Stratasan Blog

Your Market Share is Increasing - So What?

Why It’s Critical to Analyze Multiple Market Factors For True Growth Insight

By Ashley Graham

Imagine this scenario: You’re a strategic planner for a healthcare organization, and you discover that your facility has gained market share in your service area. Excited, you put the trended market share into a colorful graph and show it to your executive team.

“Great! So what?

On the surface, this may seem like an odd question. Increased market share is desirable, right?

Well, probably, but by asking ourselves “so what,” we can see that more than just trended market share is needed to provide true strategic value.

Leading Change in Healthcare

A Review: 2017 SHSMD Executive Dialogue


By Lee Ann Lambdin

Between February 21–22, 2017, a group of senior-level strategic executives gathered in Scottsdale, AZ for the SHSMD Executive Dialogue: Leading Change, an interactive seminar with in-depth dialogue about healthcare strategy and marketing. I had the pleasure to attend the meeting and learn from both presenters and other attendees.

 

The learning objectives for this event were the following:

  • Critically consider major changes in healthcare and explore implications for healthcare strategy professionals.
  • Examine in-depth, significant organizational imperatives and the role strategic leaders play in effective planning, implementation, and execution.
  • Gain new insights into the expertise and approaches that will lead to personal and organizational success through open dialogue with recognized experts, along with peer strategic leaders.

With 3 speakers at this conference, one presentation from a sponsor, and an hour of Q&A and discussion after each speaker, there was a great deal of interaction and dialogue between the attendees. There were forty attendees, creating a true sense of intimacy and openness among those in attendance. In short, it was a very worthwhile meeting.

Big Data or The Right Data? Why Hospitals and Healthcare Systems Should Focus on Data Relevant for Strategic Growth

By Tony Camarata

Discussions around “big data” — what it is and why it’s useful — are infiltrating every arena of the healthcare space. Strategic planning, marketing, business development, patient care, and health outcomes are looking to big data for answers.

While the intelligence gained from big data analysis is valuable, there are compelling reasons to believe that working with the right data is far more important than simply having access to, and analysis of, big data.

Pro Tips for Presenting Market Data Visualization to Any Audience


By Morgan Atkins

In the healthcare industry, marketing professionals and strategic growth planners are tasked with the important job of creating stories out of datathe art of visualization. You must take rows upon rows of data and transform it into an easily digestible formata skill that when executed properly, is extremely valuable. Anyone can create a bar graph, but the ability to create visualizations that are meaningful and insightful is an art form. 

How to Strategically Manage Analyst Overload and Master Your Work Queue


By Taylor Smith and Anusha Achukola

As we saw in last week’s blog post, many hospitals and healthcare systems are challenged with having too many analyst needs and too few analysts to complete all the work. As an in-house analyst—working on your own or as a part of a team—you are likely facing a long queue of requests and wishing you could somehow find a better solution to keep up with the demand.

As the amount of data that healthcare organizations collect continues to grow at a rapid rate, the volume of information you and your team will be tasked with analyzing will only continue to grow as well. Without the right tools and workflows, you will continue to struggle to balance it all. 

In last week’s post we outlined a few suggestions for how to overcome the ongoing healthcare analyst shortage. In this post, we’ll address this same issue—but from your perspective.

Specifically, if you are an analyst buried under a pile of reports to be done, we’ve got some practical ways you can update your workflow and manage your work queue—getting more done in less time and with fewer errors.

Healthcare Analysts are in Short Supply: How to Overcome the Challenge

by Lee Ann Lambdin

I hired a great analyst a few years ago. She was skilled with database programs, understood the complexities of the healthcare market, and had previously been a medical records coderin short, she was very talented. The longer she was in her position, the more our state data was reported accurately and on a reliable schedule. It was a huge win for me and my team!

Recognizing her capabilities, I asked if she could start running "quarterly standard reports" that present key findings which could influence how our planning, marketing, and business development departments would function and what we would focus on in the weeks and months to come. These quarterly updates would be high-level summaries of our market landscape and would cover everything from our hospital’s market share, trended volume, competitor positions, product lines, payor mix, patient migration patterns and more.

 

 

5 Ways to Increase Organizational Alignment: It Starts with Data

By Tony Camarata

Is your healthcare system failing to meet annual strategic goals due to a lack of organizational alignment? Studies show that the highest-performing healthcare organizations have a strategic plan that sets a clear direction for all functional teams. This plan succeeds or fails depending upon organization-wide understanding of the goals, tactics, and measurable outcomes needed to fulfill the strategic goals. Conversely, if your team is unable to establish alignment, your health system risks stagnation and year-over-year frustration about your inability to meet goals and expectations.  

Here’s a look at how to improve your hospital’s organizational alignment from top to bottom and and why getting this right could be the key to meeting your 2017 strategic goals.

 

6 Ways to Create More Effective Presentations

How to Be More Insightful and Strategic with Data-Based Findings

by Lee Ann Lambdin and Forrest Rich

At the close of each quarter, strategic planners in the healthcare industry have the opportunity to present quarterly findings and progress updates to executive teams and upper-level management. These quarterly meetings often hold the keys to continued advancement in planned growth-related projects or could be the ideal time to present new ideas. They present key findings to leadership that can change the course of how a hospital’s planning, marketing, and business development departments will function in the weeks and months to come. Therefore, it is critical that you are prepared to tell the best story possible with the data you have on-hand.

Executives will expect these quarterly updates, which are a high-level summary of their market landscape and cover everything from your hospital’s market share, trended volume, competitor positions, product lines, payor mix, patient migration patterns and more, to be presented in a brief, insightful, and visually appealing way. Insights into your progress toward reaching planned goals and new details about emerging market opportunities will need to be clear and easy to interpret and must readily facilitate productive conversation.

In order to deliver the brief, insightful presentations that are expected from leadership, strategic planners must pull and sift through significant amounts of data to determine what details are most important. Planners are then tasked with transforming these meaningful details into a compelling story. Stratasan has compiled a list of six ways to tell a better story with your data.  

The Art (and Science) of Defining a Service Area

by Lee Ann Lambdin and Jason Haley

How to Define a Service Area

The first step in any planning or marketing endeavor for a healthcare organization is service area definition. Before demographics or market share can be run, an appropriate service area must be applied.

There is no one-size-fits-all way to define a service area. In fact, there are several ways to do it. Which one is best? The answer is, it depends. Defining a service area is both art and science.

 

In our years of working with healthcare strategists, marketers, and planners, we’ve found that most organizations define their service areas incorrectly, often defining them larger than they should. In this blog post, we will discuss best practices and highlight the pros and cons of different methods of defining a service area.

Know Your Customer Like Never Before, Part 3: Tapestry Segmentation and Wealthy Urban and Suburban Populations

As learned in the first and second installments of this blog series, it can be quite useful to use Esri's Tapestry Segmentation to target specific populations that your hospital, system, or physicians serve. Tapestry Segmentation was designed specifically to understand your customer’s lifestyle choices – what they buy and how they spend their free time. This information gives Stratasan, and our clients, insights that help identify facility’s patient types, optimal sites for hospitals, physician offices, FSERS, and urgent care locations. We use the Tapestry Segmentation dataset to help our clients get higher response rates, focus on the most profitable growth opportunities, and invest their resources in the best ways possible.