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MGMT20143 Think Big - Business Model

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To be completed individually, you are required to prepare a business report that deconstructs an organisation's business model and identifies the critical success factors that make the business sustainable. To undertake this analysis you will need to explore different business models, including those that are frequently seen to achieve sustainable success and high levels of profitability. Your analysis will demonstrate your critical thinking skills and your ability to professionally
articulate your findings.


Before commencing, you must seek your lecturer's approval to undertake an analysis of the business you have chosen. The type of organisation that should be identified for study is one that is relatively new, innovative in how they operate, and have most likely been established in the last five years. No students will be allowed to examine the same business.

Answer

Introduction

Oneview healthcare PLC is a software company that provides solution to patient engagement for healthcare sector. Oneview is known as “Oneview Solution” which focuses on designing of such applications that can give patient engagement solutions for patient`s and family care. The Oneview Company was coined by Mark McCloskey and headquartered in Ireland and Dublin.

Initially, the Oneview solution company was trailed and operated in Ireland`s two hospitals in the year 2008 and 2009. The visionary aspects of the company existence is to provide advance technology machines to healthcare providers and clinics to improve patient satisfaction and achieve healthcare excellence in economics.  

Business Model

The business canvas model is a globally accepted business standard used by various companies of every sector. Business canvas model uses the canvas to design, describe and construct a business model to work on executive tools and techniques and identify value proposition, key resources, and revenue streams and cost structure (Yeon, Lee, Kim, Park, & You, 2015). 

Building blocks

Customer segments

From Garter hype Cycle overview, the oneview solution have the majority of adolescent market as their interactive patient customers. The company focuses on increasing patient engagement by availing good patient experience, quality care, and new facilities to renovate activities. The company is expecting to give single occupying patient rooms. Oneview can be positioned by adopting patient engagement solutions in the developed countries.  


Key partners

Oneview has its implementation team that assists to deliver healthcare facilities to customers. To implement a big project, regional implementation teams include managers and consultants to meet the specific needs to enhance benefits to every customer. Since 2010, the investors are funding the company (Carayon et al., 2014).

System integrators may act as a distributor of services including hardware procurement, hardware support and installation services. Future customer opportunities will be identified by global sales force (Kitapci, Akdogan, & Dortyol, 2014). To fulfil the purpose of sales strategy, the company uses referrals from technology partners, the board of directors, and International Advisory Panel.  

Key activities

The Oneview solution establishes active collaboration among patient and clinical staff. Key drivers for the growth in providing solutions to patient by recognizing waste and inefficiency in the health sector.

Invention of new technology to improve healthcare facilities focuses on providing training to practitioner and drive solution to problems in the healthcare sector. The key activities is to serve the increasing number of patients of chronic diseases such as heart diseases, cancer, obesity, arthritis and diabetes. These diseases are most common and preventable but at high cost (Oneview, 2018).   

Customer relationship

Oneview`s operations depend on the talent of retaining the existing customers and attract new customers. There is a possibility of risk that customers do not renew or terminate the contracts when the previous contract expires. Oneview also suffers from the risk of delay and cancellation of projects, which may be rendered and tendered successfully and only implementation process remains. If this situation occurs with new customers. It would leave negative impression of implementation of business strategy. This adverse impact of new customers affects financial operations and performance (Troutman, 2017).   

Channels

The Oneview healthcare PLC provides electronic system of ordering meals for the patients. Oneview takes care whether the meal content is nutritional or not. The purpose of providing electronic meal facility is to reduce the waste, improve diet and encourage healthy meal. Nurse call provides route service to non-clinical staff. The purpose of nurse call functionality is to reduce nurse workloads and alarm fatigue.

Cost structure

The growth in number of patients have driven to provide cost effective services. Situations encourage healthcare assistants to utilize Patient Engagement solutions as an executive tool to manage expenses in the sector. For example- by collaborating real time technologies to educate and manage patients that are suffering from chronic diseases (Oostrom et al., 2016).    

                                                            (Source: Oneview Healthcare PLC, 2017)

Revenue Streams

Healthcare spending is increasing due to ageing population. In OECD countries, the population of ageing people has increased from 9% in 1960 to 15% in 2010. The population is expected to double in the next 40 years and reach 27% until 2050 (Tonelli, & Riella, 2014).

Key resources

The company has internal generated intangible assets to gain new technical knowledge. The company incur expenditure for development activities, in which it applies research plans and designs to improve and capitalize the product technically and feasibly. Capitalized expenses include direct labor and a proportion of overheads.     

Value Proposition

The company integrate various services except electronic serving meals such as communication systems Skype and Cisco, which enables bedside video calling. Video calling enables severe suffering patient, it allows consulting on video communication.

Another service is emergency button for situations that has to be served as soon as possible. For non-emergency situations, service request are turned and routed to resources.

Critical success factors

The offer and listing under ASX is an important success factor. Oneview has experience of working in diversified culture around the four continents. Oneview understands advance technologies for patient engagement in different geographic area. Oneview assists healthcare providers which generate positive cash flows. Oneview`s implementation executors are assisted by International Advisory Panel. The IAP (International Advisory panel) comprises of 10-experienced professional in the field of healthcare and technology (Domecq et al., 2014).      

Downside risk

There are customers who use Patient Engagement Solution System served by current existing competitors. The patients have contracted with competitors claiming that Oneview Solution is time consuming and costly. New competitors engaging global electronic health record (EHR) system to enter the market. These companies may build well recognized brands and have longer operating histories that enable to manage greater financial resources to expand Patient Engagement Solutions. These solutions may have aggressive sales and marketing services than Oneview (Graffigna et al., 2017).

A greater risk association with failure of Oneview solution is performance and reliability of its technology. It is a risk that Oneview solution may contain defects and errors that is identifiable when new version software is enrolled and installed with existing customers. Typically, Oneview warrants its software system for the whole life. However, defects in existing or developed system may lead to warranty claim which can have adverse effect on Oneview`s financial performance.   

                                                         Business model changes

                                                                     (Source: Oneview Healthcare PLC, 2016)

The company should use more key partners as an implementation structured team, which enables providing services faster.  Oneview weighs diverse workforce including diverse gender population on the workplace. The new business model values its diversified workforce. The company`s business model focuses on hybrid revenue model which collects charges on daily basis on the behalf of initial subscription fees, installation services for hardware (León et al., 2016).

Critical thinking of Strengths and weaknesses

Typically, customers do not subscribe full suite of functionalities in the beginning of the contract. The company should make module designs to up-sell additional functionalities to half subscribed customers to win their confidence. Oneview operates in Patient Engagement solution market. The market was having an estimated value of US$ 5.5 billion in 2014. By 2019, it will reach US$ 13.7 billion, which represents a growth rate of 20%. The company`s sales force targets U.S. Australia and middle east. The company has already sold 1.1 million hospital beds to the target healthcare market (McPake, & Mahal, 2017).  

The weakness of the business operations occur when the company do not serve its existing customers properly. The system software served for the new customers should be carefully examined (Iqbal, Nadeem, & Zaheer, 2015).

Quality of communication

Patient engagement solutions consist a group of IT applications and software designed to invite active participation of patients for care plan. These IT applications facilitates comfortable communication between clinical staff and patients. Digitalization nursing round functions regulate face-to-face communication with patients (Stanimirovic, & Vintar, 2015).  

Recommendation

The Oneview Company should win customer contracts by strongly competing to request for proposal. There should be much delay in responding to proposals to install different healthcare facilities. The company should attract more diversified fund to manage and grow the company (Rosella et al., 2016).   

                                                       (Source: Oneview Healthcare PLC Prospectus, 2016)

Conclusion

The above report reveals and analyses business model of Oneview Healthcare PLC. The company is able to identify threat and opportunities available in the environment. The company is trying to provide healthcare software system to win the confidence of the existing customers and Attract new customers.

References

Carayon, P., Wetterneck, T. B., Rivera-Rodriguez, A. J., Hundt, A. S., Hoonakker, P., Holden, R., & Gurses, A. P. (2014). Human factors systems approach to healthcare quality and patient safety. Applied ergonomics, 45(1), 14-25.

Domecq, J. P., Prutsky, G., Elraiyah, T., Wang, Z., Nabhan, M., Shippee, N., & Erwin, P. (2014). Patient engagement in research: a systematic review. BMC health services research, 14(1), 89.

Graffigna, G., Barello, S., Riva, G., Savarese, M., Menichetti, J., Castelnuovo, G. & Bertoni, A. (2017). Fertilizing a patient engagement ecosystem to innovate healthcare: toward the first italian consensus conference on patient engagement. Frontiers in psychology, 8, 812.

Iqbal, N., Nadeem, W., & Zaheer, A. (2015). Impact of BPR critical success factors on inter-organizational functions: an empirical study. The Business & Management Review, 6(1), 152.

Kitapci, O., Akdogan, C., & Dortyol, I. T. (2014). The impact of service quality dimensions on patient satisfaction, repurchase intentions and word-of-mouth communication in the public healthcare industry. Procedia-Social and Behavioral Sciences, 148, 161-169.

León, M. C., Nieto-Hipólito, J. I., Garibaldi-Beltrán, J., Amaya-Parra, G., Luque-Morales, P., Magaña-Espinoza, P., & Aguilar-Velazco, J. (2016). Designing a model of a digital ecosystem for healthcare and wellness using the business model canvas. Journal of medical systems, 40(6).

McPake, B., & Mahal, A. (2017). Addressing the Needs of an Aging Population in the Health System: The Australian Case. Health Systems & Reform, 3(3), 236-247.

Oneview healthcare PLC prospectus, (2016). Prospectus. Retrieved from: https://www.asx.com.au/asxpdf/20160317/pdf/435x6lvyt54dlt.pdf

Oneview Healthcare PLC, (2017). Oneview CY Results Presentation Final. Retrieved from: https://www.oneviewhealthcare.com/wp-content/uploads/2017/07/2016-Full-Year-Results-Presentation-1.pdf

Oneview, (2018). Investor relations. Retrieved from: https://www.oneviewhealthcare.com/investor-relations/#resource-center

Oostrom, S. H. V., Gijsen, R., Stirbu, I., Korevaar, J. C., Schellevis, F. G., Picavet, H. S. J., & Hoeymans, N. (2016). Time trends in prevalence of chronic diseases and multimorbidity not only due to aging: data from general practices and health surveys. PloS one, 11(8).

Rosella, L. C., Lebenbaum, M., Fitzpatrick, T., O'reilly, D., Wang, J., Booth, G. L., & Wodchis, W. P. (2016). Impact of diabetes on healthcare costs in a population?based cohort: a cost analysis. Diabetic Medicine, 33(3), 395-403.

Stanimirovic, D., & Vintar, M. (2015). The role of information and communication technology in the transformation of the healthcare business model: a case study of Slovenia. Health Information Management Journal, 44(2), 20-32.

Tonelli, M., & Riella, M. (2014). Chronic kidney disease and the aging population. Brazilian Journal of Nephrology, 36(1).

Troutman, M. (2017). Enterprise risk management a key success factor under value-based care: The proliferation of risk-based contracts in today's healthcare environment has made enterprise risk management (ERM) an imperative for provider organizations and health plans. Healthcare Financial Management, 71(12), 66-72.

Yeon, Y., Lee, B., Kim, E., Park, B., & You, H. (2015). Establishment and Application of a Comprehensive Business Model Framework: Focusing on Healthcare Business Models. Journal of Korean Institute of Industrial Engineers, 41(6), 530-539.

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