Whether you’re planning to open a new primary care location, dental clinic, ambulatory care center or a specialty health facility, you must ask yourself these questions to avoid making a costly mistake.
Can the market support my location?
At first glance, you may be able to answer that yes, this market is ripe for expansion. But, have you done your due diligence and accounted for other externalities that may impact your decision? The market may only be able to support one clinic, when you were planning for three. The best way to get started with healthcare market planning is to use analytics.
Predictive analytics will help you assess the market potential for your location and give you a roadmap for growth.
Which sites will present the best opportunity?
Once you’ve identified that a market has potential to support your healthcare facility aspirations, it’s time to pick a site. In our consumer-driven world the old adage of “location, location, location” no longer applies. To drive growth and long-term success, facility planners must take a patient-centric approach to site selection.
Leveraging patient analytics will support your growth initiative by helping you understand who your best patients are, where they and others like them are located in your prospective market, and the potential value of these patients to your new facility. Using a site selection solution powered by patient analytics will allow you to forecast visits at potential locations, optimize service offerings at your new facility and give you the insights to make confident real estate decisions.
How will I attract new patients to my location?
You’ve spent the time reviewing the market, carefully selecting your site and services, and building potential patient profiles, now how do you get these patients to your location?
Use patient analytics to enhance your direct marketing. Not all households near your location will become patients, so don’t waste valuable time and countless dollars on consumers that will have little value to your facility. Increase your return on investment by segmenting your patients to identify those with the highest lifetime value and lowest cost to acquire and only target market to these households.
How do I get started with analytics?
While these are important questions to ask when beginning your real estate planning, there are many other considerations. Learn how Buxton can address your most pressing questions and help you grow your practice with confidence using analytics.