The term ‘transformation’ has been heralded as the defining motif of the decade. In an economy that increasingly prizes meaningful change, healthcare organisations and businesses are being called to act not just as suppliers of products or services but as catalysts for personal, societal and planetary transformation.
The Rise of the Transformation Economy
This decade is witnessing a pivot from digital transformation to customer transformation. Digital technology remains crucial, yet its role has evolved from revamping internal processes to enabling personal growth. Companies now strive to embody their customers’ aspirations, championing sustainability, diversity, health and happiness.
The Transformational Economy takes centre stage and is defined as an economy where business success is measured by its positive influence on customers or patients. This concept of transformation extends to the self, society, and the planet. Self-transformation focuses on health and happiness; societal transformation emphasises inclusion and equity, and planetary transformation concerns sustainability and climate action. These aspirations for change shape the future of commerce, compelling businesses to adapt and create value that resonates deeply with people’s evolving priorities and values, regardless of whether they are considered customers or patients.
Healthcare organisations and businesses alike must embark on providing customer transformations. Companies should play a significant role in sculpting a better world, fulfilling the aspirations that matter most in life: health, well-being, and happiness.
Transformational Healthcare
In a transformational era where individuals are increasingly invested in change, healthcare stands at the forefront of industries ripe for revolution. Healthcare, inherently committed to improving individuals, should be naturally aligned with these transformational dynamics. However, the sector’s traditional beliefs suggest that patients are not adherent to medical advice due to a lack of motivation or understanding. Yet, evidence points to a more nuanced reality: patients are more engaged than ever in their health, but the onus lies on healthcare providers to engage with patients’ solutions.
But engagement is not merely about providing solutions. People are no longer passive recipients of healthcare; they are aspirational, actively seeking to realise dreams and desires deeply rooted in universal values of health and happiness. There’s a shift towards ‘Healthusiasm’, where individuals manage their health proactively, wielding technology as a powerful ally. This starkly contrasts the healthcare industry’s historically paternalistic and system-centric approach, which often sees patients as passive participants in their health journey.
A client-based approach is essential to provide more engaging health solutions. This approach is exemplified by the evolution of personal trainers from authoritative figures to empathetic coaches who consider clients’ expectations and aspirations. Healthcare must take a leaf out of this book, moving away from a ‘one size fits all’ methodology to personalised care that accounts for the full spectrum of human experience.
Healthcare is undergoing a radical transformation driven by the very aspirations that define our lives. It’s an evolution from the traditional, often fragmented system focused on reactive ‘sick care’ to a holistic, proactive health management paradigm that embraces the full spectrum of human needs and life aspirations. Three areas of healthcare are at the forefront of this revolution: women’s health, mental health, and metabolic health. Each is an excellent example of how healthcare will transform in this decade.
• Women’s Health Transformation
In recent years, women’s health has gained well-deserved recognition. Traditionally, broader healthcare discussions have not fully addressed women’s unique health needs, experiences, or aspirations in life. This oversight had implications for the whole female community. Fortunately, this trend is evolving, thanks to the pioneering efforts of numerous (female) advocates and entrepreneurs. These leaders are advocating for a holistic approach that views women comprehensively. These innovators are not just addressing individual conditions but enhancing healthcare’s inclusivity. This progressive movement is paving the way for a more inclusive healthcare system that appreciates and integrates the full spectrum of women’s health experiences.
• Mental Health Transformation
The surging demand for mental health support has outpaced what the current healthcare system can provide, propelling individuals to take charge of their own well-being. This ‘Healthusiastic’ stance has people seeking diverse and innovative solutions ranging from digital mental health apps and AI-driven therapy platforms to alternative practices like mindfulness and nutritional psychiatry. These self-serviced efforts are expanding the role of mental health in everyday life, underscoring its intrinsic value in human health. This shift is not just reshaping individual health management but will also influence the broader healthcare industry to integrate mental health as a core health management component.
• Metabolic Health Transformation
Metabolic health, a crucial determinant of various bodily functions and disease risks, is emerging as another perfect example of healthcare transformation. Look at how technological advancements such as continuous glucose monitors have extended its relevance beyond diabetes and weight control, placing it firmly in the hands of consumers. This transformation represents a broader move in healthcare—from a traditional focus on disease treatment to proactive health and wellness management—empowered by patient-driven technological tools to extend their health outlook beyond mere disease management. A similar trend is happening with gut health and skin health.
The Transformational Future of Healthcare
Peering into this transformational future, it’s plausible that diseases as we know them could become less central to healthcare. With the focus shifting towards prevention and self-care, traditional disease-centric models may recede in importance. The narrative is changing—no longer is healthcare merely about managing illnesses, but about enhancing health and well-being across the board.
In this future vision, healthcare professionals would have to transform into ‘careguides’, navigating patients through an intricate health and wellness ecosystem that transcends the medical model. The role of these professionals will expand, guiding individuals not only through the healthcare system but through the myriad options in the broader digital health and wellness landscape.
Decentralisation would then emerge as a potent force reshaping healthcare, spreading power from central entities to the edges, where innovation thrives. However, this decentralisation is not just about telehealth or telemonitoring as it is often referred to today. Patients will place themselves at the centre of their own health universe, surrounded by various solutions that increasingly lie outside traditional healthcare systems.
The future points towards a healthcare landscape where the focus is less on diseases and more on enhancing life’s quality. Companies and industries beyond the traditional healthcare realm are stepping into the space of health and self-care, driven by the universal human pursuit of health and happiness. This transformation is not a distant prediction but a burgeoning reality, reshaping the essence of healthcare and leading towards a world where every individual is empowered to manage their health, in sickness and in health.
Transformations beyond healthcare
The march towards a Transformational Economy is reshaping the customer experience across various sectors, not only in healthcare. This economic paradigm shift stems from the universal aspirations to be healthy and happy. Yet, it’s not just healthcare that is pivoting towards transformation; other industries are also charting paths forward, with some even surpassing healthcare in innovation and customer-centric transformations.
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Every facet of our lives plays a significant role in the journey to health and happiness. The spaces we frequent the most, like our homes and workplaces, for example, should significantly impact our health. But activities such as sports, dining, and even our sexuality can also contribute to our health and well-being. Industries traditionally less associated with personal transformation, such as automotive and finance, are also redefining their roles. Cars and mobility solutions, for example, are now focused on health experience while driving. Finance is extending beyond wealth management to encompass well-being, and music transcends entertainment to offer therapeutic benefits. Even the objects we use daily—watches, phones, jewelry, clothing, and shoes—can support our desire to be healthy and happy. Meanwhile, the travel industry has taken it from simple scenic changes in the ’50s to the transformational experiences of today, including wellness retreats and medical tourism. Businesses operating in these environments are uniquely positioned to make an impact on our health, well-being and happiness.
In conclusion, the transformational shift isn’t confined to any single industry but is a societal shift. The Transformation Economy calls on businesses to finely tune into these changes, identifying their role in crafting Customer Transformations that make people feel better, healthier, and happier. Whether it’s through the homes we build, the food we eat, or the leisure activities we pursue, every aspect of life presents an opportunity for businesses to contribute meaningfully to the Life Aspirations of their customers. And that reality is no different for the healthcare industry.
