Knowledge is advantage. Using market research for competitive intelligence.
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Biomedical subjects
Publications and source records attributed to Michael C Boblitz.
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Market intelligence data on hospital outpatient and inpatient services can be examined in many ways to provide insight for use in strategic financial planning. Compare growth rates in particular service areas, by hospital within the market. Compare the market share of each hospital within the market, by payer and region. Compare service line growth rates for each hospital in the market, by geographic area.
Using these six steps, hospital administrators can begin to assess the feasibility of creating a center of excellence in their facility: Forecasting demographic changes in the service area. Identifying service lines. Calculating use rates for key service lines. Evaluating market trends and market share. Conducting a financial review. Formulating a plan.
Hospitals shouldn't dismiss a primary care practice ownership strategy from the outset. Instead, it's important to learn from past missteps and conduct a thorough analysis of the opportunity by focusing on population growth and demographics, hospital utilization rates, disease and illness rates, physician supply and demand, market share, case-mix index, other hospital-owned physician practices, and concerns pertinent to the potential development site.