Entrepreneurial Opportunities – American Well Entrepreurship is the process of starting a business from start to end and developing ideas which will hopefully generate profit. Entrepreneurship includes innovation and the evaluation and assumption of risk associated with developing a new business. Entrepreneurial opportunities are those opportunities to introduce new products and services into the market domain. In the telemedicine market domain, entrepreneurial opportunities or innovations are motivated by changes in healthcare law and policy, advancements of technology, the health status of the population, and consumer demand.
In the United States, the purpose of healthcare reform is to improve access the healthcare services while reducing cost. It is well known throughout the healthcare industry that telemedicine technology is the cornerstone of quality healthcare for reduced cost. American Well critically analyzed political, economic, and social factors that have a direct impact entrepreneurial and intrapreneurial opportunities in the telemedicine market domain. This paper will discuss list entrepreneurial opportunities, assess the viability of opportunities, evaluate trends, and determine how trends impact opportunities and sustainability.
Entrepreneurial Opportunities
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Remote monitoring allows clinicians to monitor patients remotely by use of devices that are in the home. Remote monitoring is commonly associated with management of chronic disease. Remote monitoring reduces healthcare cost because of reduction in office visits, the ability to monitor and verify prescription drugs (Khana, 2014). American Well should consider expanding entrepreneurial opportunities in remote monitoring. From the PEST analysis, remote monitoring is predicted to be a lucrative investment due to the increase of chronic disease in the population and the prevalence of disease due to modern