A Journey Toward Commercialization
A Case Study in Xerox’s Venture into Telemedicine
A BEI 2015 talk given by Denise Fletcher, Xerox.
Xerox has more than 5,000 researchers and a deep history of innovation. Xerox has six research centers across the globe.
Telehealth has reached market readiness. Forces converged to make the market ready: doctor shortage, larger population, and Affordable Healthcare Act.
Meanwhile, consumers are demanding more and better care, “on-demand” care. As well, most people have access to smartphones. Finally, regulations changed to adopt telemedicine.
Consumers seek care everywhere. They don’t want to wait a few days. As well, they want care that easy to access anytime, anywhere.
Xerox already works in 1,900 hospitals, with Payors, and with large employers; so getting into the space made sense for the company.
· Clinical workflow
· Security and Privacy
· Physician involvement
To enter the space, Xerox invested in HealthSpot.
The build out and operational cost of a clinic versus a telemedicine kiosk were much less expensive, $250,000 less in fact on average.
The objective was to create value by handling coughs and colds via telemedicine to reduce ER expenses.
Trying to move Americans to get the right care through the right channel is key.
Most important, the market potential of Telemedicine was a high-growth area.
Right now, this technology is being piloted in a Rite Aid in Ohio.
In five years out we see this moving into the home, via smart television instead of a kiosk. As well, we’ll see more remote monitoring devices.
Home-based telemedicine is where the future is heading to make our lives easier.
Michael Graber is the managing partner of the Southern Growth Studio, an innovation and strategic growth firm based in Memphis, TN. Visit www.southerngrowthstudio.com to learn more.