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 Gaining Competitive Advantage - Making your data work for you In today’s competitive healthcare environment, where knowledge about patients is the ultimate key to success, one can no longer afford to make strategic decisions on the basis of generalized demographic data or dated medical statistics. The future success of every healthcare enterprise will be determined by its ability to be patient-centric and to understand where and how patients and prospective patients live – lifestyles and consuming habits. Buxton’s HealthCareID has pioneered the use of household level data for research modeling purposes. Combining its over 250 in-house databases ( including household level data on over 116 million households) with facility patient data, Buxton can tell who prospective patients are, where to locate the facilities to serve those patients and what level of activity the facilities will ultimately realize. Benefits Of HealthCareID With HealthcareID, you will have affordable, fact-based information to guide you in making strategic decisions for your health organization, including:
Need Specific Project Customization Though every client’s needs are different, a number of basic types of projects serve as the foundation for many of our engagements: Patient Profile Using psychographic lifestyle segmentation, Buxton utilizes actual patient addresses, phone numbers, license plates, etc. to geo-code and append segmentation codes. We then identify which segments are most important. Patients who fall in these segments are “core” patients.” Once we know who your “core” patients’ segments are, we can find more patients just like them - anywhere. Each patient profile becomes a guide to targeting potential patients. In addition, we will utilize actual patient data to identify drive time trade area by location. In order to prioritize patients, we compare actual profiles to the profiles within a specific location’s drive time trade area. This prioritizes certain segments as being either primary, secondary, tertiary or other. HealthCareID Models HealthCareID Models are powerful tools that approximate future performance based on past history and present performance. The goal of any modeling activity is to identify, measure and quantify the appropriate variables that best predict performance. Buxton’s HealthCareID process does just that. Benchmark Model Benchmark models work well where there is little or no patient data and limited facility sample size. Buxton’s HealthCareID benchmark models help decision makers by strategically evaluating existing location performance as well as providing the engine that drives forecasts for potential locations. Using Buxton forecasts can often make the difference between selecting an exceptional site or an average site, or even worse – a poor performing site. - Understanding key variables that drive successful locations enables you to evaluate new and existing locations and make better site selection decisions. The HealthCareID model becomes the driver for many decisions, including:
Predictive Model A HealthCareID Predictive Model returns a specific forecasted value for every qualifying location. Forecasting models are most appropriate when transaction data tied to patient addresses is available. Patient data allows Buxton to build its patent -pending drive time gravity models that apply values to every potential patient based on who they are and how far they are located from the medical facility in terms of drive time. These Predictive Models include Buxton’s sophisticated methodologies and data analytics, resulting in the most accurate forecasts in the industry. No other company provides a tool this comprehensive. Standard Deliverables The model will provide you with the tools you need to make strategic business decisions. The deliverables will include an executive summary, actual patient profiles, core patient segmentation, media analysis, drive time trade area analysis, drive time gravity models, facility stabilization calculations, facility network clustering (regional, metro to rural, store type), cannibalization analysis, competition analysis and site score sheet development. Market Optimization Analysis Market Optimization assists in determining the best possible locations for new facilities to maximize your presence within a Metropolitan Statistical Area (MSA), Designated Market Area (DMA), state or region. Buxton will score hundreds of locations per market in order to identify the best combination of locations with minimal or appropriate cannibalization impact.
The Market Optimization analysis optimizes expansion in a particular market. These studies can be conducted as Fill-In, White Papers or both. Fill-In studies leave existing locations in place while searching for additional locations. White Paper studies ignore existing locations and optimize the market as if it were new to your concept. The final locations provide your real estate group with an informative geographical tool to go find the best available real estate in each location. Hot Spot Mapping Hot Spot Mapping helps to determine the best possible locations within a Metropolitan Statistical Area (MSA), Designated Market Area (DMA), state or region. Buxton will utilize an actual patient profile to map households with the greatest propensity to be your patient. This analysis creates market opportunities by quickly and efficiently visualizing your patients within a market. Existing locations and drive time trade areas can be included on the map to protect against cannibalization. The map provides your real estate group with a “hunting license” to seek out the best available real estate in a specific area. Once you target a specific location, you can request a site score from Buxton. Single Site Score Package These packages provide the information and resources necessary to forecast the potential for any site in the U.S. Each package contains site-specific supporting information, score sheets and maps. Score sheets contain basic site information and graphs of variables required by the model and the client to support the forecast. Once you or Buxton identifies a potential site, Buxton will produce a site scoring package that identifies and quantifies the potential performance of the proposed location. These packages provide the necessary information and intelligence required to approve or reject potential locations. Forecasts are not a guarantee of success, but an indicator that the potential is attainable given the variables measured at this site. U.S. Potential This provides a high-level view of the potential number of facilities per Metropolitan Statistical Area (MSA), Designated Market Area (DMA), state or region. Using potential core patient densities and/or benchmarked variables from a completed HealthCareID Model, this product screens the U.S. for the number of potential locations that meet minimum thresholds to support a facility. This enables you to define and prioritize the best markets for expansion, as well as identify which markets to target with Buxton’s Market Optimization Analysis. Targeted Direct Mail Potential patients and their behavior patterns are identified by matching patient data to Buxton’s household databases. These potential patients are then targeted for a direct mail campaign. Buxton supplies the prioritized names.
Utilizing a targeted direct mail approach allows you to focus resources only on those patients whose behavior demonstrates they are most likely to become new patients. A variety of modeling techniques are utilized depending upon the availability and quality of actual data. Name selection techniques include:
Some or all of the techniques listed above may be utilized during your project. To Learn More |
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