Healthcare organizations often rely on demographic data to make real estate decisions. While counting rooftops, looking only at traditional data sources, and using your gut used to be enough to make site selection decisions, times have changed.
Healthcare organizations can no longer look at patients with just healthcare in mind. With more options than ever before, patients now take a consumer driven-approach when choosing where to receive healthcare services, making convenience king for most consumers.
If you rely on traditional methods for site selection and expansion, you leave yourself vulnerable to make mistakes and let your competition come in and steal your market share. Get ahead of the competition and tap into consumer insights to uncover hidden growth potential with consumer analytics.
Go Beyond Demographics
Consumers have more options than ever before when it comes to care. Additionally, younger generations like millennials are putting more pressure on healthcare providers to provide easier access to care and adapt to their ever-connected behavior. To truly understand your patient populations and the market opportunity for new locations, and where to put them, you must go beyond demographic data to drive your site selection decisions. Take your demographics to the next level using customer analytics to drive more informed decision making and help you capture market share.
Psychographics in Action
Steve and Jim may be next door neighbors of similar income and age, but their lifestyle characteristics and behavior means they are likely to have varying health needs. Realizing that your market populations are not as similar as you might think is the key to making smart, enduring business decisions for expansion.
If You Build It, Will They Come?
The old adage of if you “build it they will come” used to ring true for any business. But, thanks to innovation in technology across every industry, suppliers working to meet consumer demand must adapt and optimize in order to compete – this is no different for healthcare providers. The shift to patient-centered care and rise in retail clinics, urgent care providers and micro-hospitals has proven that patient loyalty is fading, and convenience is now king when it comes to selecting where to receive care.
This is where consumer analytics can help you be better than your gut. Through consumer analytics, you can create detailed patient profiles uncovering the service line needs, lifestyle choices, behaviors and communications preferences of your patients and others just like them in any market. Combine this information to easily evaluate a locations potential, cannibalization risk, infill opportunities and the optimal service line mix for any location without stepping foot outside of your office through Buxton’s SCOUT web-based platform.
Be Better Than Your Gut When It Comes to Site Selection. Make Data-Driven Decisions
Leveraging consumer analytics tools provides insights that can enhance your decision making and more accurately estimate the needs of your patient populations, helping you answer the tough questions to site selection with data-driven insights. Start opening high performing facilities, and avoid costly mistakes with consumer analytics solutions from Buxton.
Download our whitepaper, “5 Lessons Healthcare Organizations Can Learn from the Retail Sector,” to learn how patient analytics can help your healthcare network grow.