To effectively plan for your future, it is essential to understand the key elements of your current environment as well as the factors that may influence the future marketplace. Accordingly, when we assess your market, we will focus on key demographic trends within your defined geographic service area. This includes historical, projected, and age/gender-specific trends; source of patient trends; market share trends; and use rate trends (inpatient and outpatient services). Specifically, the key areas of emphasis include (dependent on availability of data):
- Geographic source of patient data
- Population trends by service area and age cohort
- Historical volume trends (i.e., inpatient, outpatient, and ancillary services)
- Market share movements by geography and service line
- In- and out-migration patterns
- Managed care trends
- Medical staff profile and projected physician demand analyses
- Discharges and patient days per 1,000 population rates
- Competition analysis
- Projected service volumes
When completed, our assessment will answer key strategic questions, among which typically include:
- Will more or fewer people reside in your service area in the future?
- If more, where will they be located, and how can you provide the services and facilities to make health care delivery convenient and make you the provider of choice?
- If fewer, what impact will a declining population have on your existing services and facilities?
- Will changing demographics and utilization rates materially impact the type and amount of services required in the future?
- How will shifts in policy and/or reimbursement impact utilization and profitability?
Upon completion of the assessment, a series of potential strategic scenarios will be developed for your consideration that may include: relationships with primary and specialty care physicians, collaborative relationships with other hospitals, your role in the continuum of care, and ambulatory care strategies.
Do you operate a senior living, assisted living, or memory care facility? Our team has expertise with these facilities as well. Learn more about our Market Studies for senior living providers.
The performance of your health care facility is heavily influenced by utilization and demographic shifts. Do you have immediate access to current market data? We can help. Contact us to share your questions and concerns. We can conduct an assessment of your marketplace and help you make decisions based on that information.