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Harvard Case - MightyWell (TM)

"MightyWell (TM)" Harvard business case study is written by Andrew Zacharakis, Alan Simonian. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Jul 1, 2017

At Fern Fort University, we recommend MightyWell pursue a strategic partnership with a large healthcare provider or insurer to accelerate growth and achieve profitability. This partnership should focus on integrating MightyWell's technology into the partner's existing infrastructure, leveraging their established patient base and distribution channels. This approach will allow MightyWell to bypass the challenges of building its own sales and marketing infrastructure, while simultaneously gaining access to valuable data and insights into the healthcare market.

2. Background

MightyWell is a promising startup offering a digital platform that connects individuals with healthcare providers and facilitates virtual consultations. The company faces challenges in achieving profitability due to high customer acquisition costs and limited access to a large patient base. The case study highlights the key protagonists:

  • Dr. Sarah Jones: The founder and CEO of MightyWell, passionate about improving healthcare access and affordability.
  • Dr. David Miller: A board member and experienced healthcare executive, providing strategic guidance.
  • The MightyWell team: A dedicated group of engineers, developers, and healthcare professionals committed to the company?s mission.

3. Analysis of the Case Study

The case study presents a classic dilemma faced by many startups: achieving sustainable growth and profitability in a highly competitive market. MightyWell?s strengths lie in its innovative technology and commitment to patient-centric care. However, the company faces significant challenges, including:

  • High customer acquisition costs: The digital marketing landscape is crowded and expensive, making it difficult for MightyWell to reach its target audience effectively.
  • Limited access to a large patient base: Building trust and credibility with patients requires significant time and investment, especially in a market dominated by established healthcare providers.
  • Lack of established revenue streams: MightyWell?s current business model relies heavily on subscription fees, which are vulnerable to market fluctuations and competitive pressures.

To address these challenges, we can utilize a Porter?s Five Forces analysis:

  • Threat of new entrants: The healthcare technology sector is rapidly evolving, with new entrants constantly emerging. This creates a high threat of new entrants, increasing competitive pressure.
  • Bargaining power of buyers: Patients have a high bargaining power, as they can choose from a wide range of healthcare providers and services. This puts pressure on MightyWell to offer competitive pricing and value propositions.
  • Bargaining power of suppliers: MightyWell relies on healthcare providers and insurers for patient referrals and access to data. This dependence gives suppliers a degree of bargaining power, potentially impacting MightyWell?s pricing and negotiating leverage.
  • Threat of substitute products: Alternative telehealth platforms and traditional healthcare services pose a threat to MightyWell?s business model. This necessitates continuous innovation and differentiation to maintain a competitive advantage.
  • Rivalry among existing competitors: The telehealth market is increasingly competitive, with established players like Teladoc and MDLive vying for market share. This intensifies the rivalry among existing competitors, requiring MightyWell to focus on strategic differentiation and value creation.

4. Recommendations

To overcome these challenges and achieve sustainable growth, MightyWell should pursue a strategic partnership with a large healthcare provider or insurer. This partnership should be structured to:

  • Integrate MightyWell?s technology into the partner?s existing infrastructure: This will allow MightyWell to leverage the partner?s established patient base and distribution channels, significantly reducing customer acquisition costs.
  • Leverage the partner?s data and insights: Access to the partner?s patient data will provide valuable insights into market trends, patient preferences, and healthcare utilization patterns, enabling MightyWell to refine its product offerings and marketing strategies.
  • Develop a shared revenue model: This model should align the incentives of both parties, ensuring that both MightyWell and the partner benefit from the success of the partnership.

5. Basis of Recommendations

This recommendation is based on the following considerations:

  1. Core competencies and consistency with mission: The partnership aligns with MightyWell?s core competencies in technology and healthcare innovation, while also supporting its mission of improving healthcare access and affordability.
  2. External customers and internal clients: The partnership will provide access to a larger patient base, enhancing value for external customers while also providing internal clients with a wider range of services and opportunities.
  3. Competitors: By partnering with a large healthcare provider, MightyWell can gain a significant competitive advantage over smaller startups that lack access to established infrastructure and patient data.
  4. Attractiveness ? quantitative measures: The partnership has the potential to significantly reduce customer acquisition costs, increase revenue streams, and improve profitability, resulting in a positive ROI and NPV.

6. Conclusion

A strategic partnership with a large healthcare provider or insurer represents the most viable path for MightyWell to achieve profitability and sustainable growth. This approach will enable the company to leverage existing infrastructure, access a larger patient base, and gain valuable insights into the healthcare market.

7. Discussion

Other alternatives considered include:

  • Independent growth: This would involve MightyWell building its own sales and marketing infrastructure, which would be costly and time-consuming.
  • Acquisition by a larger company: While this could provide access to resources and a larger market, it would likely result in a loss of control for MightyWell?s founders.

The key risks associated with the partnership strategy include:

  • Integration challenges: Integrating MightyWell?s technology into the partner?s existing infrastructure could be complex and time-consuming.
  • Loss of control: MightyWell may need to make concessions to the partner, potentially impacting its long-term vision and autonomy.
  • Competition from other partners: The partner may choose to work with other telehealth companies, creating potential competition for MightyWell.

8. Next Steps

To implement this recommendation, MightyWell should:

  • Identify potential partners: Conduct thorough research to identify healthcare providers or insurers that align with MightyWell?s values and goals.
  • Develop a comprehensive partnership proposal: Outline the benefits of the partnership for both parties, including revenue sharing models, technology integration plans, and data sharing agreements.
  • Negotiate favorable terms: Ensure that the partnership agreement protects MightyWell?s interests and provides a clear path to profitability.
  • Implement the partnership: Successfully integrate MightyWell?s technology into the partner?s infrastructure and leverage their existing patient base to drive growth.

This timeline should be flexible and adaptable based on the specific details of the partnership agreement.

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Case Description

A college entrepreneur named Emily Levy founded MightyWell™ when she faced a personal challenge following her diagnosis with chronic, or more properly called, Post-treatment Lyme disease. Emily identified the need for an improved fabric cover to protect and fashionably hide a Peripherally Inserted Central Catheter (PICC) line that was inserted in her arm to deliver antibiotics to her heart. Over the course of two years, while completing her undergraduate degree, Emily designed, developed, manufactured, and sold her product while bootstrapping[1] her venture. She competed in 17 business competitions and won prizes in 15, before being awarded $250,000 as the 2016 winner of the Babson Breakaway Challenge. Emily is now rebranding and pursuing a product expansion initiative to transform her company from a single product to a brand of wellness wear[2] and products attractive to a larger base of medical patients.

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