In today’s healthcare environment, it’s challenging for organizations to pinpoint exactly where ripe opportunities exist. This stems from a lack of access to valuable contributing data inputs and/or the ability to conduct analysis on – or across – multiple data sets.
At its crux, identifying healthcare opportunities should be a result of discovering underlying needs within a customer or physician segment, service line, and/or geographical area.
However, many healthcare organizations simply don’t have the necessary analytical power to uncover these valuable insights, partially due to siloed consumer, patient, and physician data.
As a result, it’s important to leverage a tool that can store, organize, and analyze large amounts of data from all corners of the organization. In addition to this, tools that guide users to the most important insights achieve faster time to value – creating high-value opportunities.
Enter Evariant Insights™ Business Planner. With a healthcare business intelligence tool like Evariant Insights Business Planner, healthcare organizations gain insight into a range of opportunities, including new ways to increase in-network referrals, improve patient retention, and drive service line growth. Read on to learn how to identify market opportunities, driving more successful – and integrated – healthcare business development strategies.
Get Granular, Geographic Insights
One of the most powerful ways to identify growth opportunities in healthcare is by taking advantage of geographic insights. This requires studying the demographics, psychographics, and clinical propensity of consumers in a specific region, and then cross-referencing that information with insights on the competitive landscape and provider dynamics. After this analysis is complete, marketers can pinpoint hotspots where there is high clinical demand for a condition – even down to the ZIP level – and translate those needs into growth opportunities.
Before pursuing an opportunity, it’s important to understand which clinical conditions are already tied up by competitors to justify and focus your Best Next Actions. Insights gained through Evariant Insights Business Planner account for services line volumes associated with out-of-network health systems and providers, with additional detail on related diagnoses/procedures, places of service, and patient payer mix. This data allows health systems to more appropriately allocate budget based on the current – and predictive – dynamics of the market.
Optimize and Centralize Patient and Provider Data
If the dynamics of the provider landscape are not fully understood before launching a strategy to capture new market opportunities, your go-to-market efforts may be mistargeted. Data visibility is fundamental for a successful – and coordinated – provider outreach or marketing campaign.
To obtain a ‘bird’s eye view’ of the data available, health systems should organize information into a single, central location. Healthcare data is often siloed, meaning that consumer demographic, patient clinical, and provider activity/referral data is not easily accessible in one place. Business Planner combines data on all these audiences – in addition to other organizational and market metrics – in one central location; then, with AI-enabled analytics, it identifies the most critical opportunities and Best Next Actions.
After eliminating data silos, analysts can better examine – in an integrated fashion – consumer propensities and physician trends via guided discovery pathways and more ad-hoc exploration. These discovery tactics involve a geographic breakdown of consumer and physician activity on a granular, segmented basis. This practice allows users across the organization to see and evaluate business questions like “Where should I focus to grow market share?” or “Which service lines and procedures offer the biggest opportunity for high-value service line growth?” For example, in the past users relied solely on consumer and patient data, but now have access to market-wide clinical activity and provider dynamics to ensure a sound strategy.
Further, once in execution mode, centralized, optimized patient, consumer, provider, and market data allows business development teams to create hyper-targeted audiences for outreach efforts, maximizing ROI through a coordinated, data-driven strategy.
Further, once in execution mode, business development teams can create hyper-targeted audiences for outreach efforts based on centralized and optimized patient, consumer, provider and market data – resulting in maximized ROI through a coordinated, data-driven strategy.
Use Predictive Analytics to Identify Top Opportunities
Since Evariant Insights Business Planner deploys advanced, AI-driven propensity models, health systems are offered the unprecedented ability to identify opportunities before their competition.
This is because propensity models can indicate how likely a consumer is to need services within a specific service line. Consequently, propensity models help healthcare organizations more proactively structure their strategies, focusing on service lines most in-demand and therefore most likely to move the needle.
Business Planner can also be used to identify referral patterns that may inform physician campaigns – or help support consumer campaigns. Users are provided an Opportunity Score based on historical outreach activity, referral volume trends, and other behavior patterns. With these insights, organizations can identify the best physicians to target for referral initiatives, maximizing outreach resources and ultimately ROI of all related business development efforts.
Best Next Action Recommendations through Guided Discovery Pathways
Evariant Insights Business Planner provides users with Top Opportunity Analyses through various guided workflows. This includes rank ordering service lines – down to the sub-service line and procedure level with greatest opportunity – which proactively leads the user to the most relevant patients and providers for outreach based on activity and referral volumes. This is followed by a systematic analysis of competitors with most volume treated in the case of corresponding procedures.
In other words, Top Opportunity Analyses prescribes the Best Next Actions to capture identified opportunities. By predicting the future growth of a geographic market, organizations attain a first mover’s advantage while knowing where to shift their efforts.
Multiple guided discovery pathways help Evariant Insights Business Planner users evaluate opportunities, including:
- Market Activity Analysis – With this analysis, users summarize current market activity. They discover what consumers are being treated for and determine the influence of seasonality. This even shows how many patients undergo certain procedures on a month by month basis – and at which competing or in-network facilities.
- Market Consumer Segmentation – This allows users to compare high propensity consumers in a specific service line vs. the average consumer in that market. Users can drill into both demographic information and the likelihood of consumers responding to marketing campaigns and various channels. For example, cardiac service line patients may be older than the general population, and more likely to respond to direct mail as opposed to emails.
- Referral Analysis – Users may dig into which providers are most influencing activity and referrals patterns related to a service line in a specific geographic area. Additionally, detail is provided on the percentage of activity that is staying in-network versus lost to competitors. For example, are the physicians loyal to one hospital, or do they treat surgical cases at a range of locations?
These discovery pathways outline opportunities for both physician and consumer outreach. For a physician outreach campaign, combining a market activity analysis with a referral analysis reveals hotbed areas for targeting. For marketing campaigns, market consumer segmentation provides invaluable insights on how to best structure patient acquisition campaigns.
Watch this simple example of how an analyst unlocks actionable intelligence and Best Next Actions for his organization using Evariant’s Business Planner:
Track Opportunities for Improvement in Existing Campaigns
As a final step, healthcare organizations must carefully track campaign performance. If a campaign is falling short of expectations, there is always an opportunity for improvement. Healthcare organizations must analyze a campaign’s performance with a preexisting benchmark or concept of what a successful campaign looks like.
Organizations often struggle to reach a consensus when making changes to campaigns. This is partially due to a lack of comprehensive analytics, which encourages healthcare stakeholders to make decisions based on gut feelings and opinions. With the right business insights tool, however, users receive Best Next Actions and ensure that they are using their budget optimally by leveraging physician data with market-level claims data – ultimately leading to a better understanding of the market area or service line.
Once organizations have their Best Next Actions and the associated strategy, it’s time to execute, optimize, and measure results. Marketing can leverage their best-in-suite solutions, such as an HCRM platform, marketing automation technology, and analytics capabilities to execute a multichannel precision marketing campaign. While executing on the strategy, marketing captures leads and crafts a customer journey to double lead-to-patient conversion rates.
On the other side, physician liaisons will leverage PRM tools to better understand provider history and insights from their territory lists. With this information, they can have targeted conversations with physicians, prioritizing via the Provider Opportunity Score. From there, the PRM tool can capture challenges that are discovered during a face-to-face meeting, clearing a path to resolve issues that impact provider loyalty and referral patterns.
All of the resulting success is tracked and measured within the Evariant Patients for Life Platform™ — allowing healthcare marketing and strategy teams to come together to present their coordinated success to leadership. This will leave leadership asking questions like: “What’s next?” and “How can we repeat this success and develop a predictable playbook?” and “Where is our next opportunity?”
When all is said and done, analysts will head back to their original discovery pathways, now able to provide a wealth of foundational knowledge to organizational stakeholders. With this powerful insight in place, marketers and analysts become drivers of institutional change.