What RadioShack's demise can teach hospitals

Amid all the nostalgia for out-of-date technology spawned by the announcement of RadioShack's bankruptcy, the electronics retailer's downfall also provides some important business lessons for hospitals, according to Becker's Hospital Review. First and foremost, the chain's failure to keep pace with the digital revolution provides a cautionary tale for hospitals that are grappling with the challenge of catering to a rapidly changing, more consumer-driven market. Hospitals must respond by sharpening their marketing acumen and brand awareness, as well as adapting to systemic changes such as the shift to value-based purchasing, according to Becker's. Furthermore, hospitals can learn from RadioShack's mistakes by exercising caution with their debt as well as expansion and consolidation plans. Article