Harvard Case - Beam Dental (B)
"Beam Dental (B)" Harvard business case study is written by Rembrand Koning, Alicia Dadlani. It deals with the challenges in the field of Strategy. The case study is 5 page(s) long and it was first published on : Oct 3, 2022
At Fern Fort University, we recommend that Beam Dental pursue a strategic growth strategy focused on disruptive innovation within the dental insurance market. This strategy involves leveraging their technology and analytics capabilities to create a value proposition centered around personalized dental care and improved patient outcomes. Beam should prioritize market penetration within existing segments while exploring market development in new geographic areas and product development to expand their service offerings. This strategy will be supported by a robust digital transformation strategy and a focus on building strategic alliances with key stakeholders in the healthcare ecosystem.
2. Background
Beam Dental is a dental insurance company founded in 2014 with a mission to improve access to affordable and high-quality dental care. They differentiate themselves through their innovative use of technology and analytics to personalize care plans and incentivize preventative care. The case study focuses on Beam's decision to expand its operations beyond its initial market in California.
The main protagonists are:
- Alex Frommeyer: CEO and co-founder of Beam Dental, responsible for strategic direction and overall growth.
- The Beam Dental Team: A team of experienced professionals in dental insurance, technology, and analytics.
- Potential Investors: Key stakeholders interested in Beam's expansion plans and future growth.
3. Analysis of the Case Study
Industry Analysis: The dental insurance market is a mature industry with established players and a complex regulatory environment. However, it is also undergoing significant change due to factors like rising healthcare costs, technological advancements, and consumer demand for personalized care.
Porter's Five Forces Analysis:
- Threat of New Entrants: Moderate - Barriers to entry are relatively high due to regulatory requirements and the need for significant capital investment.
- Bargaining Power of Buyers: Moderate - Consumers have limited options for dental insurance, but they are increasingly price-sensitive and demanding more value.
- Bargaining Power of Suppliers: Low - Dental providers are numerous and have limited bargaining power due to competition.
- Threat of Substitute Products: Low - There are no direct substitutes for dental insurance, but alternative payment models like direct-to-consumer dental care are emerging.
- Rivalry Among Existing Competitors: High - The market is dominated by large, established players with significant market share.
SWOT Analysis:
Strengths:
- Innovative technology and analytics: Beam's platform leverages data to personalize care plans and incentivize preventative care.
- Strong brand reputation: Beam has built a positive reputation for its customer-centric approach and innovative services.
- Experienced leadership team: The team possesses expertise in dental insurance, technology, and business development.
Weaknesses:
- Limited geographic reach: Beam's operations are currently concentrated in California, limiting its market potential.
- Dependence on technology: Beam's success relies heavily on its technology platform, which could be vulnerable to disruptions or security breaches.
- Limited financial resources: As a relatively new company, Beam may face challenges in securing funding for expansion.
Opportunities:
- Expanding into new markets: There is significant potential for growth in other states and regions.
- Developing new product offerings: Beam can leverage its technology to create new services like telehealth dental care or personalized oral health plans.
- Building strategic alliances: Partnerships with healthcare providers, technology companies, and other stakeholders can create new opportunities.
Threats:
- Increased competition: New entrants and existing players are increasingly focusing on innovation and technology.
- Regulatory changes: The dental insurance industry is subject to evolving regulations that could impact Beam's operations.
- Economic downturns: Economic instability could lead to decreased demand for dental insurance.
Value Chain Analysis:
Beam's value chain is characterized by its strong focus on technology and data analytics. Its key activities include:
- Research and Development: Developing and improving its proprietary technology platform.
- Operations: Managing customer enrollment, claims processing, and provider network management.
- Marketing and Sales: Reaching potential customers through digital marketing, partnerships, and direct sales.
- Customer Service: Providing high-quality support to members and providers.
Business Model Innovation: Beam's business model is based on a subscription-based approach to dental insurance. It leverages technology to provide personalized care plans, incentivize preventative care, and improve patient outcomes. This approach creates value for both customers and providers, leading to increased customer satisfaction and improved health outcomes.
Strategic Planning: Beam's strategic planning process should focus on:
- Defining a clear vision and mission: Articulating Beam's long-term goals and its commitment to improving dental care.
- Developing a comprehensive growth strategy: Identifying target markets, developing new products and services, and securing necessary resources.
- Establishing key performance indicators (KPIs): Measuring progress towards strategic goals and identifying areas for improvement.
4. Recommendations
Beam Dental should pursue a multi-pronged growth strategy based on the following recommendations:
1. Disruptive Innovation:
- Focus on personalized dental care: Leverage technology and analytics to create customized care plans based on individual patient needs and risk profiles.
- Incentivize preventative care: Offer rewards and discounts for preventive services to improve oral health and reduce overall healthcare costs.
- Develop a data-driven approach to care: Utilize data analytics to identify trends, predict patient needs, and improve care outcomes.
2. Market Expansion:
- Prioritize market penetration: Focus on increasing market share within existing segments in California through targeted marketing campaigns and strategic partnerships.
- Explore market development: Expand into new geographic markets, starting with states with similar demographics and regulatory environments to California.
- Consider strategic acquisitions: Explore opportunities to acquire smaller dental insurance companies or technology startups to accelerate growth and expand market reach.
3. Product Development:
- Expand service offerings: Introduce new products and services like telehealth dental care, virtual consultations, and personalized oral health plans.
- Develop a comprehensive digital platform: Integrate all services and data into a user-friendly platform for seamless customer experience.
- Partner with dental technology companies: Explore collaborations to integrate cutting-edge technologies like AI and machine learning into care delivery.
4. Strategic Alliances:
- Build partnerships with healthcare providers: Establish strong relationships with dental providers to ensure access to high-quality care and expand network reach.
- Collaborate with technology companies: Partner with companies specializing in data analytics, telehealth, and other relevant technologies to enhance platform capabilities.
- Engage with government agencies: Work with state and federal agencies to advocate for policies that promote access to affordable dental care and support innovation in the industry.
5. Digital Transformation Strategy:
- Invest in technology infrastructure: Build a robust and scalable technology platform to support growth and innovation.
- Enhance data analytics capabilities: Develop a sophisticated data analytics team to leverage data for personalized care, risk assessment, and operational efficiency.
- Implement a customer-centric digital strategy: Create a seamless and user-friendly digital experience for customers across all touchpoints.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Beam's core competencies in technology and analytics and its mission to improve access to affordable and high-quality dental care.
- External customers and internal clients: The recommendations address the needs of both customers and providers by offering personalized care, incentivizing preventative care, and improving overall health outcomes.
- Competitors: The recommendations aim to create a sustainable competitive advantage by leveraging technology and data analytics to differentiate Beam from its competitors.
- Attractiveness: The recommendations are expected to generate significant value for Beam through increased market share, revenue growth, and improved customer satisfaction.
6. Conclusion
Beam Dental has a unique opportunity to disrupt the traditional dental insurance market by leveraging its technology and analytics capabilities to create a personalized and data-driven approach to care. By pursuing a strategic growth strategy focused on disruptive innovation, market expansion, product development, and strategic alliances, Beam can establish itself as a leading player in the industry and achieve its mission of improving access to affordable and high-quality dental care.
7. Discussion
Other Alternatives:
- Focusing solely on market penetration in California: This approach would limit Beam's growth potential and expose it to increased competition within a mature market.
- Acquiring a large, established dental insurance company: This strategy would require significant capital investment and could be risky due to potential integration challenges.
Risks and Key Assumptions:
- Technology disruptions: Beam's success relies heavily on its technology platform, which could be vulnerable to disruptions or security breaches.
- Regulatory changes: The dental insurance industry is subject to evolving regulations that could impact Beam's operations.
- Competition: New entrants and existing players are increasingly focusing on innovation and technology, posing a significant competitive threat.
Assumptions:
- Beam's technology platform will continue to be innovative and effective in delivering personalized care.
- The demand for personalized dental care and preventative services will continue to grow.
- Beam will be able to secure the necessary funding to support its growth strategy.
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource requirements for each recommendation.
- Secure funding: Identify potential investors and secure the necessary capital to support expansion and product development.
- Build a strong team: Recruit and retain talented individuals with expertise in technology, data analytics, and healthcare.
- Implement a robust digital transformation strategy: Invest in technology infrastructure, data analytics capabilities, and a customer-centric digital experience.
- Monitor progress and adjust strategy: Regularly evaluate performance against key performance indicators (KPIs) and make adjustments as needed.
By taking these steps, Beam Dental can position itself for sustainable growth and success in the evolving dental insurance market.
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Case Description
In May 2016, venture-backed Beam Dental was on the brink of financial collapse. Cofounder and CEO Alex Frommeyer weighed the unattractive terms of a bridge loan offered by Beam's largest investor. Frommeyer needed to decide whether to accept the terms or concede defeat and close the company. This case is the second case in a two-part series (original case 723-355); the A case has two supplements (723-374 and 723-375).
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