Competitive Intelligence Is Your Insurance Against Disaster
Healthcare Market Research for Smart Decisions
Until now, hospitals and health systems were the only providers who could afford market research data before investing heavily in office locations, new capital equipment or adding new surgeons or associates. In fact, doctors and medical groups often faced making potentially career-altering decisions based solely upon “gut feeling.”
• What is the best location for a new office?
• Can we justify a capital equipment purchase (e.g., an MRI) ?
• Is there sufficient patient demand in the service area?
• Can we justify adding a new surgeon?
• Have we documented key trends and growth opportunities? (Or do we just think we know?)
• Where will the patients come from?” (Where are they located and what are the demographics?)
• Is the competition out-performing our practice? Where do we really stand?”
• What are the strengths and weaknesses of our patient mix?
• Where will our marketing investment have the greatest return?
• How can we quantify our marketing Return-on-Investment (ROI)?
While these kinds of decisions are always difficult, a mistake in a down economy could prove catastrophic.
Compete Intelligently with Current Data You Need to Know
In broad terms, competitive intelligence is the defining, gathering, analyzing and use of information about all aspects of the business/practice environment in order to support strategic decision-making. It allows early identification of opportunities and risks to gain a competitive edge.
Now, you can perform due diligence confidently and make better business decisions based on research data that was previously only available only to big budgets.
Here’s the kind of data that you can have at your fingertips to validate assumptions, create workable plans, answer financial and investment concerns, and reduce risk with sound decision-making:
• Detailed hospital inpatient counters
• Customized market assessment that identifies historical and current market share
• Mapping and case volumes to identify and visualize service area growth opportunities
• Practice comparisons within an overall territory
• Outpatient market assessment for current and projected activity
• Physician supply and demand assessment to support physician recruitment decisions
• Evaluation and comparison of facility location options
• Detailed demographic analysis with trends, current and projections
• Key competitor intelligence and business activity
Call Us Before Your Big Decision…
Reliable and current data is a decision-tool you need before investing in new hardware, bigger or additional office space, or bring in a new doctor. It’s simply smart business and the competitive edge you need to make the best possible plan for growth.
Take a few minutes to talk with us today: (800) 656-0907. We’ll help you identify options and solutions.
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