While the company name “Jellyfish Health” certainly has given us a unique visual persona and has made our Jellyfish give away a must have for both kids and adults, the question we get asked the most is what do we do really??? What this company has managed to build is a transformational platform that enables all aspects of care delivery to build “Brand Equity”.
The best definition of “Brand Equity” I’ve seen has come from Susan Gunelius who defined it this way; “Brand Equity is the tangible and intangible value that a brand provides positively or negatively to an organization, it’s products, it’s services and it’s bottom-line derived from consumer knowledge, perceptions, and experiences with the brand”.
While quite a mouthful, care delivery organizations are now faced with the reality that their revenue/ price premium are now directly related to both the awareness and goodwill of the consumer. Up to this point, care delivery has been focused on the physician and their patient panels not directly on the consumer. The thought was that by attracting the physician, care delivery would automatically get the patients. With the advent of high deductible plans, employer’s pushing more of the burden to employees, and value based reimbursement that is no longer true.
Essentially, the healthcare business model is morphing from a tightly controlled fee for service insurance model to a market driven by high quality, low cost model where the consumer will make the ultimate decision on their care and where they receive that care. Care delivery is discovering that consumers now care about both the experience and the cost and will make decisions on where they spend their money predicated on the “Brand Equity” displayed. This represents a sea change and forces all aspects of care delivery to reevaluate their existing model and somehow move to a more consumer driven delivery.
How does one do this??? The Jellyfish Platform was built to help care delivery to not only reach out to the consumer in a variety of ways but just as importantly, to help care givers help build the “Brand Equity” required to retain that consumers loyalty. It makes absolutely no sense to impress the consumer with technology that makes it easier for them to deal with you, only to disappoint them with a bad experience once they get there!!!
Whether you look at Disney, Apple, FedEx, or Amazon, their “Brand Equity” is built around the absolute transparency and the ease of use of their products and services. None of these fine organizations did so by accident. They built the infrastructure to support the data gathering that helps them to continuously improve all aspects of their business. Their reward for doing so is customer loyalty, which ultimately improves their bottom-line. If you go to great lengths to take care of the customer, revenue and profits are sure to follow.
Our Jellyfish Health Platform serves as that transformational foundation upon which you can begin to build “Brand Equity”. The breadth of the platform has sometimes startled and overwhelmed those looking for point-to-point solutions. And while we can certainly accommodate those customers, our focus is on those who understand the ultimate value of “Brand Equity”.
If you believe in the law of Diffusion of Innovation, then you know that the 2.5% of the market are the innovators while the next 13.5% represent the early adopters. At 16% you get to the tipping point where the market beats a path to your door.
The challenge that Jellyfish Health has is not selling to people who need what we have but finding the people who believe in what we believe. We believe that without “Brand Equity”, the likelihood of on-going success for any care delivery organization will be short lived. We know consumers are going to be loyal to those organizations that respect their time, their money, their circumstances, and their family. We know that repeat business is easier to maintain than gaining net new business. We know that healthcare is uniquely personal to each of us and yet historically the industry has organized itself around how it get’s paid and how not to get sued, not around us.
Building the Jellyfish “Brand Equity” Platform has truly been a labor of love. All of us regardless of discipline wake up every morning looking for ways to improve both the experiences for both caregivers and consumers. We intend to help lead our industry to the new world of consumerism. We’re looking for like-minded people to work with us to advance the cause.