Healthcare organizations are encountering numerous challenges and changes due to the dynamic healthcare setting. These changes include intensifying technology employment to enhance clinical practices, refined care coordination, and accommodating payment model fluctuations.
Coca-Cola, the 131-year-old beverage giant, has proven that even the most established companies can reinvent themselves numerous times to thrive in a competitive landscape. While the beverage industry is different from healthcare, healthcare organizations must mimic Coca-Cola’s transformation model and strategy to stay relevant for another 100 years. The following are five themes and examples of healthcare organizations implementing Coca-Cola’s transformation strategy.
Expanding The Portfolio
Healthcare organizations can learn much from Coca-Cola’s success in expanding their product portfolio and expansion. When consumer preferences started to evolve, the company realized it had to move beyond its iconic flagship product, Coca-Cola Classic, and create a more diverse range of drinks and beverages. This effort captured a larger share of the beverage market by catering to different tastes with diet sodas, fruit juices, bottled water, tea, coffee, sports drinks, and energy drinks. This diversification helped it stay at the forefront of its industry through successful innovation and expansion. Legacy Community Health answered the demand for low-cost, specialty medications by creating a central pharmacy distribution center to serve its three existing pharmacies. They plan to use the center to fill prescription orders for Legacy and other underserved areas and organizations. State-of-the-art technology will assist the center in improving patient medication refill rates, allowing for more access to pharmacists and medication adherence.
