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
The dynamics of physician relations are perpetually changing. For now, there’s a seeming shift in priorities as a generation of physicians are placing greater emphasis on work-life balance and less drawn to managing their own practice. Additionally, as more Boomers reach retirement age, many are seeking options to transition out of full-time practice. Physician liaisons need insight and support as they work to navigate these discussions, track patterns to inform their conversations, and build mutually beneficial relationships. In this post, we’ll discuss in more detail trends in physician recruiting and relations, and how physician liaisons and those in business development can be better equipped to keep pace with the changes.
Retaining and improving bottom line profits is a key priority for healthcare planners and strategists. Often when considering how to grow, patient outmigration and physician referral leakage are top of mind. Patient retention and well-maintained physician relationships are key to maintaining a strong financial standing, especially for rural hospitals.
“25% of rural hospitals nationwide are at a high risk of closing unless their financial situations improve. Of these hospitals, 82% are considered highly essential to their communities,” according to an annual Guidehouse analysis.
Many hospitals within close proximity to large U.S. cities are facing a serious financial challenge: patients who outmigrate to urban hospitals. This can happen due to patient preference or a physician referral, but it’s leading to lost revenue either way.
It’s important to note though, this is not solely a rural hospital concern. A strong physician relations strategy is needed in many large urban areas to ensure you don’t lose patients to the large competitor right down the street.
A community Physician Needs Analysis (PNA) is a valuable asset for hospitals looking to meet the needs of their community through service line growth and physician and provider recruitment. But in order to successfully execute a PNA, you first need your physician database (or roster) to be accurate.
The details of a physician database—physician retirement dates, specialties, affiliation status, and so much more—provide a more complete understanding of what’s in your market. This database can help you answer questions such as: Where is there an oversupply (or undersupply) of physicians? What are the referral patterns of the physicians in my service area? Answers to these questions can directly impact your physician strategy.
Don't miss this related post: Top Methodologies for Determining Physician Need
Maintaining an up-to-date physician database can be a tedious, and often manual, process. The challenge? Collecting all the right information and ensuring that the data you have is current, since physicians are often moving or changing affiliations. In this post, we’ll share the sources we use, and strategies we employ, to make the process of maintaining an accurate physician database more feasible.
It’s well documented that there will be a continued shortage of physicians in the U.S. in the years to come. The Association of American Medical Colleges cites that there will be a deficit of between 61,700 and 94,700 physicians by 2025.1 This knowledge highlights the need for hospitals to regularly conduct a community physician and provider demand analysis to continue to meet the needs of their community, grow service lines, and recruit the physicians they need. In this post, we’ll discuss the best way to do this analysis—the different methodologies used and our recommended process.
Physician shortage continues to be a concern for hospitals and healthcare systems. To combat this shortage, it is critical to develop a physician recruitment plan that will best meet the needs of the community. Recruiting the right number and types of physicians will grow service lines where expansion is needed and add new service lines where needed services do not already exist. That being said, the recruitment process will take time and effort, but the result will be new physicians who fulfill community needs, succeed in their practice, and stay long term. You can improve your physician recruitment strategy in the following ways: