There’s no shortage of buzzwords like “big data” in the retail world these days. But what exactly does this mean? And, how can you apply it to your healthcare business?
What does big data mean?
Big data isn’t about how much data you have, but rather how you are putting that data to work. Retailers are getting ahead by combining their existing customer data with external customer data to create an objective view of their customers. The resulting insights from this data, known as customer analytics, tell a story about your best customers or patients and help you make smarter decisions in every aspect of your organization.
Using customer analytics with a partner like Buxton will help you determine who your best customers are and where more potential customers like them are located. This knowledge will help you save time and money, taking the guesswork out of decision making and applying fact-based information to your business goals.
How can you apply data to healthcare businesses?
With more and more data being collected, it’s becoming a valuable resource for every industry, including healthcare. By combining your patient data with third-party data, healthcare organizations can apply the same strategies as top retailers to see patterns and make decisions to retain patients and acquire new patients.
Here are a few examples of how healthcare organizations can turn their patient data into patient analytics:
- Learn how far your patients are willing to travel for care by service line
- Maximize your marketing dollars by learning which channels your patients prefer to receive information
- Make smart real estate decisions by adding locations easily accessible to your best patients
- Identify which patients have a propensity to have a high lifetime value to your practice
- Reduce your cost to acquire new patients
Want to learn more?
Read our recent report “5 Lessons Healthcare Organizations Can Learn from the Retail Sector,” to learn more about why you should take a retail approach to analytics.