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 traditionally measured by the breadth of services offered, distance to customers, public perception, and physician capacity. But this measurement is 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

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

Hospital Market Share: ZIP Code or County?

Posted by The Stratasan Team on Apr 18, 2014 2:16:28 PM

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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Tags: Market Share, market share

Introducing: Hospital Market Share Dominance Maps

Posted by The Stratasan Team on Jan 4, 2014 9:45:58 AM

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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Tags: GIS, Mapping, Market Share, market share

What Drives Market Share? Distance Matters!

Posted by The Stratasan Team on Dec 31, 2013 2:58:26 PM

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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Tags: strategic planning, Market Share, market share

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