Is 2009 the Year of the Personal Health Record?
Businesses have embraced the Software As A Service (SaaS) model for several years now so it’s no surprise that software service providers are now targeting consumers, especially in the lucrative health care information market. Buried in the avalanche of depressing business news at the end of 2008 was the announced merger between Los Angeles, CA-based MyMedicalRecords.com (MMR) and San Diego, CA-based Favrille, Inc. As a result of the merger, Favrille will cease its biotechnology operations and MMR will increase its business efforts in health care information systems.
Venture industry observers may be more interested in MMR management’s manipulation of capital structure to access public funds, but ad agencies should be watching for something else. MMR intends to rapidly expand its sales and marketing strategy to increase the customer base.
Among its services, MMR sells an online PHR (personal health record) system to consumers, employers and also to physicians who rebrand the system for patients. The firm’s management believes that interest in efficient personal health information systems will explode as part of the new Obama administration’s efforts to fix the nation’s health care system. MMR’s new focus in this area, along with its free access to capital markets, means that competition will heat up in this sector in 2009.
Is your agency ready to craft marketing and advertising campaigns to help the players compete for market share?