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La Trobe University
Digital services in healthcare has become extremely important and a growing market. According to scholars, it is important for people in recent times, to have access to all the healthcare facilities and information so that they can be well informed and get the knowledge of what steps can be taken in order to manage certain diseases without having to going to the clinic and doctors all the time (BariseviÄius et al 2018). The healthcare industry has been coming up with applications and digital programs to assist people 24x7 so that they can have access to quality care which is in huge demand. The age of digitalization has been taking people by storm where majority of the people are doing their business, gaining information from the internet. This is one of the reasons that had led to the foundation of the company, Livongo which has become a popular company among people. This paper will provide an external analysis about the company, Livongo and will assess the threats and opportunities which can have an impact on the business of the company in the future.
Livongo falls under the healthcare and data analytics company. The parent company of Livongo is Microsoft. The company is currently headquartered in California in the uNited States. The company has been growing since their inception as it can be seen that there are about 615 employees working for the organization currently. The company due to their exceptional services has become highly successful which can be proven from the revenue the company has generated which is $167 million. The company has been currently acquired by the company by Teladoc Health for about $18.5 billion (CNBC 2020).
Livongo is a company that offers digital products and services in order to help the people who are struggling to manage and overcome certain chronic conditions like hypertension, diabetes and other issues in terms of mental health (Livongo.com 2021). It has been seen that the users of the company get starter kits in the starting of the programs and the get regular coaching on a regular bases and continuous monitoring which is paid by the employer of the user or by the insurance by subscribing to their services.
External environmental analysis is considered to be the key which helps in formulating strategies in the business. In order to analyze the external environment analysis of the company, Livongo, the eight domains framework will be in gaining information about the main opportunities and threats for the company.
In recent times, it can be seen that the advancement in technology has been shaping the healthcare industry. It can be seen that there has been a huge demand in digital healthcare services in the United States as well as in other countries all across the globe. Research suggests that 46% of the healthcare professionals have been motivating the people to participate actively when it comes to managing health whereas 8% have been asking the patients to take help of digital tools (Accenture.com 2021).
According to scholars, the digital technology in the healthcare system has a huge role to shape and transform the unsustainable systems in healthcare into sustainable one by equalizing the relationship between the patients and the professionals which helps in providing faster and more effective solutions to treat diseases (Monteiro 2018). It has been seen that the outbreak of the pandemic had resulted in healthcare industries to focus on providing digital services to their patients so that they can be treated from a distance. Livongo, during the pandemic had provided digital health services to the patients by providing them information and educated about the virus, and provided the necessary assistance that the patients would need in order to overcome the disease (Livongo.com 2021). It has been seen that the digital health services are in demand and it will soon become one of the leading services and industries in the future.
The healthcare industry is one of the most successful industries that can be seen in recent times and it has been seen that the market is growing at an exponential rate. Research suggests that in the year, 2019, the market for digital health globally was worth around $106 billion. It is also predicted that the market of this industry will see a huge increase and by the year, 2026, it is estimated that the amount of the industry will be around $640 billion (Statista 2020).
The digital healthcare services is seen to have become highly beneficial for the patients. In recent times, due to the pandemic, it has been seen that there has been an economic crisis with many people losing their jobs, experiencing pay cuts and many more (Sukharev 2020). The digital healthcare industry is seen to be much more affordable and cheaper than traditional healthcare which will help the digital healthcare industry grow during the current times. Livongo provides a subscription-based model in terms of their services and given the current scenario, it is likely that the subscribers of the company will grow and help the company in gaining more revenue.
The digitalization of the healthcare industry has become one of the most important and prime focus of the governments of countries all over the world. It has been seen that majority of the major corporations have been trying to venture into the digital healthcare market as this is seen to have a high scope in the near future. Currently, there are few companies that have been providing digital health services to their patients, for example, Allscripts Healthcare Solutions, Cognizant Technology Solutions Corporations, Athenahealth and many more. However, these companies mostly provide IT services to their patients which help them in seeking information about diseases, getting appointments and many more. It has been seen that Livongo provides various other services like connecting the patients to professionals they trust and helps in directly seeking advice, gets monitored the status of recovery and many more which not many companies provide in recent times. However, with the success and the demand of this industry, there are many companies who have been focusing on entering into the digital healthcare services along with major hospitals have been trying to incorporate this service model as well for their growth and development in the market.
One of the biggest challenges that the healthcare industry usually faces is the inadequate staffing in the hospitals and other healthcare facilities primarily because of the unrealistic working hours, the responsibility which they need to take and many more (Needleman et al 2020). This leads to the healthcare professionals lose their work life balance which has led to the major staffing issue which most healthcare facilities face. The outbreak of the pandemic has been alarming for the front line workers where they had to risk their lives to protect and take care of highly infected people. This had led to many contracting the infection and many leave the jobs for the sake and protection of their families and loved ones making the labour environment currently unfavourable (Tangcharoensathien 2021). The digital healthcare services will help in ensuring that the staffs of the healthcare industry have access to their basic needs and wants and will help them in providing care virtually to the patients without being scared of contracting severe infections which can help Livongo grow in the market.
The digital healthcare services requires various resources which is important for the business to operate in an effective manner and provide exceptional assistance and healthcare services to the patients so that they can overcome their issues and get quality care. The primary resources which Livongo in order to ensure that their business operates in an effective manner needs are good information technology, cloud computing services, electronic and technological gadgets to store medical data, website, mobile applications and many more (Gao, Thiebes and Sunyaev 2018). In recent times, it has been seen that majority of the businesses in various industries are focusing on going digital because of the huge demand, accessibility and many more. Thus, the resource environment of the digital healthcare services will be highly lucrative as the company will get majority of the resources that it will require from their supply chain and many more. There are plenty of medical graduates who have been gaining experiences and this service will help in providing them with opportunities which will help them in gaining more professionals on board which will help in the growth of the organization.
Livongo has become highly popular as it has been gaining a huge customer base primarily the ones who are diabetic who have been gaining information from the professionals in terms of their medication and change in their lifestyle which will help them in keeping their diabetes in control which will help the patients in being healthy and many more. Reports suggest that the customer base for the digital healthcare services are at a rise and are in huge demand (Rantala 2018). According to scholars, the digital healthcare services provide conveniences to the customers or the patients as it is not time consuming and does not require patients to wait for their turn to get assistance from the medical professionals and it has become cheaper in comparison to traditional healthcare methods. Livongo has become a success in recent times primarily because of their subscription model which has led to the patients getting access to healthcare services and advices as per their needs and requirements. However, it has been seen that the there are many people who do not have access to the internet or technological gadgets which hinders their access to digital healthcare services (Nohl-Deryk et al 2018). There are many diseases which cannot be treated through digital healthcare services which often leads to many customers still preferring to use the traditional method when it comes to the services of the healthcare industries. The outbreak of the pandemic however has led many customers to take interest and participate in digital healthcare facilities and services and thus, it can be seen that the customer environment is growing.
The legal and regulatory environment are seen to be extremely supportive of digital healthcare services and the telemedicine industry. It has been seen that during the outbreak of the pandemic, it has been seen that governments have been funding digital healthcare services so that they could help in providing care to the patients and assist them with the necessary help virtually in order to protect them from the virus. It is important for the companies in this sector to ensure to follow the rules and regulations that are there like hiring of medical professionals having proper degree, providing consultations, ensure consent of the patients, provide accurate knowledge, patient privacy and many more. It has been seen that Livongo already follows all these aspects and are more keen on creating an ethical and valuable organization which will help in providing better facilities to their clients or patients. Thus, it can be seen that the legal and the regulatory framework is highly favourable.
Digital healthcare is seen to be at a rise and is considered to grow at an exponential rate. According to scholars, during the pandemic, the digital healthcare services have played a huge role in assisting patients that had been contracted by the deadly virus and helped them recover through the virtual care provided to the patients (Kapoor et al 2020). It has been seen that globally, the demand for this industry has been growing and they are gaining support from the governments and other bodies in order to incorporate efficient digital healthcare services which will help the patients immensely. The World Health Organization has been incorporating the Global Strategy on the Digital Health in order to promote wellbeing and healthy lives for all people and everywhere (Who.int 2021). The primary focus of the global strategy is to delver national, regional and potential health initiatives digitally which has to be guided by effective strategies which will integrate organizational, technological, financial and human resources (Who.int 2021). It can be seen that the global environment needs digital health services and has created a demand for this industry which is going to have positive impacts on the growth of Livongo in the near future.
From the external analysis, it has been seen that Livongo has the opportunity to do well and grow in the market however there are some threats which can have significant impacts on the business or operations of the company as well.
The primary opportunities of Livongo is the fact that the digital healthcare service industry is growing at an exponential rate and is in huge demand. It has been forecasted that the industry will be generating huge amount in terms of their revenue. Thus, it is important for Livongo to incorporate growth strategies in order to provide their customers with better experiences and facilities which will help in making the quality of care better and will ensure it gains a competitive advantage in the market.
It can be seen that the demand for the digital healthcare services is increasing globally, thus, the company can provide their services globally through their application and website and expand their business in other countries which will help in the growth and development of the organization.
Livongo can face some threats in the market which can hinder the growth of the company. One of the threats is the increase in competition in the industry which can become a threat for the company. The other is the staffing issue which has been seen in the healthcare industry. It is important for the company to have adequate professionals to cater to the patients or else it may have negative impacts on the business. The other threat that the company can face is unable to reach patients who live in remote areas as they do not have access to proper technological gadgets and the internet.
Livongo is one of the most popular companies in recent times that has been providing digital healthcare services to their patients. It has been seen that the industry has been growing and is in demand which will help Livongo in growing and developing in the market. However, there are many threats that the company might face which can hinder their growth and development in the market. It is important for Livongo to work on their opportunities and ensue they can gain competitive advantage in the market and also work towards overcoming the threats in the market which will help them immensely in their future growth and development.
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