Summary of Two-Sided Networks in Healthcare - a Founder's Playbook

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00:00:00 - 00:35:00

In the video, healthcare entrepreneurs discuss the importance of two-sided networks in the industry. They share their tips for success, which include focusing on adoption, engagement, retention, and efficiency.

  • 00:00:00 In this third episode of the digital health series, Vinita and Jay explore how to build a two-sided network in healthcare. A two-sided network is a group of interconnected transacting parties that includes businesses, patients, providers, and payers. Two-sided networks can be valuable because they allow one company to execute two independent go to market motions in parallel. This creates a powerful network effect that makes each go to market motion easier.
  • 00:05:00 In this video, vanita and Zach Weinberg discuss the two-sided network strategy in healthcare, which is a trend seen increasing in popularity in recent years. There are a few reasons for this increase in popularity, including the increase in data available, the cloud-based storage of this data, and the increasing willingness of providers to adopt electronic health records. Founders who choose to pursue this strategy typically address one of three situations: broken data flows, channel optimization, or marketplaces. While there is no one right way to build a two-sided network business, these insights may help founders build their businesses more effectively.
  • 00:10:00 The video discusses how two-sided networks can be used to overcome broken data flows in healthcare. The networks focus on serving a specific, narrow audience in order to build trust and grow the network. Two-sided networks can be started with either the demand side (targeting a specific population within life sciences) or the supply side (connecting providers and payers).
  • 00:15:00 The two-sided networks in healthcare industry are essential for building trust and growing the business. Goodrx and Oaken both took different approaches to building trust with their patients, with Goodrx focusing on patient advocacy and Oaken emphasizing the value proposition that employers would apply to users instead of the users applying to employers.
  • 00:20:00 The video discusses how founders should price their products, focusing on customer engagement and moments of truth. Founders mentioned various qualitative and quantitative metrics, such as aggregate traffic and pagerank. Some founders changed their metric as their company evolved, prioritizing things like active supply side users. Overall, it is important to pick metrics that actually drive business value.
  • 00:25:00 Two-sided networks in healthcare are important for founders to focus on to drive growth and maintain their businesses. Goodrx was very disciplined in their approach, starting with basic ads and expanding to more sophisticated programs.
  • 00:30:00 Komodo offers a variety of services to help healthcare professionals find and do their best work, including an interview preparation service, a customer support team, and a system integrator. Over time, Komodo has built a strong relationship with professional service providers, and as a result, customers can choose to work with their favorite consultants or system integrators. This has strengthened both the relationship between Komodo and the ecosystem, and the relationship between Komodo and its customers.
  • 00:35:00 In this video, healthcare entrepreneurs share their tips for success in building two-sided networks. Among the key factors to consider are adoption, engagement, retention, and efficiency. Benchmarking performance against best-in-class healthcare software businesses helps evaluate whether a business has the potential to be successful.

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