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Why Kry Health's Business Model is so successful?

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Kry Health’s Company Overview


Kry Health is a leading digital healthcare provider revolutionizing how healthcare services are delivered. Founded in 2015 and headquartered in Stockholm, Sweden, Kry Health aims to make quality healthcare accessible and convenient for everyone, regardless of location. The company leverages cutting-edge technology to offer various medical services online, including consultations, prescriptions, referrals, and medical advice. The company's team of licensed professionals is committed to providing personalized care to patients right at their fingertips. Kry Health operates in several European countries, including Sweden, Norway, and the UK, and continues to expand its reach, bringing its innovative healthcare solutions to more people around the world. Business Model: Kry Health's business model is centered around its digital healthcare platform, which connects patients with healthcare professionals virtually. The company has developed a user-friendly app where patients can book appointments, consult with doctors via video calls, and receive prescriptions digitally. Kry Health charges a fee for each consultation, providing an affordable and convenient alternative to traditional in-person doctor visits. This model allows Kry Health to operate 24/7, catering to the needs of patients who require immediate medical attention, or those who find it difficult to visit a doctor due to geographical or time constraints. The company also partners with healthcare institutions and insurance companies, offering its platform as a solution to streamline their services and reach more patients. Revenue Model: Kry Health's primary source of revenue is the fees collected from the patients for each consultation. Patients can pay per consultation or opt for a subscription plan, which offers unlimited consultations for a fixed monthly or annual fee. This provides a steady stream of revenue for the company. Additionally, Kry Health generates revenue through partnerships with healthcare institutions and insurance companies. These partners pay a fee to use Kry Health's platform to offer virtual consultations to their patients or policyholders. As the company expands its services and user base, it continues to explore new revenue streams, such as premium features and corporate wellness programs.

https://kry.health/

Country: Sweden

Foundations date: 2014

Type: Private

Sector: Healthcare

Categories: Health


Kry Health’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: wellness, therapeutic value, provides access

Functional: saves time, simplifies, connects, reduces effort, quality, informs


Kry Health’s Related Competitors



Kry Health’s Business Operations


Best in class services:

When a firm brings a product to market, it must first create a compelling product and then field a workforce capable of manufacturing it at a competitive price. Neither task is simple to perform effectively; much managerial effort and scholarly study have been dedicated to these issues. Nevertheless, providing a service involves another aspect: managing clients, who are consumers of the service and may also contribute to its creation.

Customer loyalty:

Customer loyalty is a very successful business strategy. It entails giving consumers value that extends beyond the product or service itself. It is often provided through incentive-based programs such as member discounts, coupons, birthday discounts, and points. Today, most businesses have some kind of incentive-based programs, such as American Airlines, which rewards customers with points for each trip they take with them.

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Healthcare:

The prevention, treatment, and management of disease and maintaining mental and physical well-being via the medical and allied health professionals' services. It includes diagnostic, preventative, remedial, and therapeutic service providers such as physicians, nurses, hospitals, and other private, public, and volunteer organizations. Additionally, it comprises producers of medical equipment and pharmaceuticals, as well as health insurance companies.

Knowledge and time:

It performs qualitative and quantitative analysis to determine the effectiveness of management choices in the public and private sectors. Widely regarded as the world's most renowned management consulting firm. Descriptive knowledge, also called declarative knowledge or propositional knowledge, is a subset of information represented in declarative sentences or indicative propositions by definition. This differentiates specific knowledge from what is usually referred to as know-how or procedural knowledge, as well as knowledge of or acquaintance knowledge.

On-demand economy:

The on-demand economy is described as economic activity generated by digital marketplaces that meet customer demand for products and services via quick access and accessible supply. The supply chain is managed via a highly efficient, intuitive digital mesh built on top of current infrastructure networks. The on-demand economy is transforming commercial behavior in cities worldwide. The number of businesses, the categories covered, and the industry's growth rate are all increasing. Businesses in this new economy are the culmination of years of technological progress and customer behavior change.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Pay as you go:

Pay as you go (PAYG) business models charge based on actual consumption or use of a product or service. Specific mobile phone contracts work on this principle, in which the user may purchase a phone card that provides credit. However, each call is billed separately, and the credit balance is depleted as the minutes are used (in contrast to subscription models where you pay a monthly fee for calls). Pay as you go is another term for pay & go, pay per use, pay per use, or pay-as-you-go.

Solution provider:

A solution provider consolidates all goods and services in a particular domain into a single point of contact. As a result, the client is supplied with a unique know-how to improve efficiency and performance. As a Solution Provider, a business may avoid revenue loss by broadening the scope of the service it offers, which adds value to the product. Additionally, close client interaction enables a better understanding of the customer's habits and requirements, enhancing goods and services.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

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