Adapting Your Growth Strategy to Meet the Needs of Aging and Racially and Ethnically Diverse Patient Populations
By Michael Shipley
Senior Product Manager
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Tags: Blog, physician referral, Stratasan, strategic growth, strategic growth planning, strategic planning, data analytics, data-driven decisions, data strategy, growth planning, health care, health data, health strategist, health strategy, health system, health systems, healthcare, healthcare budget, healthcare planning, healthcare strategic growth, healthcare strategic planning, healthcare strategy, healthcare systems, hospital, hospital planning, hospital strategic planning, hospital strategy, hospitals, Inpatient Statistics, markeitng, Market Share, nashville, Physicians, Population Health Management, referral data, referrals, healthcare market share, marketing research, patient population, service area growth, service line growth, strategic growth plan, physician outreach strategy, Hospital growth plan, healthcare leadership, healthcare market data, hospital growth, physician patterns, patient experience, customer experience, physician strategy, diversity, data confidence, outmigration, physician referral leakage, outpatient, HOPD, 2022, Patient Origin, Syntellis, healthcare annual planning
How to Systematically Kick-start Growth
Hospital market share is measured by the breadth of services offered, distance to customers, public perception, and physician capacity. While this measurement is valid, it's also becoming increasingly complex to calculate as major shifts happen around how care is delivered.
As discussed in a recent HealthLeaders Magazine article, “To win the market share battle, healthcare organizations must first redefine what it is and then build strategies that take advantage of the shifts in healthcare delivery.” Author Phillip Betbeze explains that the new indicators of market share include patient access (measured in part by ambulatory services growth, physician practices, and other service locations), physician claims data (outpatient surgery volume and growth, traditional office visits, and even telemedicine), and the cohesive network of services that make them a must-have for insurers’ narrow networks.
Strategies for how to measure market share (and plan for growth) must change alongside the shifts in care delivery. Executing a SWOT Analysis of your market share allows you to take into account the many new factors impacting care delivery. This analysis will also provide an actionable outline of where to focus when mapping out your strategic growth plan.
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Tags: data analysis, market share, healthcare market share, market share growth, SWOT
The pressure to compete and expand market share is at an all-time high for hospitals and health systems. Providers in many markets are feeling the impact of reduced patient payments, competitor maneuvers, and new market entrants. Looking for new opportunities for service area growth, hospitals and health systems often rely on their instincts, local knowledge, or attempt to draw guidance from raw market data. Too often, these tactics lead to frustrating ends—growth plans that prove unsuccessful and year-end budget frustration.
New, trackable strategies must be enacted for the growth and change that is needed. Consideration of these five key areas will allow your hospital or health system to identify the best potential opportunities within a service area and guide your team toward more productive growth strategy and planning.
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Tags: Blog, strategic planning, demonstration, health care, healthcare, Market Share, market share, healthcare market share, healthcare service area, market share growth, service area growth
How to Grow and Stay Relevant in the Evolving Healthcare Space
By Morgan Atkins and Daniel Dreaden
It has been predicted that 2019 will be marked by many changes in the healthcare industry. The progression towards more cost effective and convenient healthcare will continue to motivate mergers and acquisitions that will disrupt the status quo and alter the way consumers interface with this industry.
"In overwhelming numbers, consumers are willing to abandon old [healthcare] models for more efficient, convenient care… We are seeing this go far beyond flu shots." Ceci Connolly, managing director of PwC's Health Research Institute, said during a webinar on the study.
The shifting dynamics of healthcare will continue to drive providers of all sizes to remain flexible and open to new possibilities. Here are four ways hospitals can embrace these changes, stay competitive, and see growth in 2019.
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Tags: strategic growth, strategic planning, healthcare planning, healthcare growth, healthcare market share, healthcare trends, healthcare mergers and acquisitions
Why It’s Critical to Analyze Multiple Market Factors For True Growth Insight
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.
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Tags: healthcare, healthcare data, Market Share, healthcare analytics partner, healthcare market share, market share growth, healthcare market data
Is 30% market share "good"? 50%? How about 75%?
What should be your target market share?These are questions that Strategic Planners and Hospital CEOs wrestle with. With decades of strategic planning expertise, we have gut feelings when we get to know a market what a target should be. This article outlines both that gut feel and a mathematical model to help select a target.
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Tags: strategic planning, Market Share, healthcare market share, market share growth, Hospital growth plan
