OVERVIEW
Measuring Primary Care Market Share is great to measure patients already in your system. Competitor Market Share is important for hospitals and health systems trying to either acquire new patients or identify factors of revenue loss. Having measurement tools for both new patient acquisitions (Competitor Market Share) as well as optimizing patient retention (Primary Care Market Share) is what can positively impact short- and long-term success.
Read below to learn how HSG’s Insights to Action Methodology helps clients thoroughly understand what competitors in their service areas are doing, how we examine the specific tactics they are implementing to attract patients away, and what we do to help build strategies to win them back.
CHALLENGES
Competitor Market Share looks externally at the competitors (hospitals and health systems) who are stealing those services in your defined market areas.
Some of the unique factors that contribute to your competitors’ success in your markets could include:
- An increasing number of healthcare providers are entering the market each year.
- Competitors may offer specialized services that attract patients away from established hospitals with smaller offerings.
- Competition can be both local and regional, with market border towns feeling particularly affected.
- A loss of patients to competitors leads to decreased revenue and weakened market position.
APPROACH
HSG’s Insights to Action Methodology takes clients through six key steps to identify problems and create long-lasting solutions.
To understand your Competitor Market Share data and identify future growth opportunities, HSG’s data analytics experts:
- Analyze Competitor Market Share data for inpatient services, outpatient services, or both, using disparate data sets and analytic tools.
- Identify growth opportunities to win back patients and revenue through strengths and weaknesses in competitor service delivery.
- Monitor performance and develop ongoing strategies to retain new patients and revenue.
DATA ACQUISITION
What data do we aggregate to solve the problem?
The data acquired depends on the hospital or health system’s focus: inpatient or outpatient services.
- Inpatient Services require state-level Hospital Association data or third-party claims datasets that do not have geographic restrictions, especially in border towns.
- Outpatient Services require third-party claims datasets from both Commercial and Fee-For-Service Medicare.
No matter the focus, these datasets provide comprehensive information on patient demographics, service utilization, and outcomes. Collecting this data is crucial for understanding market dynamics and identifying areas of improvement.
DATA TRANSFORMATION
How do we extract information from the data?
Once the datasets are acquired, HSG’s data experts work to clean, structure, and validate the information. This ensures the data is accurate, consistent, and ready for thorough analysis.
Data Transformation Goal:
- Analyze data systematically from both the organization’s and competitors’ perspectives.
- Compare performance metrics, patient outcomes, and service utilization rates.
- Identify strengths and weaknesses, develop competitive strategies, and improve overall service delivery.
PROFESSIONAL SERVICES
What expertise do we apply to find a solution?
Our expertise is applied mainly to front-end scoping efforts to ensure that we thoroughly understand the client’s needs. This allows us to achieve our data transformation goals and address needs efficiently.
- Expertise is applied to data analysis and validation, which is often supported by third-party advisory support.
- Focus is placed on leveraging data to drive decision-making and improve service delivery
- Health systems typically rely on internal data analytics teams to process and interpret data.
- External consultants may be brought in for specific projects or additional expertise.
PACKAGING
How do we structure and apply our expertise?
HSG utilizes data analytics tools like Tableau or Power BI to create unique visualizations published as Competitor Workbook, accessible through HSG Dashboard.
Through your data visualizations, you can monitor competitor performance to develop strategies to retain patients, improve service delivery, and enhance market position.
Competitor Workbooks:
- Focus on outpatient services, with considerations for inpatient services.
- Provide detailed insights into service utilization, geography-based opportunities, and provider performance.
- Track and trend data within the context of health system competitors.
DELIVERY
When and how do you receive solutions?
Upon completion of data analysis, your Competitor Workbooks are published in HSG Dashboard where they should be reviewed on a consistent basis.
Benefits of Workbooks in HSG Dashboard:
- Provide clients a user-friendly interface for visualizing data, tracking trends, and identifying areas for improvement.
- Publish data with recurring data feeds for up-to-date information and real-time monitoring of performance metrics
- Monitor competitor performance to develop strategies to retain patients, improve service delivery, and enhance market position.
IMPLEMENTATION & MONITORING
How do we provide ongoing support to your organization?
We recommend quarterly check-ins and updates to keep a finger on the pulse of your metrics. These are crucial for efficient data delivery, and we often recommend creating an ongoing partnership with HSG for sustainable success
During check-ins, we work with you to:
- Incorporate data into service line structures, executive leadership structures, or recurring internal meetings.
- Help your team develop targeted strategies, monitor performance, and drive continuous improvement.
- Review dataset updates and ensure your team has access to the latest information and timely decision-making.
CONCLUSION
Understanding your Competitor Market Share is essential for identifying growth opportunities, acquiring new or retaining existing patients, and strengthening your market position. By analyzing both inpatient and outpatient services, healthcare networks can uncover the unique factors contributing to competitors’ success, such as specialized services and increasing provider numbers, and start working towards retention and growth.
When you’re ready to gain back your market share, reach out to DJ Sullivan, and learn more about HSG Advisors’ core services through our LinkedIn page.
