Introduction to Oscar Health
Question:
Discuss about the Digitalized health care coverage easy use.
Oscar Health is multipurpose health insurance company that is providing the customers with several services right under one roof. They have made several insurance plans for the consumers. This company connects with the best doctors available so that they can give proper care and attention to the people
Oscar health helps the patients to easily avail all the medical services for the patients. They mainly work in the insurance department market and make sure that the patients are getting proper insurance plan as well so that they can get covered for their expenses (Safadi et al., 2015). They provide services like connecting the patient s to the doctors, booking the doctors and looking for their availability and also to make sure that the patients are not facing any such problem (Oscar | Smart, simple health insurance., 2018).
In order to increase their business and help out their clients properly, they have entered into a partnership with the Cleveland Clinic. This is because one of the main aspects of flourishing in business in the modern day scenario is expansion. Business expansion is largely based on the advertisement. In order to reach out to patients living in Ohio, Oscar health has entered into a partnership with one of the leading academic health centers Cleaveland Clinic. This is something much more than just the traditional checkup of patients. This partnership will provide the patients with patient education, better medical facilities, and better medicines at affordable price (Alroughani et al., 2016). The patients will buy any insurance plan from the Oscar Cleaveland Policies. All bookings will be done through the Oscar app itself but the patients will receive the service from the doctors of the Cleaveland clinic.
Main activities that will be rendered by the Cleaveland are providing better medical facilities to the patients. The partnership will help in extending the facilities to patients living all across the Globe.
The values that will be generated by the company are providing proper education to the patients so that their approach towards getting the proper medical facilities can be upgraded properly. They will also be able to understand the benefits of buying a medical insurance plan of their choice. They will be able to know about the benefits as well. They will get all the facilities under one roof. They will also be able to avail the services very easily through mobile apps. They will also be saved from the huge expenditure of money they had to spend otherwise by traveling to so many different places and also be consulting with so many different doctors. It would have been a headache for them to go to many different places in search of doctors and get different opinions. They would also face inconvenience by buying and taking so many different medicines. There can also be instances when the patients may have to sell their homes or their belongings for getting the medical expenses (Osmani et al., 2017).
Services Offered by Oscar Health
Oscar Health Company gives priority to their customers. It is for the benefit and the well being of their customers that they have established the different kinds of insurance coverage plans that will help the customers in many different ways. They have created easy to use mobile apps, through the help of which the customers can easily reach out to the customers and vice versa. They also pay sufficient importance to the customer feedbacks. It is based on those customer feedbacks that they try to make improvements and changes that will help in making their services better. They also distribute free fitness tracker to their customers so that they can lead a healthy lifestyle (Meruvia et al., 2016). These are the few things that will help the company in making all the needed changes in order to advance themselves more. All these are the facilities that are not received by the patients in rest of the other health insurance company.
The Oscar Health Insurance Company is mainly targeting at are the patients who are in need of proper medical assistance. However, this must be noted in this context that patients who have a good economic condition and are well versed in the usage of technology can make proper use of this service (Ladika, 2017).
The huge amount of cost is required mainly in order to gather all the equipment that is necessary for the purpose of running this business. A huge amount of technologically advanced digitalized machinery and equipment are needed for the purpose of providing the sufficient amount of facilities to the patients (Cummings, Zhong & Bernick, 2014).
The revenue or the amount of profits that are earned by the insurance company is mainly through the different insurance plans that are opted by the patients.
The relationship is that as they have entered into the partnership with the Cleveland Clinic, they will now be able to give better medical facilities to all their clients. The strength of entering this partnership is that they will be able to expand their business and will also be able to bring more patients under one umbrella. The customers will be happy as they will easily get best medical facilities (Christophersen et al., 2017).. As this partnership is with Cleaveland clinic, the Patients will repose full faith as Cleaveland clinic has the best reputation in the market and is also known to have the best doctors and healthcare specialists.The weakness of this partnership can be that many of the clients may not be able to understand the motive behind the partnership and they may be ignorant about the benefits that they are to get. The opportunities can be that they need to maintain the needs of the customers that will change over time. They must be introducing more diversity in terms of their products and services. The threats can be that they will be facing a very tough competition in the market and there can be a sudden depression in the economy of any country. This will hamper the income of the people and they will not be able to afford the insurance plans (Cleveland Clinic: Our partnership with OscarHealth is beating expectations by 30%., 2018).
Partnership with Cleveland Clinic: Expanding the Business
The strength is that the mobile apps are best suited for connecting with the customers. Weakness is there can be several errors in the apps or many customers may not be able to access those apps (Kapadia & Amirfar, 2016). Opportunity is developing those apps further. The threat is that those apps can be hacked or can go out of order (Almeida et al., 2017).
The strength is that most of the customers nowadays look for insurance plans and this can really earn a huge resource (Peña et al., 2017). Weakness is that some clients may opt out of using these insurances. Opportunity is to develop and bring more aspects under this insurance cover. The threat is if the customers start giving up the insurance membership plans and opt for other alternative insurance company (Ladika, 2017).
The activities that are performed by the Oscar Health are its major strength. The clients do not get such services anywhere else. Their activities include providing insurance plans to the patients. They have three different insurance plans that will help the clients to easily select and then opt for one. The weakness can be that they can face a huge competition from many other health insurance companies or from another health clinic as well who would provide free medical facilities to the patients.The opportunities can be that they will be able to grow and improve their products and their services so that they can meet the changing needs and demands of the customers.The threats can be that these same services might be given by some of the companies involved in the health insurance sector and this might shift the attention of the customers.
The strength is that Oscar Health gives the best services to their customers and tries to create innovations and up gradations among themselves. The customers will naturally get attracted to those insurance companies that will give maxim mum priority to the customers. They bring the best medical services to the customers (Boulware et al., 2016). They will bring not only the doctors who are having the best knowledge and skill but they also give their patients free health trackers and help them to maintain a fit and healthy life. Theweakness can be that these same facilities can also be provided to the patients by many other insurance agencies and some patients mightnot be used to the usage with the apps (Cabral, Geruso, & Mahoney, 2014). The opportunity is that they have to expand their business even further so that they can get more clients that will help them in their business. The threats can be that the clients may not be happy with the products that will be provided by them. There can also be some faults in the manufacturing of those items (Cucunubá et al., 2017).
The strength is that they are working for a good cause and are helping the patients. The weakness can be this that there may be patients who will be staying in regions outside the area of their operation (Ponce et al., 2018). The opportunity is that they must increase their area of operation further. The threat is that it must make some provisions for free treatment or more cheap insurances so that the lower income group people can also afford (Sink et al., 2015).
Values Generated by Oscar Health
The strength is that they use the best medical equipment needed. Weakness can be this that they might not be able to carry on the maintenance of such expensive equipment.Opportunity is this that they will be able to provide the best facilities available to the patients.The threat is this that the customers might find it tough to pay the bills for such expensive equipment (Kapadia & Amirfar, 2016).
Strength is that they get a good amount of money from the patients who take the insurance plans. The weakness can be this that the clients might cancel the insurance memberships halfway. The opportunity is that they can utilize this money for improving their goods and services (Boeve et al., 2016). The threats can be that if somehow the clients are unhappy they might cancel the membership plan, then the revenue earned will lower by a great percentage (Kapadia & Amirfar, 2016).
In order to get sustainable success, the business will have to create more insurance plans with cheaper rates so that it can be used by the more number of clients. They will also have to increase their business to a large number of places so that they can gain popularity and can also improve their goods and services constantly (Meruvia et al., 2016).
If it would have been my own business, then I would have first created ways so that the patients do not find difficulties in contacting us. In other words, creating apps is perhaps the best way for connecting with the clients. However, there are people living in the remote areas where they may not be able to access proper net connections or any apps. So, the advertising must be done through leaflets as well with all details printed on them. I would enter into some partnerships with some NGOs that would help my business to reach out to the poor and needy people. This would make the business popular and also help in maintaining the CSR. Free treatment facilities would also have been increased as all of them cannot afford insurance plans.
Conclusion
Thereby, it can be concluded that Oscar Health is really doing a good job by providing the best medical facilities to the patients and by giving them the best insurance plans as well. However, they need to work more to find out new insurance plans that will help to get a number of clients. They must also establish some free medical facilities and constantly keep on upgrading themselves.
References
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