We’ve been talking a lot recently about how more healthcare organizations are moving toward a “patient-centric” business model to improve their financial performance, gain market share and enhance overall business/operational efficiency and decision making – even in an environment of increased uncertainty and reduced margins.
But how do you get there?
You take everything back to one question: “Who is my patient?”
It All Starts with the Patient
The most solid foundation for market planning, site selection, marketing, operations and service line decisions is an understanding of who your patients are, which can be accomplished through patient profiling.
Patient profiling gives you an understanding of who your patients are as consumers and allows you to forecast the behavior of both current and future patients.
It allows you to see more than just surface differences and go beyond traditional demographic variables by integrating patient data with other data sets such as psychographic characteristics, including where people shop, what they buy, and what kinds of healthcare services they utilize.
The result is an in-depth description of your best patients – or a patient profile.
Once you have an accurate profile of your core patient, you can then begin to answer your most important business questions, such as the following, with certainty.
- How do we know when we’ve achieved optimum market penetration?
- How many medical facilities will the market support?
- How do we know whether our new locations will perform well?
- How can we prevent extensive patient migration from an existing site to a new site?
- What services lines should we offer at each location?
The Bottom Line
In addition to giving your healthcare organization a patient-centric focus, patient profiles allow you to develop a deeper understanding of your patients’ needs and tastes and to personalize your relationship with them.
In the wake of a changing landscape, you can no longer rely on gut instinct or experience alone when making business decisions that will affect the bottom line.
Patient profiling takes the guesswork out of strategic business decisions, making it an ideal model for healthcare organizations looking to start, grow, or simply retain their current market position by meeting real marketplace needs.
Are you getting all the insights you possibly can from your patient data? If your answer is no, let’s talk about how Buxton can help you achieve your full potential.