Welcome to the hybrid ecosystem economy

First came the agricultural economy and the industrial economy and then the service and the consumer economy. Then, there was the sharing economy. Next came the experience economy and the ecosystem economy. Now, as a result of COVID, we have the hybrid or digical economy, combining digital and physical business models, in the midst of the 4th industrial revolution.

The hybrid economy is characterized by organizations, industries and consumers/prosumers that combine digital and physical elements to their business models and buying habits.

We have already seen how sickcare, tourism, education, consulting, financial services, fundraising, retail, airlines and hospitality are adjusting. Before COVID, all companies were digital. Most just didn't know it. More are now getting the picture because they have to to survive and compete using a VAST business model. Here is a list of over 200 virtual care/telemedicine companies.

But, does virtual care create value beyond patient convenience?

Now, whether you are a one person consultancy, a startup, scaleup, grown-up or nonprofit, your value proposition and the parts of your business model canvas will require more hybrid elements i.e when can things be done remotely and when can things be done face to face.

Many companies, some in sickcare, have embraced a digical marketing strategy. Few have gone much further than that.

McKinsey has suggested this action plan.

1. From ‘sleeping at the office’ to effective remote working

2. From lines and silos to networks and teamwork

3. From just-in-time to just-in-time?and?just-in-case supply chains

4. From managing for the short term to capitalism for the long term

5. From making trade-offs to embedding sustainability

6. From online commerce to a contact-free economy

7. From simply returning to returning?and?reimagining

Here are some things to incorporate into your digical strategy:

1. An eCare strategy that is aligned with your other face to face (F2F) services

2. Subsegmenting your patient population by those that highly value convenience over F2F care and?favor one social media plaform over another.

3. An eCare infrastructure that integrates, coordinates and consolidates episodes of care to reduce hand off errors

4.?A business model for eCare that is VAST.?

5. Systems that comply with laws and regulations regarding privacy and security.?Do we need to change HIPAA?to advance care coordination?

6. User interfaces that don't interfere with workflow and are easy to use and accessible on mobile devices

7.?Specific to a given patient population

8. Gets the biggest bang for the buck. Remember, 5% of Medicare beneficiaries spend 50% of the budget

9. Interfaces with data translated into information to increase the effectiveness of analytical techniques designed to lower cost and minimize inappropriate resource utilization

10. Meets clearly defined clinical and business objectives like cutting costs or increasing revenues and market share.

Most importantly, make sure your workforce has the right hybrid skills to do their jobs. For example, don't forget the people part of AI.

??As we begin to emerge from the Covid-19 pandemic, hiring data is highlighting a growing demand for individuals with a more unusual or heterogeneous talent profile, such that they combine soft and hard skills hitherto not found in the same individual. If you are a Jack-of-all-trades, you can now expect to be?in-demand, so long as you find a niche to apply your different skills and interests. Even if you as an individual haven’t mastered the art of developing a multi-skilled and interdisciplinary talent profile, you do have choices. The most important is to avoid putting all your eggs in one basket. Instead, broaden your career horizons to expand your self-concept, reimagine your potential in the most wide-ranging and diversified way, and be open to unusual choices.?There has never been a better time to keep your options open.

There remain three big opportunities to transition from sick care to healthcare and achieve the sextuple aims: incoporating technology, improving the heealthcare professional and patient experience and rethinking traditional business models.

Unlike traditional pipeline businesses, which focus on selling a specific product or service to customers and competing on cost, quality, or market share, platform-enabled ecosystems, or platform businesses, compete on network effects that focus on an improved customer experience and differentiated offerings (e.g., ridesharing companies). Platform businesses develop an ecosystem through a network of users and partners who exchange information, services, or goods with each other. By leveraging the collective power of their users and partners, platform businesses can create more value for consumers than traditional pipeline businesses?

It's better to be a hedgehog than a fox.

Prepare for the hybrid economy by hiring people with hybrid skills capable of creating products and services that conform to new business models and technology and does the job your customers want you to do...safely and conveniently.

Arlen Meyers, MD, MBA is the President and CEO of The Society of Physician Entrepreneurs on Substack