Why It’s Critical to Analyze Multiple Market Factors For True Growth Insight
By Morgan Atkins
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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healthcare market share,
market share growth,
healthcare market data
Note: this post is part 3 of a six part series. You can read the first, second, fourth, fifth, and sixth posts or access the whole series here.
Download the Complete Tapestry Segmentation Guide:
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 Tapestry Segmentation to help our clients get higher response rates, focus on the most profitable growth opportunities, and invest their resources in the best ways possible.
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Esri,
esri tapestry segmentation,
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health care,
healthcare,
healthcare data,
Market Share,
marketing,
Tapestry,
tapestry segmentation
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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market share,
healthcare market share,
healthcare service area,
market share growth,
service area growth
Do you calculate your hospital market share by ZIP Code or by County? Come to find out even if your answer is 'by county'; you are likely using ZIP Codes.
When patients register at a hospital, physician's office, surgery center or outpatient imaging center, their address is provided with ZIP code, not county. Many state data programs crosswalk the ZIP Codes to counties in order to create an additional view into the data.
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market share
We are constantly searching for new, effective ways to present intelligence from data. In order to accomplish this, the Stratasan team uses tables, charts, graphs and maps instead of raw data tables alone. Pairing these visual tools with raw data increases the efficacy of our products and adds a necessary element of excitement to the black and white world of data for our customers. The most common requests we fulfill are those around market share. This report specifically benefits from converting the data into visuals. Our goal is to present market share data in a way that clearly displays a hospital’s (and their competitors') presence in a market. We wanted it to be visually interesting while still providing a useful picture of a market area. So, Stratasan is pleased to introduce the Market Dominance Map.
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market share
Market share is a measure of breadth of services offered, distance to customers, public perception and physician capacity. Our hypothesis is, all things being equal; people prefer to go to the closest hospital. It is the "all things being equal" part where we lose patients. If patients perceive a difference in quality, lack of service available locally, or lack of availability to schedule an appointment with a physician; they will pass the closest hospital for another.
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market share
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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Market Share,
healthcare market share,
market share growth,
Hospital growth plan
