Defining Value in the Post-COVID-19 Era: Understanding Strategy and Competition in Healthcare

Abstract

The Value 1.0 era was marked as the period in which delivering value to the patient became the aspirational goal of healthcare systems. During this period there was tremendous research devoted to defining value and more importantly, determining which activities and services were considered high value. After the COVID-19 pandemic, there will be an acceleration by providers to implement high value care as resources will be limited and patients will be seeking out providers who can efficiently delivery high value care. The Value 2.0 era will be defined by providers determining which high value activities and services they will offer, and more importantly, which ones they will not offer. Developing a unique value proposition to sustain a competitive advantage is a fundamental principle of business strategy. Understanding the essential tenets of strategy and competition from the business world can be helpful for providers as they navigate the Value 2.0 era.