Retailers commonly use consumer profiles and predictive analytics to make better business decisions.
This information is powered by the retailer's individual data and combined with external consumer behavior data to provide dynamic customer insights. Healthcare organizations have the power to employ these same strategies to influence their own decision making.
Below, we share a few areas where healthcare organizations can receive data-driven insights and patient analytics to enhance business decisions:
- Site location
Data models can reveal large concentrations of potential patients in one particular area or neighborhood, allowing your organization to visualize where best to open new sites. This data will also help avoid making costly mistakes by opening an underperforming location.
- Medical specialties
Through the use of consumer profiling, organizations can identify the need for particular medical specialties in any trade area. This is crucial when considering the purchase of physician practices or planning expansion into new service lines in new or existing facilities.
- Capital allocations
To avoid opening new sites that are too large or too small, consumer analytics can predict the annual patient visits for a location. This makes it much easier to make decisions concerning square footage and equipment.
- In-store medical clinics
Considering opening a retail clinic? Data insights can reveal if an in-store clinic in a drugstore, supermarket or department store will appeal to your best patients.
Once a new location is opened, it’s necessary to spend marketing dollars to get new patients in the door. Hospital leaders will have the data to show which households in the area match the core patient profile, where more patients like them are located and which of those patients are likely to respond to specific types of marketing messages.
- Nationwide potential
If an organization has national reach, consumer analytics can provide the U.S. potential and identify the precise number of facilities a particular market can support.
What else you can do with analytics?
Put your data to work and start using customer analytics to grow your healthcare market share.