The way patients interact with healthcare services has changed vastly over the past decade. Bring on a pandemic for which the world seemingly was not prepared and the immediate need to change how clinical and medical organizations serve individuals, and suddenly taking even five years to develop the next big innovation in medicine is not a safe option.
Depending on the type of care provided, there can be daily instances that require a healthcare organization to reassess how patients are serviced and evolve at warp speed.
It can be easy to meet the medical needs of a growing number of people moving away from traditional primary care support. Medtail, also known as Medical Retail, helps people get the care they need without waiting months for a traditional primary care appointment.
What is Medtail?
More and more people are seeking medical care, mental health support, and prescription services without stepping foot in a primary care exam room or therapist’s carefully decorated office. Looking back at pre-pandemic data, 30 percent of Americans were already visiting a retail medical clinic for healthcare needs.
It doesn’t seem like the more than 330 million people living in the United States have plans to go backward in terms of how they approach caring for their own health and wellness. Today, patients are taking even more control of their family’s personal health needs, and when it’s time to make decisions, cost and convenience are the top two deciding factors.
Medtail offers convenient medical retail locations and pop-up healthcare clinics to a growing group of people who need affordable help quickly. Many patients are tired of having to jump through hoops and seek ways to meet their healthcare goals without the usual medical red tape. For example,fertility options are more available to people struggling to start a family the natural way.
Consumers don’t want to wait three months for an appointment with a physician they may see for less than 10 minutes or rely on an over-packed Urgent Care for medical assistance. And with theMedtail market projected to hit more than four billion in less than six years, there’s a clear need for regional and nationwide expansion in the industry.
Amazon and Walmartare two retail giants that have actively thrown their hats in the Medtail space. It’s no secret that they have what it takes to provide cost-effective services as quickly as overnight, gaining retail health customers for life.
In March of 2023, Amazon gained the spotlight in the retail healthcare industry when the company purchased One Medical for 3.5 billion dollars. One Medical is a membership-based primary care platform. The medical retailer provides digital clinical appointments and in-office care. With the purchase, Amazon set the bar for innovation in the Medical Retail industry even higher. Now, the e-commerce giant is a Medtail company responsible for providing affordable virtual healthcare services 24 hours a day, seven days a week.
In addition, One Medical offers on-site labs, preventive care, chronic health programs, as well as support for mental health concerns and even the common cold. Amazon and One Medical position the partnership as a way to provide exceptional healthcare to consumers in a better care team environment and at a value.
A rise in the number of freestanding emergency departments (FSEDs) is also being seen in the United States. FSEDS are licensed medical facilities that are separate and unassociated from hospitals that provide emergency care. MedExpress is a Medical Retailer on the rise and reportsover 127 million dollars in revenue annually.
Additionally, freestanding medical chains draw consumers in large numbers because they’re one of the most convenient Medtail options. Convenient chain clinics are usually found in supermarkets, retail stores, and pharmacies like Rite Aid. Freestanding healthcare services allow people to walk into a clinic and receive a clinical diagnosis and treatment for minor illnesses.
Drugstore Expansions or Additions
Medical Retail is starting to dominate the drugstore landscape and drives much of the continued growth across the country. In September 2022, CVS Health spenteight billion dollars to purchase Signify Healthwith the sole intention of commanding more of the Medtail market. On top of that, out-of-office healthcare visits increased by 600 percent after CVS expanded MinuteClinic locations to all of Nevada.
Competition in Medtail and popup retail medical are expected to grow significantly. Again, it’s a matter of which medical retailer can provide the convenience and low-cost service that a large number of younger patients demand. Walgreens is another trusted retail medical chain known for working to meet the healthcare needs of low-income families with speed and empathy. In 2022, the medical retailer spent in excess of $1.3 billion dollars to purchase Sheilds Health Solution.
Randal Retail stays on top of the expansion of Medtail in America and trending technologies to help our customers grow with the industry.
Do your Medical Retail plans include the right strategies for efficient growth that creates new consumers and patients?
Randal Retail Group has seen many new trends come along the way over the past 40 years. Want to connect with us personally for your healthcare operation?