The healthcare industry is currently in an era of sweeping changes that are challenging the way that healthcare organizations think about their businesses.
Combating pressures brought on by shrinking budgets, new competition and increased consumer demands while still being held responsible for driving revenue and gaining market share; healthcare organizations have to do more and provide more…with less. But in a turbulent environment that’s only expected to become more complicated, how in the world are you supposed to do that?
Forward-thinking healthcare organizations are moving toward a “patient-centric” business model as a strategy to become more efficient and effective. They recognize that identifying and understanding their core patients is the only way to unlock the true potential of their organizations. While it’s incredibly easy to say that your organization is patient-centric, truly becoming patient-centric necessitates getting to know who your most valuable patients are.
This is where patient analytics comes into play. By using patient analytics, you can develop a patient profile that serves as the base for every possible initiative you wish to pursue in the future. This patient-level analysis goes much deeper than simple demographic variables and instead creates a patient profile that allows you to see your patients in full color: their lifestyle choices and behaviors, best ways to reach them, how they consume healthcare and what type of healthcare services they utilize.
And once you have these highly detailed patient profiles and you know the needs, preferences and behaviors of your patients, you’re in a position to create smart, sustainable strategies for growth. Using patient profiles and analytics you can determine, for example, the right service mix for each of your existing facility locations, where you should locate new facilities to provide the most convenience to patients and how to optimally allocate your resources and marketing budget.
There is a catch: implementing patient analytics and developing patient profiles can be challenging, not because you don’t have enough data, but because you have too much. Welcome to the data paradox. Where you have a wealth of data at your fingertips, but don’t have the tools, teams or time required to turn that data into meaningful, actionable insights.
So how do you overcome this data utilization gap and turn those mounds of data you have that are just collecting dust into the answers you’re looking for? The key is to take your data, sift out the clutter and only use the essential information. This may require you to marry your patient demographic information with psychographic information from outside sources. When you do that, you will be able to use the behavior of your current patient base to forecast their future needs and behaviors as well as the needs and behaviors of potential patients.
True patient-centricity is possible if you take the right approach to patient analytics. By using the correct data to develop profiles of your best patients, you can discover ways to get more out of your limited resources.