By tracing physician referral patterns and visualizing a network of patient treatment processes, additional revenue opportunities can be identified and captured.
This is an opportunity for external vendors to monitor whether certain specialties or procedure types are being outsourced to other facilities due to lack of resources. If the same procedures are consistently being outsourced, this could mean there is an opportunity to hire a specialist physician or surgeon, or to form a merger or partnership with the facility receiving these procedures.
Referral patterns tell stories. It is up to the vendor to decide what these stories mean for the future of their business strategies.
3. Total addressable market analytics
A strong go-to-market strategy considers all potential prospects. It is critical that a business understands the full market landscape for the product or service it supplies.
Only after the entire picture is painted can a business identify all the unique opportunities that await within their market space.
4. Quality metric comparisons
A good way to make a strong impression on a provider prospect is to offer solutions that meet or exceed value-based care quality metrics. Providers that deliver quality care to patients are rewarded by CMS with reimbursement bonuses. If they fail to meet quality standards, however, these same providers will be penalized.
Surpassing quality standards is a primary objective for all providers, and, by leveraging quality scores and metrics data, vendors can more successfully quantify their own value to provider prospects.
5. Regional payer networks and provider relationships
Healthcare payers come in a wide array of forms: Medicare, Medicare Advantage, Medicaid, out-of-pocket, direct-to-employer, etc. Each one has its own quality metrics, administrative overhead, and other complications that can become time consuming from an operational standpoint. Payer-provider dynamics are important to understand and vary on a region-to-region basis.
Savvy organizations looking to break into a new market and partner with its providers will take the time to better understand these payer dynamics and leverage that knowledge to better help providers meet business demands.
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ABOUT THE AUTHOR
An English graduate and a tech nerd — I enjoy reading, writing, and getting involved with some technical nitty-gritty and design when time and opportunity allow for it. Some favorite books of mine ...