Predictive analytics is a huge buzzword in business today and the healthcare industry is no exception.
Whether your organization is a hospital system, specialty care provider, or urgent care clinic, predictive analytics can support your organization’s growth.
Here are the top 5 benefits of using predictive analytics in healthcare:
Select the right hospital and clinic sites.
Opening a new healthcare facility is an expensive investment. Predictive analytics can help you evaluate sites by forecasting potential visits, measuring the impact of a new facility opening on existing facilities, and evaluating competition by leveraging competitor insights and data so you invest in the right real estate and avoid the expensive mistakes.
- Optimize staffing levels and improve business operations.
How many staff members should you plan to have at your new healthcare facility? By using the visits forecast generated by a predictive analytics model, you can gauge the volume that the facility will likely handle and can optimize your staffing levels accordingly. For existing facilities, you can compare the visits forecast to actual performance to spot business opportunities to improve operations. If the facility has high forecasted performance but low actual visits, perhaps you have operational problems that need to be addressed.
- Identify which households are most likely to respond to marketing messages.
Rather than blanketing a trade area with marketing messages for your healthcare facility, you can identify which households are most likely to respond to your message with a marketing solution that incorporates predictive analytics modeling. Taking a targeted approach to marketing improves return on ad spend and response rate, as this dental clinic case study describes.
- Optimize new and existing business markets.
Predictive analytics are the basis of in-depth market studies, which identify your organization’s optimal number of facilities in a market, the placement of those facilities, and even the order in which you should open the facilities. By achieving the right balance, you can maximize a market’s growth potential and bring the right healthcare services to the areas that need them the most.
- Support long term strategic planning initiatives.
Healthcare organizations use a variety of tools in the long-term strategic planning process and predictive analytics are a helpful resource. Arm your team with another source of insights to assist with important decisions.
Learn more about using predictive analytics solutions to improve your healthcare facility’s operations and expansion plans.