In recent years, healthcare market disrupters have increased their activity and deepened their presence. While not all disrupters are negative, healthcare market analysis significantly changes healthcare operations. Understanding disrupters' prime targets, service strengths, technology integration and local market dynamics is crucial.
Leveraging healthcare market data and hospital market share analysis is essential for identifying competitive threats and opportunities and allows healthcare organizations to adapt and thrive amidst these disruptions.
With access to healthcare market analysis and advanced forecasting capabilities, healthcare organizations can make better-informed decisions with previous trends and outcomes. Here’s how data-driven insights can be leveraged to improve efficiency, enhance patient care and optimize resource allocation.
Here are three ways to use your analytics for strategic planning.
Claims data can bridge short- and long-term strategic goals, driving revenue into facilities faster. Benefits include:
Understanding service line strengths and weaknesses is essential for strategic planning. Service line data can help you:
Incorporating “hard intelligence” data from diverse sources is vital for a comprehensive strategic plan. Examples include claims, demographics and social determinants of health.
Healthcare disrupters are gaining insights into patient needs, developing innovative care models and enhancing customer experiences. Here are three ways to better understand your disruptor:
Based on your organization's size, you can strategically align with hospital market share dynamics and leverage technology, partnerships and data analytics for growth.
We’re already halfway through 2024. The healthcare sector continues to feel the impact of emerging technologies, rapid sector growth and labor shortages — much like in January.
With little to no reported changes, the intensifying challenges McKinsey and Becker’s Hospital Review reported on seem to hold weight as we progress through the end of quarter two. In terms of the healthcare landscape, it’s important to note the following trends and how they affect the system at large:
As reported by Becker’s, advancements in Artificial Intelligence (AI), automation and Electronic Health Records (EHR) have helped to close important care gaps. In addition, virtual care programs and remote patient monitoring have eased clinician and administrative efforts.
To further solidify this, McKinsey found positive projected growth in technology-focused healthcare segments, reporting, “In 2023, we observed an initial recovery in the HST market, supported by lower HST wage pressure and continued adoption of technology by payers and health systems searching for ways to become more efficient (for example, through automation and outsourcing).
Both publications agreed that more doctor and provider solutions are needed to keep up with accelerating value-based care models. However, what solutions and vendors are selected will depend heavily on payers and health systems’ search forf ways to become more efficient.
McKinsey notes that the healthcare industry has adapted to address the demanding conditions in 2023, further positioning itself to return to historical average profit margins. They’ve seen improvement efforts to restore the market that include:
With these initiatives combined, McKinsey predicts that “profit pools for individual and Medicare duals, physician offices and healthcare services and technology are estimated to grow the fastest.”
The healthcare labor market has yet to recover. Unlike previous years, the “worsening numbers problem” (as Becker refers to it) doesn’t solely refer to nurses, technicians, advanced practice providers (APPs) and therapists. Instead, the following factors are leading to a growing physician shortage:
Becker reports that by 2034, the US could experience a shortage between 37,800 and 124,000 primary care and specialist physicians. This could significantly impact payment structures and CMS model development/advancement.
CMS has made significant strides to provide patients with the highest level of health. To ensure fair and just medical opportunities, policies, programs, and systems have been reimagined within a health equity framework, honing in on community needs. These efforts have challenged healthcare providers and organizations to go beyond their day-to-day priorities, ensuring entire communities are cared for equally.
These trends underscore the complexity of the healthcare landscape, requiring multifaceted solutions that address workforce shortages, payer dynamics, technology integration and value-based care adoption. As providers navigate these challenges, data-driven strategies and innovative approaches will be crucial to improving healthcare delivery and patient outcomes in 2024 and beyond.
Strategic planning in healthcare organizations requires robust data analytics to make informed decisions. With DataGen's partnership with Sg2 MarketEdge, healthcare providers can access powerful market analyses that drive ROI, growth and high-quality care.
Let us be your data hub for strategic planning and optimization. Discover how DataGen can help navigate the complex healthcare landscape, leverage advanced analytics and provide industry expertise for comprehensive healthcare market data. Reach out to us today for a free consultation.