Adapting Your Growth Strategy to Meet the Needs of Aging and Racially and Ethnically Diverse Patient Populations
By Michael Shipley
Senior Product Manager
By Michael Shipley
Senior Product Manager
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
While vital to growth, service line development can be risky and typically requires a significant time and financial investment. In order to minimize risk and expand your service offerings more effectively, hospitals need reliable, data-based intelligence to guide their efforts.
In this post, we consider four ways to identify pockets of unmet demand and consider how to add new facilities in these areas. We’ll highlight some common mistakes providers often make and discuss how to get a more detailed understanding of your patient population so you can focus on the right service line growth opportunities.
By Jason Moore
Hospitals have traditionally created an annual strategic plan as a roadmap for achieving growth goals. While still an important step in the growth process, it's becoming clear that a stand alone annual plan won't cut it in today's healthcare world.
This annual routine has been driven by annual data reporting—a factor that is changing due to increased adoption of the frequently updated all-payer claims data (APCD). Stratasan’s APCD updates monthly, for example, allowing for more frequent market reporting that can lead to plan adjustments.
There is also reason to believe that plans are more widely adopted when more members of the organization are invested in the process. This can be a difficult change in mindset for organizations accustomed to planning that takes place only at the c-suite level.
How can hospitals shift to take advantage of more readily available data insights and make changes that will ensure greater adoption? The answer is an iterative planning process that invites organization-wide input and applies data-backed market insights.
Independent hospitals face undeniable challenges in today’s stressful, competitive healthcare environment. The estimated 1,609 independent hospitals in the U.S. must go at it alone in the world of declining reimbursement, increasing expenses, declining inpatient volume, new competition, and provider shortages. Consider these stats:
In the face of these challenges, a 2011 to 2015 Definitive Healthcare analysis identified a concerning trend: only 143 out of around 1,450 independent hospitals could be classified as “high-performing,” based on a median operating margin of at least four percent.
The benefits of systemization are well touted: increased efficiency, lower costs, increased quality, economies of scale, increased access to capital, greater talent and intellectual resources, increased leverage with payers resulting in increased reimbursement. However, there is debate around how recent megamergers will fail, and on March 16, 2016, Paul B. Ginsberg, lauded economist, testified before the California Senate Committee on Health on fostering competition in consolidated markets and stated, “The research literature on hospital mergers is now substantial and shows that mergers lead to higher prices, although without any measured impact on quality.” In light of his testimony, we want to consider how stand-alone hospitals can succeed in today’s difficult healthcare environment. Being an independent hospital has advantages, and those must be used as the basis of short- and long-term strategic planning for success.
In the past decade, patient experience has been a game changer for providers looking to surpass the competition and increase community impact. “Improving the patient experience can help a hospital improve its financial performance by strengthening customer loyalty, building reputation and brand, and boosting utilization of hospital services through increased referrals to family and friends,” states a recent report from the Deloitte Center for Health Solutions.
Fostering positive customer experience is the secret sauce for any organization. While different terminology is used across industries, the concept is the same: focus on delighting the people you are serving. As a healthcare provider, arming oneself with an understanding of what an excellent patient experience looks like will be a key component to meeting your hospital’s long term goals.
By Jason Moore
The rapid progression of healthcare means it’s more important than ever for hospitals to understand how they should evolve. The need for the right data to make the best strategic decisions possible has become a critical component to growth.
Through our applications and our services, Stratasan makes it easier for hospitals and healthcare systems to turn their data into intelligence and make data-based decisions that’ll help them grow strategically and stay competitive.
I recently chatted with Jon Lay, Founder at Hanno, and discussed these ideas, which were recorded in this podcast conversation.
Tags: healthcare analytics partner, healthcare growth, healthcare patient, strategic growth plan, Hospital growth plan, healthcare market data, healthcare data analytics, hospital growth, podcast, growth mindset
Stratasan understands how paramount change is to progress. We strive to be trailblazers in the healthcare space, developing innovative tools and services that address our clients' growth goals. The best way we can effectively lead our clients and provide value is by innovative thinking that challenges the status quo. Our goal is to empower our customers with the strategies that will equip them to more effectively face a challenging and ever-evolving healthcare industry.
At the heart of innovation is the ability to reframe your perspective. Henry Ford once said "If I had asked people what they wanted, they would have said faster horses." Often, the question itself limits what you think the possibilities are. If you have an open mind about the possibilities, you maximize your chances of building effective and unexpected solutions.
Tags: strategic growth planning, strategic planning, strategy, growth, growth planning, healthcare strategy, working smarter, healthcare growth, healthcare trends, leadership, change, healthcare leadership, development, core values, hospital growth
It is true that patients will go to the hospital closest to them IF all other factors are equal. But the reality is — all other factors are typically not equal. Here’s what we’ve found to be true when it comes to driving hospital volume: