Making informed decisions: Taking a retail approach to data in a changing healthcare marketplace

Abstract

In an age of increasing competition and shrinking budgets, healthcare executives face major challenges in growing market share. With all of the challenges facing them, it is no wonder that healthcare leaders feel a strong need to take action. In an effort to grow market share and revenue, many organisations are taking bold steps: building urgent care centres, ambulatory surgery centres and free-standing emergency centres of their own; buying established physician practices and physician networks; increasing the number and complexity of their service lines; and funnelling more money into branding and marketing - and they are depending greatly on analytics to do so. Analytics help healthcare organisations answer their patient and facility expansion questions, removing uncertainty and guesswork from the process. By utilising analytics, leaders can make sound decisions based on objective data to lift revenue, compete more effectively and optimise facilities throughout the heathcare portfolio.