This article is the third in a five-part series that will take you step-by-step through the process of becoming a next-generation advisor. It examines the challenges so you will be ready to tackle them head on. You can find the first two articles here:
Suspicious minds: Prepping your team for high-performing health plans
Faster than most expected, non-traditional competitors like Amazon, Walmart, Apple and Google are starting to move into the health care arena, which means brokers are in a vulnerable spot.
Most in our industry are aware of the Amazon, Berkshire Hathaway and JPMorgan Chase joint venture, Haven, a Boston-based independent, nonprofit health care company aimed at increasing patient satisfaction and reducing health care costs. But many are not aware of other ventures that are cropping up. For example, Google's parent company recently invested $375 million in Oscar Health, a new insurer focused on technology and lowering costs for patients. Meanwhile, Walmart will begin piloting its own branded center of excellence providers beginning in 2020.
Amazon, Google, Apple, Walmart and other giants are experts in building for scale by conducting smaller pilots that allow them to establish their operations and KPIs. Once the concept has proven valid, they pour fuel on the fire. In September, Amazon rolled out a trial virtual clinic for their Seattle employees; once they define their model, it will be easily duplicated in other geographic areas.
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