Product Description
A predictive site selection model is one of three primary types of site selection models that Buxton can create for healthcare providers. The model allows you to forecast the performance of any site based on variables that are found to correlate with your organization’s performance. Those variables may include factors such as your unique patient profile, distance decay rates, presence of competitors, co-tenancy, area draw, healthcare supply and demand, cannibalization, and more. Buxton’s analytics team tests potential model variables to determine which ones should be included in a client’s unique model.
Most providers choose to build one predictive model based on their core business, but Buxton can develop multiple models for providers with diversified specialties. This approach is an alternative to the traditional service line model product.
OUTPUT & UTILIZATION
The predictive model is deployed to SCOUT, an application in the Buxton Analytics Platform. When you use the model to score a site, the model generates a site score report with a forecast for the agreed upon metric of performance – typically either visits or revenue. The site score report also provides a list of important model variables with their index scores so you can see how the overall forecast was derived, and the expected cannibalization to existing sites.
DATA REQUIREMENTS*
You provide data such as: Unique location names and addresses, visits volume (or revenue) by month, location open and close dates, patient names and addresses, patient visit history tied to location, addresses of pipeline locations
Buxton provides: Competitor locations, healthcare supply and demand data, consumer demographic/psychographic data, and other variables as needed
Buxton can work with you to set up a data feed to keep your location and patient data up-to-date in the platform.
*Requirements vary based on the model objective and client. Clients who do not wish to provide patient data may consider Buxton’s service line model product.
IMPLEMENTATION
Predictive models typically include one patient profile and require the Buxton Analytics Platform in order to access the site scoring tool.
Predictive models may be used as an input in the following additional products:
- Existing Facilities Assessment
- Potential Analysis
- Scenario Scoring
- Market Optimizer