Professor Scott Galloway is one of the world’s best business professors, keynote speakers, and podcast hosts. One of his signature concepts is the idea that for many businesses to succeed they need to provide a “time machine” for consumers. In this context, a “time machine” is a product, service, or platform that liberates you from something you would prefer not to do, or makes it much quicker. This “time machine” works by giving people back their time to spend it on what they actually want to do. A great example of this was the introduction of the washing machine.
Professor Galloway recently spoke about the radical potential of a “time machine” for one of the world’s most disruptable industries, healthcare.
In a recent episode of his podcast, The Prof G Show, Galloway quoted some sobering figures from the US, where only one in five are happy with the healthcare they receive, but the industry accounts for 16% of GDP. His analysis shows that no other industry is so ripe for disruption, aside from the education sector.
Dispersion Disruption
The healthcare disruption opportunity has to do with many factors including the rising expectations of customer experience (CX)-particularly on mobile devices-and the business megatrend of dispersion.
Galloway explained in his podcast: “Amazon took the store and dispersed it to our computers and living rooms, and even fulfillment; stuff is delivered to our porch in 48 minutes. You are going to see this dispersion across education and healthcare. Specifically, this huge point of friction and negative value-add has been the hospital or the doctor’s office where an unfriendly person slides back this bad plastic curtain and tells you to fill out paperwork that you have filled out before. You then wait in an uncomfortable room, the doctor comes in, and the value add is about eight minutes, that 80% of the time could take place over an intelligent camera or texting.”
For the reasons outlined by Galloway, video and text-based consultations via mobile, aka telehealth, are hugely popular with consumers. Telehealth is a “time machine” for consumers to get advice from qualified medical professionals without spending any time traveling to the hospital, without the bad plastic curtains, without the form filling and the long wait in an uncomfortable waiting room.
But what about a time machine for medical professionals?
A Time Machine For Doctors
Asynchronous text-based telehealth is Professor Galloway’s “time machine” concept made real for medical professionals. Data from telehealth company Abi Global Health shows that their AI-driven Abi platform delivers an 85% reduction in physician time per case and a 70% reduction to in-person medical visits. Differentials such as this can be game-changing in scenarios such as the current spread of coronavirus.
I am thrilled to be moderating this free webinar next week, about the telehealth time machine and more, when three of the world’s foremost experts in the field will explain:
- Why remote micro-consultations need to become the new normal, immediately.
- How asynchronous telehealth is delivering an 85% reduction in physician time per case.
- How Artificial Intelligence (AI) can become Augmented Intelligence for healthcare practitioners.
- How telehealth can optimize the most critical metrics for any insurance company: customer satisfaction, physician time and budget.
The expert speakers are:
- Michelle Elmore, Head of International Healthcare Business Development at Collinson
- Dominic Gantner, CSO Austria & Southeast Europe Region at Allianz Partners
- Kim-Fredrik Schneider, Co-Founder and CEO of Abi Global Health
Telehealth is a technology whose time has undoubtedly come. Find out why telehealth is the greatest ally for doctors, consumers, and the insurance industry during the pandemic and beyond.
For more webinars click here.
Headline image by Andrea Piacquadio from Pexels
