Market Share Analysis: Three Key Insights for Your Strategic Plan
By: Teresa Buglione | December 12, 2019
It’s that time of year when post-acute providers have to pay some serious attention to the health and wellbeing of their businesses — by developing a strategic plan that clearly articulates a vision for success for each of the next four quarters and the next three to five years.
How do you turn that vision into a reality? By using metrics and key performance indicators to ground your strategic plan in the realities of your operation and competitive environment. While financial KPIs, patient satisfaction surveys, and labor market data are typically examined — our clients are finding that an understanding of market share is also key.
Here are three ways a market share analysis can provide benchmarks and reality checks for your strategic vision and plan.
1. Validating your true patient potential
Before setting growth goals, it helps to have a clear understanding of the total post-acute care market— and what share of that market you can realistically hope to capture. (How many patients were admitted in your region last year and what was their average length to stay?)
2. Identifying trends
Are there upward or downward trends of overall patient stays, patient stays with individual competitors, and changes in market share percentages in your region? Are you capturing a growing share of the market? You may have experienced an upward trend in overall patient population over the last year — but the more critical indicator of success is growth in market share.
3. Making comparisons
Are your primary competitors outperforming you in terms of patients referred or lengths of stay? Are there areas where you have an advantage your competitors don’t? Your strategic plan should reflect your understanding of how your performance and costs compare to your peers by patient populations, diagnostic criteria, patient acuity, service utilization, time to start of care, and total cost of care.
Insights on demand
If you’re a Trella customer, it’s easy to pull a market share report from your solution. You’ll see patient admit data for 8 quarters, which reveal trends in patient counts over two years, and gain the actionable insights you need to implement an effective strategic plan.
Our company name comes from the idea of a trellis — a strong, reliable support system that promotes growth. We invite you to contact your Customer Success Manager if you have questions on how to leverage Trella Health for your strategic planning.