand the clientele base due to increasing competitors and technological advancements, the company approached Research Nester to assist in developing better product advancement solutions to acquire a long-term competitive advantage.
One of North America's healthcare IT companies, which specializes in electronic health record (EHR) systems and health data analytics tools for hospitals and clinics, has encountered revenue growth and client retention challenges. Despite being in the business for a long time recently started facing stagnant growth and were looking for a better solution to meet the goal of retaining the existing client base and increasing the revenue by 15%.
The company approached Research Nester for a comprehensive product analysis. As per our analysts, the company faced a challenge due to the growing presence of competitors offering similar products. Few existing products were lacking or were outdated due to several advancements, which led to the existing customer base preferring more advanced alternatives. Newer regulations in healthcare IT and compliance measures were also to be implemented, however, these were costly and further straining resources.
Our Analysts did a Cohort analysis to recognize user performance and preference. This helped in considering customer needs and offerings by the competitors. Surveying existing clients, analyzing competitors’ products, and studying industry reports, client feedback, and reviews assisted the entire product portfolio. This helped us identify underperforming products and to evaluate the potential for growth with enhancements. A detailed SWOT analysis was also conducted to understand the potential threats and weaknesses related to the products. We suggested our client integrate artificial intelligence (AI) that can improve predictive analytics allowing healthcare providers to effectively identify patient risks and outcomes. To overcome the challenge of retaining customer trust, we discovered a few user-friendly interfaces to improve usability and reduce training time. Developing more robust data analytics tools that could provide deeper insights into patient care and operational efficiency would help healthcare providers in making more data-driven decisions. Our study also observed a growing demand for telehealth services. Based on our analysis, we suggested adding virtual reality (VR) consultations, remote patient monitoring, and seamless integration with wearable health devices. We also raised our focus on increasing security features and ensuring compliance with current healthcare IT laws. Blockchain technology is the most dependable solution for securing data sharing and storage while maintaining compliance.
Implementation of all the recommendations resulted in excellent growth for our client.
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