Before you can start visualizing your new hospital, outpatient center, clinical program - whatever your initiative - you need to do your homework. In the early planning stages, it is important to gauge the value and risks for the project through market research initiatives, which will ultimately help determine the types of services that should be offered, the size of the institution/area, its ideal location and potential hurdles in the development process.
Market Service Determination
Market assessment: How do we determine the size?
To better understand the marketplace for the facility's core business, perform a market analysis and look at industry trends, referral base, regulatory environment and geographic considerations, quality of care indicators and patient satisfaction. Some key areas to review may include:
- Determination of primary and secondary market share for the area
- Market drivers
- Economic stability
- Strengths, weaknesses, opportunities, and threats
- Market research and trending, including competitive breakdown
- Patient demographics/disease states
- Payor mix analysis
- Physician market assessment
Determination of service offerings: What services should we offer and how should they be integrated with other services at the facility?
During this phase, observe the market area and the demand for services, and review current service offerings that could be a potential complement to new packaged service lines. Assess for volumes by service type, including specialty equipment and facility needs. Look at:
- Admission trends by service line and sub-specialty
- Procedural trends by specialty
- Market share by service line
- Projected volumes by department, services line, procedure
There are many ways healthcare facilities can increase efficiency and quality but it all starts with development, design, and planning of the facility itself. The groundwork must be set and optimized for any healthcare institution to succeed.
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