Healthcare Strategic Growth Blog

Leverage Your SWOT for Actionable Market Share Metrics

Posted by Aaron Frazier on Jan 7, 2020 9:56:41 PM

How Hospitals Can Systematically Kick-start Growth Planning 

By Aaron Frazier

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

4 Ways to Compete in Today’s Hospital Market

Posted by Daniel Dreaden on Jan 7, 2019 9:43:27 PM

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

Your Market Share is Increasing - So What?

Posted by Ashley Graham on Mar 21, 2017 11:36:26 AM

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.

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Tags: healthcare, healthcare data, Market Share, healthcare analytics partner, healthcare market share, market share growth, healthcare market data

5 Key Considerations for Hospital Service Area Growth

Posted by Morgan Atkins on Oct 25, 2016 12:14:30 PM

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 endsgrowth 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

Calculating Adjusted Market Share - accounting for services not offered

Posted by The Stratasan Team on Nov 19, 2013 10:52:37 AM

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

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