Getting ahead of the growing competition in today’s healthcare marketplace is more challenging than ever before.
As more providers enter the market and strive to meet consumer demand for ease of access to care and convenience, established healthcare networks need to take note. Compound new competition with shrinking budgets, this leaves networks with few options to maintain market share.
While expansion may not be an option, there are steps you can take to maximize your existing assets to drive organic growth. Ask these questions if it’s time to improve your existing location portfolio:
Are My Facilities in The Right Locations?
The old model of healthcare where opening a new facility in an area of high-demand and low competition meant the patients would come to you. But as competition increases and market migration occurs, it might be time to reevaluate existing facility locations and determine if they still support the previous market demands.
Take time to analyze your market demand density and nearby competition to help you determine which facilities are ripe for growth and which may be in need of relocation or potential closure due to decreased demand.
Use consumer data and analytics to uncover insights on patient behavior to determine which facilities should be repositioned or relocated, optimized, updated or maintained. A thorough analysis will help you understand if maybe a facility is dilapidated and in need of an upgrade, or just needs to be relocated. An existing facility network analysis will help you determine which facilities are not worth further investment and how best to apply your budget toward locations primed for growth and expansion opportunity.
Am I Offering the Right Service Lines at Each Facility?
After evaluating your existing facility performance, you may have identified which facilities are underperforming. Before closing their doors for good, evaluate whether your service lines match the medical needs in the area. Maybe the existing facility was once a prime location for pediatric services, but due to changes in the market and migration it may be a better fit for cardiac care or geriatrics.
Understanding which service lines are best suited for each trade area could help you optimize your existing locations to better meet the needs of the patients that are most likely to visit that facility. Read our recent post “How to Maximize your Healthcare Assets Through Service Line Growth” for more insight on optimizing existing locations to meet market demand.
Am I Marketing to The Right People Around Each Facility?
After you’ve taken the time to analyze existing locations and reposition facilities with new or additional service lines to meet market demand, it’s time to evaluate whether your marketing is reaching the right households. Consumers have more options than ever when it comes to care, so take time to let them know you now have the services they are looking for.
Understand the lifestyle behavior of your existing patients through consumer analytics and uncover where to find more prospective patients just like them in your market trade areas. Consumer analytics will help you identify key points of entry for patients in the lifecycle of care and how to reach them through targeted marketing to increase their lifetime value. Predictive modeling and consumer analytics can help you drive new patient volume and increase marketing return on investment.
Improve Performance at Existing Locations
Watch our webinar for a deeper look at insights on “Maximizing Assets: Getting the Most Out of Your Existing Facilities.”