Healthcare Site Selection: How to Apply Healthcare Analytics

Healthcare Site Selection: How to Apply Healthcare Analytics

The use of analytics for healthcare site selection and marketing strategies is a must.

There is no denying it – the use of analytics for healthcare site selection and marketing strategies is a must.  Healthcare providers have historically relied on a perceived knowledge of the market when formulating their site selection direction, but if you choose to neglect this essential due diligence, you are bound to be left in the dust by your competition. 

Here is a guide to begin making more informed decisions regarding healthcare site selection using healthcare analytics:

Identify Your Patients

These days, patient profiling must go deeper than demographics and provide you with psychographic information on the lifestyles of your core patient groups, allowing you to understand who your patients are, and more importantly who they are not, at a level of detail not possible with basic demographic or patient data.

What could your organization accomplish with a centralized view of patients?

Determine Where Are These Patients Located?

Drive-time definitions are essential when assessing how far someone is willing to travel to visit a physician or location within your network. So, once patients have been identified, the next step is to understand the geographies from which these patients are traveling to utilize your services. Avoid using outdated means of defining these trade areas.  Radial rings, zip codes and/or other political boundaries are not an accurate measure of a patient’s convenience factor. 

Great. Now what?

You have studied your existing patients, defined appropriate trade areas and determined what additional data should factor into your decision-making. Your healthcare analytics model can now be used to:

  • Prioritize markets and evaluate sites
  • Forecast visits for any potential facility
  • Infill existing healthcare markets
  • Optimize your footprint for each service line

Using healthcare analytics to help your healthcare site selection takes the guesswork out of the equation and allows you to focus on the most important elements of your business – the quality of care you provide and the experience that your patients enjoy in your optimally-located facilities. 

Buxton’s solution provides the in-depth consumer insights you need to make confident, accurate real estate decisions. If you are ready to utilize insights that allow you to identify high performing facilities in each market and avoid underperforming facilities, let’s chat.