Patient Share of Care: Share of Wallet for Healthcare – Your Primary Measurement of Patient Loyalty and Revenue Growth
Words from the Team
This whitepaper was created to outline best-practices for measuring, reporting, and building strategy around Patient Share of Care. While hospitals and health systems continue to utilize inpatient market share as their primary driver of strategy development, HSG Patient Share of Care™ is a revenue-based metric that comprehensively evaluates the total spend of a patient on their healthcare services (inpatient, outpatient, ambulatory, post-acute, etc.). Just as other industries utilize measures for “Share of Wallet,” Patient Share of Care should be a health system’s primary metric to measure patient loyalty and inform strategic plan development.
Healthcare systems must be able to measure their capture of the total patient spend on healthcare services in their markets. This is critical under both a fee-for-service or fee-for-value reimbursement environment. Different strategies are required to optimize patient attraction and retention from different patient cohorts. A health system’s primary care patient population requires different strategies to maximize revenue growth compared to an individual in the market that has never stepped foot in a health system’s site of care. Patient Share of Care enables an organization to comprehensively understand how differing patient populations are currently utilizing healthcare services in the market, so strategies can be developed to maximize patient attraction and retention.
We hope you find this whitepaper useful in evaluating and enhancing your current internal processes. If you need an outside perspective, HSG can partner with you to build and execute your Patient Share of Care measurement, reporting, and strategic growth strategy development.
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Summary — About Patient Share of Care / Share of Wallet
HSG Patient Share of Care™ provides health systems with a comprehensive view of their capture of the total patient healthcare dollar. Given the shift in health system revenues from inpatient to outpatient, and ambulatory, and the strategic desire for health systems to control the ambulatory market to increase clinical continuity, being able to comprehensively understand what part of the overall healthcare dollar a health system controls in each care setting is critical to building effective strategy and monitoring/managing performance.
HSG Patient Share of Care™ leverages all-payer, all-sites-of-care claims data – by aggregating and manipulating line-level patient claims data, HSG is able to provide client health systems with customized claims data-based performance measurements and benchmarks for current total market share performance and facilitate development of strategies for improving overall client performance as well as service line and market performance.